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Sen. Mark Warner opposes Big Tech breakup – for now: 'Chinese companies may not be the better alternative'

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'These four [tech] companies have enormous power. I could argue that they rival Standard Oil and some of the trusts of the beginning of the 20th century.' Sen. Mark Warner says Big Tech is so powerful that data is 'the new oil.'

"What I would rather start with, keeping breakup as a reserve option, is, what can we do to add more competition?" said Warner, vice chairman of the Senate Intelligence Committee and a former businessman in the telecommunications industry.

including a fixation from multiple Republican members on the alleged suppression of conservative speechThe executives defended their companies throughout the hearing against accusations of political bias and unfair competitive advantage in the marketplace.But rather than immediately move to break up those tech giants, Warner said regulators should press for changes including increased transparency in how the companies handle the massive amounts of data they hoard from their users.

"I think we ought to have more transparency. I think you ought to be able to know what your data is worth on an either monthly or quarterly basis, so we get rid of this misnomer that somehow these services are free," he said.

 

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RetirementRight The people on CNBC this afternoon sounded almost identical to when we were at ATH in Jan/Feb, extreme bullishness, no alternative to stocks.

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Sen. Mark Warner opposes Big Tech break-up – for now: 'Chinese companies may not be the better alternative'Warner's remarks came after Jeff Bezos of Amazon, Facebook's Mark Zuckerberg, Sundar Pichai of Google and Apple's Tim Cook testified before Congress on antitrust and anti-competitive behavior. China sure comes in handy. Ah yes monopolies are the answer. Hot take A break-up is not necessary, if the laws are in place to regulate the improper use of data collection!
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