Harmeet Dhillon Appears on FBN’s ‘Making Money With Charles Payne’ To Discuss Google
According to Dhillon:
With these companies, Google, Facebook, others approaching trillion-dollar market caps. In the case of Alphabet, a 5 billion-dollar fine is simply like a tax. It’s a cup of coffee to them. Earlier this year, I think in January, France fined Google $57 million for violating its brand-new privacy law, the GDPR. So, they’re going to pay that and move on. So, I agree. Josh Hawley has just come off of being the Attorney General in his state where he actually pursued these companies not just for privacy, but also talked about antitrust prosecutions as well. That’s a theme that Elizabeth Warren has sounded as well. They talk about it a lot, a few of them do, but many more of them are actually taking money from Big Tech in the form of PAC money and donations. That is, frankly, really deterred any innovations from happening here. We’re way behind other jurisdictions in protecting our consumers on these issues.
I don’t like that. I think that government usually gets it wrong, and ends up rent-seeking and creating some bureaucracy that’s going to further itself. I think that the best way to free consumers here is to give consumers the right to go into court and seek relief from these companies as well as the Department of Justice using existing antitrust regulations to actually begin breaking up these monopolies or duopolies in the advertising space. For example, Facebook and Google are a duopoly and they really control the majority of that market. That would be one way to go. The president could also take actions with regard to executive orders that control the United States government and who they do business with, requiring certain minimum criteria for privacy, for openness, for non-discrimination. That could be a way to go as well.
Thanks, Charles. Bye.