A brilliant, enraging op-ed in the Washington Post from analysts from the New America Foundation and the American Antitrust Institute shows how the Reagan-era policy of encouraging monopolistic corporate behavior has made America unequal and uncompetitive, creating a horror Gilded Age where the Congressional consensus is that laws cannot possibly put a check on bad corporate actors.
It's another look at the problems set out in Matt Taibbi's brilliant book The Divide, tracing the policies that created both the private prison industry and banks so big that even the most depraved criminality can't be punished lest the bank tremble and collapse on wider society.
Particularly galling and illuminating is a quote from a Goldman Sachs report that advises investors to seek out "oligopolistic market structure[s]" where there's "lower competitive intensity, greater stickiness and pricing power with customers due to reduced choice" as the ideal way to maximize your return on capital.
While dwindling competition hurts the vast majority of Americans, for the well-off it often proves a path to huge payoffs. Indeed, it has even become a basic formula for successful investing. Goldman Sachs in February published a research memo advising investors to seek out “oligopolistic market structure[s]” in which “a smaller set of relevant peers faces lower competitive intensity, greater stickiness and pricing power with customers due to reduced choice, scale cost benefits including stronger leverage over suppliers, and higher barriers to new entrants all at once.” Goldman went on to highlight a few markets, including beer, where dramatic consolidation over the past decade has enabled dominant companies to use their market power to extract more from suppliers and consumers — and thereby enrich investors.
How America became uncompetitive and unequal [Lina Khan and Sandeep Vaheesan/Washington Post]
Philips has acquired Luciom, a French startup that makes Li-Fi products, which allow for very fast network connections over short distances by flickering an LED at speeds that are too fast to register on the human eye, and which can ever work in the dark by operating at low dimness settings the human eye perceives […]
Many insurers offer breaks to people who wear activity trackers that gather data on them; as Cathy “Mathbabe” O’Neil points out, the allegedly “anonymized’ data-collection is trivial to re-identify (so this data might be used against you), and, more broadly, the real business model for this data isn’t improving your health outcomes — it’s dividing […]
As the US government ramps up its insistence that visitors (and US citizens) unlock their devices and provide their social media accounts, the solution have run the gamut from extreme technological caution, abandoning mobile devices while traveling, or asking the government to rethink its policy. But Maciej Cegłowski has another solution: a “travel mode” for […]
Not all hackers are malicious information thieves—white-hat ethical hackers work with technology companies to ensure the security of their computer systems and user data. With all of today’s high-profile data breaches, ethical hackers are in considerable demand. To learn these critical skills and break into the high-paying cyber security field, try taking the courses in this […]
Making people aware of goods and services in the digital age requires an array of new strategies from social media and email to number-crunching tools like Google Analytics. To get a handle on the techniques used to capture attention and convert traffic into dollars in a crowded online environment, the Full-Stack Marketer Bundle offers 22 hours of training to get […]
Having a luxurious bed isn’t just a fairy tale from a catalog; it is a real, affordable possibility with offerings like this Olive+Owen bedroom set. If you’re thinking of doing some “spring cleaning”, this bed set is an easy way to completely upgrade your room in one purchase.This 20-piece collection has all of the expected slumberland elements, […]