Reuters scoops that the Federal Trade Commission is leaning toward filing antitrust charges against Google for abusing its search monopoly to boost its own business:
The majority of top decision-makers at the Federal Trade Commission believe that an antitrust case should be brought against Google Inc, meaning the search giant could soon be headed into tough negotiations, three people familiar with the matter said.
Four of the FTC commissioners have become convinced after more than a year of investigation that Google illegally used its dominance of the search market to hurt its rivals, while one commissioner is skeptical, the sources said…
If the agency finds that Google broke the law, the FTC and Google could hammer out a settlement that resolves the issues or, if settlement negotiations fail, the matter could end up in a lengthy, expensive court fight.
Of course, this has been going on for years, and by the time the FTC finally gets around to it, unknown damage will have already been done to Google’s competitors.
— Reuters’s Chrystia Freeland, who has a new book called ““Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else,” has a must-read piece on “The Self-Destruction of the 1 Percent,” arguing that America’s second Gilded Age has us resembling medieval Venice, with its entrenched elite that sent the great city-state into centuries decline
Even as the winner-take-all economy has enriched those at the very top, their tax burden has lightened. Tolerance for high executive compensation has increased, even as the legal powers of unions have been weakened and an intellectual case against them has been relentlessly advanced by plutocrat-financed think tanks. In the 1950s, the marginal income tax rate for those at the top of the distribution soared above 90 percent, a figure that today makes even Democrats flinch. Meanwhile, of the 400 richest taxpayers in 2009, 6 paid no federal income tax at all, and 27 paid 10 percent or less. None paid more than 35 percent…
Educational attainment, which created the American middle class, is no longer rising. The super-elite lavishes unlimited resources on its children, while public schools are starved of funding…
At the World Economic Forum in Davos, Switzerland, earlier this year, I interviewed Ruth Simmons, then the president of Brown. She was the first African-American to lead an Ivy League university and has served on the board of Goldman Sachs. Dr. Simmons, a Harvard-trained literature scholar, worked hard to make Brown more accessible to poor students, but when I asked whether it was time to abolish legacy admissions, the Ivy League’s own Book of Gold, she shrugged me off with a laugh: “No, I have a granddaughter. It’s not time yet.”
— Also in the Sunday Review, there’s another piece you have to read, this one by Nicholas Carnes of Duke on how elite-dominated government tilts the playing field against working class interests. He asks, “Which Millionaire Are You Voting For?”
Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR’s business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.But why do so few elections feature candidates who have worked in blue-collar jobs themselves, at least for part of their lives? The working class is the backbone of our society, a majority of our labor force and 90 million people strong. Could it really be that not one former blue-collar worker is qualified to be president?…
If millionaires were a political party, that party would make up roughly 3 percent of American families, but it would have a super-majority in the Senate, a majority in the House, a majority on the Supreme Court and a man in the White House. If working-class Americans were a political party, that party would have made up more than half the country since the start of the 20th century. But legislators from that party (those who last worked in blue-collar jobs before entering politics) would never have held more than 2 percent of the seats in Congress…
Even if we somehow stem the tide of money in Washington, even if we guarantee equal participation on Election Day, millionaires will still get to set the tax rate for millionaires. White-collar professionals will still get to set the minimum wage for blue-collar workers. People who have always had health insurance will still get to decide whether to help people without it. If we want government for the people, we’ve got to start working toward government by the people. The 2012 election offers us a stark choice between two very different approaches to economic policy. But it’s still a choice between two Harvard-educated millionaires.
