in a congressional hearing over allegations that their power and influence is out of control, four of the biggest American tech companies saw their combined market value swell by $250 billion, thanks to earnings that shocked even Wall Street.
The earnings served as further evidence to frenzied stock investors that the companies’ automated, algorithmically optimized businesses are not only weathering the COVID-19 pandemic but are thriving in it. Politically, they could reinforce suspicions that growth in U.S. technology providers has become unhinged. The firms are booming while Old Economy industries such as retailing and car-making falter, pushing scores of companies into insolvency and costing millions of Americans their jobs.
The chief executives were forced to defend themselves from the sometimes withering criticism of lawmakers on the House Judiciary subcommittee who said they were abusing monopoly-like power to expand influence. Amazon’s Jeff Bezos was grilled on his company’s treatment of small merchants who use Amazon’s online marketplace, while Sundar Pichai, CEO of Alphabet, faced questions about whether its Google unit exploited its dominant position in advertising.
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You have Congresspersons and political parties tasked with overseeing their VIP donors. What do people expect is going to happen? Next let batters in baseball decide if pitches are balls or strikes.
they made both political parties look like asshats this will go nowhere
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