Monthly Archives: August 2021

Does the Constitution require Americans to accept Big Tech censorship? The claim is counterintuitive but the logic is clear: If you submit a letter to this newspaper, the editors have no legal obligation to publish it, and a statute requiring them to do so would be struck down as a violation of the Journals First Amendment rights. Facebook and Twitter , the argument goes, have the same right not to provide a platform to views they find objectionable.

Big Tech censorship has provoked interest in new civil-rights statutesstate laws that would bar the companies from viewpoint discrimination on their platforms and services. The First Amendment defense of this private censorship arose in a recent federal district court opinion expressing skepticism about a Florida anticensorship statute. It will come up again when other states, such as Texas, consider civil-rights statutes that focus more tightly on viewpoint discrimination.

With the possibility of multiple state statutes barring Big Tech viewpoint discrimination, it will be essential to understand the extent of the tech companies freedom of speech. For this, it is important to consider whether they are common carriers.

A statute limiting the ability of a Big Tech company to express its own views would almost certainly be unconstitutional. What about a law limiting viewpoint discrimination where the companies serve as a publicly accessible conduit for the speech of others?

This sort of distinction has long been ingrained in federal lawincluding Section 230(c)(1) of the 1996 Communications Decency Act, which distinguishes between information provided by an interactive computer service and information provided by another information content provider. Whatever the shortcomings of that statute, it draws a common and reasonable distinction between a companys own speech and the speech of others for which it provides a conduit. This distinction doesnt apply in the case of a newspaper. Its pages are not open to the public to post their views, and so it is speaking for itself when it makes editorial decisions about letters and other outside contributions.

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The First Amendment Doesnt Protect Big Techs Censorship - The Wall Street Journal

Libertarian: Big Tech Widens Censorship

Tech giants have started partnering with watchdog groups and law enforcement to share information about so-called extremists using their platforms, warns Reasons Robby Soave. PayPal will work with the left-wing Anti-Defamation League to identify and block extremists, while the likes of Facebook, Twitter and YouTube will be expanding their use of a centralized database that compiles extremist content for the purposes of coordinated de-platforming. Beware: With these new capacities, information may eventually be shared with law enforcement. Private corporations may not be bound to follow the Constitution, but its federal authorities that are encouraging these changes and we have the right to speak out against government encroachment.

West Coast watch: Calis Blue Staying Power

Based on the results of last Novembers ballot initiatives in California, you might think the Golden State is poised to make a turn to the right but not necessarily, Nick Burns points out at City Journal. Rather, the ballot initiative has actually become an advantage for Democrats there. Nor are recall efforts, such as the one seeking to oust Gov. Gavin Newsom (D), a surefire panacea for the right: Even if Newsom is replaced, for example, with only a year left until fresh elections in 2022, his successor would have little time to prove his competence and might be vulnerable to the Dems return. Like the ballot initiative, the recall process does not seem to be the shortcut to overcoming the structural dominance of California Democrats that it may at first seem.

Foreign desk: Dems Losing Bet on Cuba

There is no foreign-policy issue in the United States that is less foreign than the Cuba policy, argues Carlos Gustavo Poggio Teixeira at The Hill. The case of Cuba is unique, because its directly connected to the presidential elections. The reason: Floridas 29 electoral votes. More than two-thirds of the countrys 2.5 million Cuban Americans live in the swing state, making them a particularly prized electoral asset. Former President Barack Obama made a bet that history was going the Democrats way, with polling suggesting Republicans were losing ground with the group, but history has taken a turn: Cuban Americans have become more conservative since 2016. President Bidens response to protests roiling the island was mostly meaningless statements of solidarity and even more meaningless individual sanctions whose practical effects are exactly zero. Dems do not know how to respond to their lost bet.

Conservative: CRT Infiltrates DOE

Americans have a right to expect that the leader of public educations top civil-rights-enforcement body would unequivocally oppose racial discrimination, writes the American Enterprise Institutes Max Eden. Too bad Catherine Lhamon, President Bidens pick to head the Department of Educations Office for Civil Rights, doesnt share that expectation. Lhamon defined racism as the belief that race determines character traits, but then refused to definitively say whether it is racist for schools to grade differently, segregate students or shame them based on race. Lhamons refusal to admit that any of these obviously racist, illegal practices violates federal civil-rights law comes quite close to an admission that she will, at best, not enforce equal protection equally and, at worst, actively enforce critical race theory. But without any senators willing to question her in a public hearing, Lhamon seems poised to take office, with reason to think shell be subject to minimal oversight and, at most, muted criticism.

Liberal: Gender Insanity at Med School

At Bari Weiss Substack, Katie Herzog reports on an endocrinology professor in the University of California system begging his students to summon the generosity to forgive me. His crime? I said, When a woman is pregnant, which implies that only women can get pregnant. Welcome to gender ideologys bizarro world: Some of the countrys top medical students are being taught that humans are not, like other mammals, a species comprising two sexes. The notion of sex, they are learning, is just a man-made creation.

Compiled by The Post Editorial Board

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Big Tech widens censorship and other commentary - New York Post

Apple shows new software for iPhone, other gadgets

Apple kicked off its second annual all-virtual developer conference with a keynote that outlined new updates to its software for iPhones and other devices but included no major product announcements. (June 8)

AP

Three tech giants Apple, Microsoft and Google owner Alphabet reported combined profits of more than $50 billion in the April-June quarter, underscoring their unparalleled influence and success at reshaping the way we live.

Although these companies make their money in different ways, the results served as another reminder of the clout they wield and why government regulators are growing increasingly concerned about whether they have become too powerful.

The massive profits pouring into each company also illustrated why they have a combined market value of $6.4 trillion more than double theircollective value when the COVID-19 pandemic started 16 months ago.

Apples first iPhone model capable of connecting to ultrafast 5G wireless networks continued to power major increases in quarterly revenue and profits for techs most valuable company.

With iPhone sales posting double-digit growth over the previous year for the third consecutive quarter, Apples profit and revenue for the April-June period easily exceeded analyst estimates. The Cupertino, California, company earned $21.7 billion, or $1.30 per share, nearly doubling profits earned during the same period last year. Revenue surged 36% to $81.4 billion.

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But a Tuesday conference call with analysts, Apple CEO Tim Cook lamented that the steadily spreading delta variant of the coronavirus is casting doubt on how the rest of the year will unfold. The road to recovery will be a winding one, Cook said. That uncertainty has already led Apple to delay employees mass return to its offices from September to October. Most of Apples stores, though, are already open.

The iPhone 12, released last autumn, is shaping up to be Apples most popular model in several years, largely because its the first to work on the 5G networks that are still being built around the world. Apples iPhone sales totaled nearly $40 billion in the latest quarter, up 50% from a year ago.

Apples services division, the focal point of a high-profile trial revolving around the commissions it collects from iPhone apps, saw revenue climb 33% from last year to $17.5 billion. A potentially game-changing decision from the trial completed in May is expected later this summer.

Among Apples upcoming challenges is whether shortages of computer chips and other key parts will force the company to delay its next iPhone this year, as it did last year. While Apple expects revenue to rise 10% in the current quarter, it said it may have more trouble getting parts for iPhones and iPad during the upcoming months. Executives skirted questions about another possible iPhone delay.

Googles earnings improved markedly over the year-ago period, when the pandemic was starting to bite consumer spending and its partner, advertising. Now that vaccines have allowed people to shed the shackles of the pandemic and splurge again, a big chunk of that pent-up demand has spurred advertisers to spend more too, with a big chunk going to Google and its corporate parent Alphabet Inc.

Powered by Google, Alphabet earned $18.53 billion, or $27.26 per share, during the quarter, a nearly threefold increase from last years earnings of $6.96 billion, or $10.13 per share. Googles advertising revenue soared 69% to $50.44 billion thanks to what CEO Sundar Pichai called a rising tide of online activity among consumers and businesses.

Retail, along with travel and entertainment ads, were the biggest contributors to the revenue increase, the company said. Total revenue surged 62% from last year to $61.88 billion. Revenue after subtracting TAC, or traffic acquisition costs, was $50.95 billion.

The April-June quarter looks particularly strong since the 2020 downturn forced Google to report its first decline in quarterly ad revenue from the previous year.

Analysts were expecting Alphabet to earn $19.24 per share on revenue of $56.2 billion, and $46.2 billion after subtracting TAC. Alphabets stock jumped $135, or 5.1%, to $2,773 in after-hours trading after the results.

Microsoft on Tuesday reported fiscal fourth-quarter profit of $16.5 billion, up 47% from the same period last year. Net income of $2.17 per share beat Wall Street expectations. The software maker also topped forecasts by posting revenue of $46.2 billion in the quarter that ended on June 30, a 21% increase over the same time last year.

Analysts were expecting Microsoft to earn $1.91 per share for the April-June quarter on revenue of $44.1 billion. Microsoft profits have soared throughout the pandemic thanks to ongoing demand for its software and cloud computing services for remote work and study. But the companys shares fell 2.9% to $278.19 in after-hours trading.

Growth in sales of Microsofts cloud services, which compete with Amazon and other companies, and its Office productivity tools for handling work documents and email both outpaced overall revenue growth. The companys historical pillar personal computinggrew just 9% in the quarter.

Microsoft noted that supply issues were affecting its personal-computing division, including for its Surface and Windows products. The company recently unveiled the next generation of Windows, called Windows 11, its first major update in six years. It will be available later this year.

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Big tech, big earnings: Apple, Microsoft and Google parent Alphabet report massive profits - USA TODAY

Its been a busy week for company earnings. Tech companies took the spotlight this time, with most of the FAANMG companies Facebook FB, -0.56%, Amazon AMZN, -7.56%, Apple AAPL, +0.15%, Microsoft MSFT, -0.55% and Google parent Alphabet GOOG, -0.97% GOOGL, -0.77% reporting. (Netflix NFLX, +0.65% was last week.)

The numbers they delivered and the forecasts for the full year are staggering, as Therese Poletti and Jeremy C. Owens lay out. Sales from just this weeks five are on track to eclipse Australias GDP.

Jeff Reeves steps back and ranks the six Big Tech stocks from worst to first.

Tesla TSLA, +1.45% earnings zoomed past Wall Street expectations. The stock is nearing $700.

Pandemic nesting is history, as Pinterest PINS, -18.24% results show.

Nikolas NKLA, -1.33% founder is accused of lying about the companys technological breakthroughs. An indictment unveiled Thursday alleges that prototypes didnt function and were Frankenstein monsters cobbled together from parts from other vehicles. At public events, the vehicles were allegedly towed into position and were powered by plugs leading from hidden wall sockets.

It was a bad trading debut for Robinhood HOOD, +0.95%, the attention-grabbing no-fee trading app that went public this week. Is the stock worth buying? Michael Brush spells out three reasons for and three reasons against the stock.

Heres a longer-term question: Will its users age out of the app and turn to other financial-service providers?

Dole DOLE, -9.38%, the fruit and vegetable giant, also had a rocky IPO. The size was cut, shares were priced at the low end of the range and then it fell in early trade.

Dole IPO: Five things to know

A former chief investment officer weighs in: This is why I dont see a long-term future for value investing

Plus: Mark Hulbert has a two-word answer for those who accuse investors of being obsessed with short-term results: growth stocks.

The background: The delta variant is as transmissible as chickenpox. Heres the CDC report that led to a new mask policy.

Also read: Silicon Valley is hardening the line on returning to work its fully vaccinated or bust

Plus: Danny Meyer is the latest restaurant owner to tell customers, No vax, no service

A reader asks: Im retiring on my 78th birthday, have more than $200,000 in savings and share expenses with my 80-year-old boyfriend. Will I be OK?

Alessandra Malito offers thoughtful advice.

This NBA draft picks message to college athletes is valuable advice for anyone.

Plus: These investing lessons can make your working teen rich, rich, rich.

Jillian Berman explains how some colleges are using relief funds.

Mike Murphy spotlights whats worth streaming in August.

Its not with that planned $6 billion sea wall.

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Weekend reads: Time to assess Big Tech earnings and Robinhood's IPO - MarketWatch

This article was first featured in Yahoo Finance Tech, a weekly newsletter highlighting our original content on the industry. Get it sent directly to your inbox every Wednesday by 4 p.m. ET. Subscribe

China is relentlessly cracking down on tech giants ranging from ride-sharing firm Didi (DIDI) to internet giant Tencent and Alibaba (BABA) affiliate Ant Financial Group. Along the way, billions of dollars have been washed away, as Chinese stocks tank amid concerns that what were once easy growth opportunities are now high-risk bets.

The swift crackdown follows the meteoric growth of Chinas biggest tech companies and leaders who dont always tow the party line, like Alibabas Jack Ma.

The move to rein in Chinese tech giants also comes after the U.S. passed a law that bars foreign companies from trading on U.S. exchanges unless they surrender to audits. That law, the Holding Foreign Companies Accountable Act, could stoke the Chinese governments fears that data on its citizens could end up in the hands of its biggest political rival.

Even though [President Xi Jinping] has said that he aspires to [have] globally successful companies operating abroad, I think that there are real challenges for regime security, explained Jessica Brandt, a fellow with the Brookings Institution.

And that means the party is likely over for Alibaba, Tencent, Didi, the shopping platform Meituan, and any other tech companies that threaten the Communist Partys authority.

Chinas Communist Party is dedicated to control, whether thats through state media, the Great Firewall that blocks out huge swaths of the internet, or restrictions on free speech. Chinas big tech companies have to abide by the same set of rules, but as theyve grown in size and wealth, theyve created new challenges to the governments authority.

Chinese companies collect massive amounts of data on their users, eclipsing the capabilities of even their Western cohorts. Didi, for instance, collects GPS, trip, traffic personal user information, facial-recognition data, and even recordings of passengers in-car audio.

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BEIJING, CHINA - JUNE 17: A logo of Chinese ride-sharing company Didi is pictured at its headquarters' building on June 17, 2021 in Beijing, China. (Photo by VCG/VCG via Getty Images)

When you think about...foreign intelligence risks, that's like a lot of sensitive data there. So I think that's a piece of what's driving this, Brandt explained.

To ensure that sensitive data doesnt end up in the hands of foreign officials, China wants its companies to go public on domestic exchanges. China also wants tech giants to avoid foreign influence by being funded domestically.

While foreign investors used to play an outsized role in funding the first generation of Chinese tech firms such as Alibaba, Baidu and Tencent, they are now locked in fierce competition with home-grown funds, state-sponsored incubators, as well as Chinese internet giants to fund Chinas booming tech sector, Angela Zhang, a professor at Hong Kong University wrote in a new paper published on Wednesday.

In both the U.S. and China, tech giants have been blamed for growing wealth inequality. Tech firms in both countries provide top executives and engineers with generous pay and bonuses, while their contract and gig economy workers make minimum wage.

Tech giants in both countries have also been accused of exploiting consumers. While China is trying to protect the state by regulating big tech, its also simultaneously clamping down on actual anticompetitive practices and price gouging.

By leveraging the vast amount of data collected from their consumers, Chinese e-commerce platforms employ smart algorithms in order to price discriminate and extract more surplus from Chinese consumers, Zhang explains in her piece.

That kind of predatory pricing can further exacerbate inequality in China, which is already one of the most unequal countries in the world, according to a 2018 IMF working paper.

I think a great concern is what rising inequality in China is going to do for the popularity of the regime, and I think Chinese big tech can be a target for some of those frustrations, Brandt said.

So what does all of this mean for investors hungry for their own stake in Chinese companies looking at the potential for stratospheric growth? According to Chester Spatt, professor of finance at Carnegie Mellon University's Tepper School of Business, its all part of the risk of investing in China.

if you're investing in companies with a footprint in China. I think I would think you understand you're going to be subject to these kinds of risks. And maybe the import of these risks has become a little clearer, Spatt told Yahoo Finance.

I think people need to understand that the rule of law is interpreted differently in different parts of the world, but that's a longstanding theme. That's not a new theme.

Got a tip? Email Daniel Howley at dhowley@yahoofinance.com over via encrypted mail at danielphowley@protonmail.com, and follow him on Twitter at @DanielHowley.

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Chinas Big Tech crackdown is about protecting the Communist Party - Yahoo Finance

The news: Coronavirus infections in the US are on the rise in every state because of the highly contagious Delta variantjust as companies are returning employees to in-person work. Big Tech companies are being forced to reassess back-to-office timeframes as well as whether to impose vaccination and mask policies, per Mashable.

How we got here: As the nations vaccination rates plateau, the sudden and sustained spread of COVID-19 variants has resulted in surging infections in every state.

The bigger picture: Businesses have looked to Big Tech companies as models for implementing remote and hybrid work during the pandemic, and have largely followed their lead on return-to-office policies. These policies have been a source of tension between employers desire to return staff to the office, and employees preference to remain remote. Meanwhile, many tech workers looking to change jobs are seeking more flexibility around remote work per Fast Company.

The dilemma: Big Tech companies who were looking at returning to work by September are scrambling plans made before the sudden surge of the highly contagious Delta variant. The unpredictable nature of coronavirus variants and increased rates of infection will continue to confound businesses as they struggle to remain profitable while keeping employees and customers safe.

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Big Tech wrestles with unpredictable back to work reality as pandemic surges - eMarketer

The whos who of big tech are once again leading a rally in the markets, and traders have an opportunity to play the boom with the Direxion Daily Technology Bull 3X ETF (TECL B+).

Familiar market leaders like Apple, Microsoft, YouTube, and Googles parent company Alphabet are once again helping to lead stocks back into the green following some recent volatility. All four companies celebrated strong earnings reports recently.

Apple, the worlds most valuable public company, said profits nearly doubled last quarter, iPhone sales jumped an impressive 50%, and revenue for every major product line grew at least 12% annually, a Morning Brew article noted. Microsoft had its most profitable quarter ever thanks to greater demand for its cloud-computing services and workplace software. CEO Satya Nadella said the words enterprise metaverse on the earnings call, and not even he knew what it meant.

Alphabet, Googles parent company, said ad revenue increased 69% [redacted joke], the article added. The real highlight was YouTubewith $7 billion in quarterly revenue, its oh so close to eclipsing Netflixs sales numbers ($7.3 billion).

Of particular importance to TECL is the two dueling operating systemsApple and Microsoft. Both stocks comprise over 35% of the funds holdings as of July 28, so the fund goes as they go.

Of importance for traders, in particular, is still the effects of the pandemic and the new Delta variant. Large tech companies like Google and Facebook are addressing the rise in Covid cases, which will be something to watch in big tech.

Alphabet Incs Google and Facebook Inc said on Wednesday all U.S. employees must get vaccinated to step into offices. Google is also planning to expand its vaccination drive to other regions in the coming months, a Reuters article said.

With its triple leverage, TECL is certainly not for the weak of heart. The fund seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Technology Select Sector Index.

The fund, which is up over 50% this year, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, such as swap agreements and securities of the index, ETFs that track the index, and other financial instruments that provide daily leveraged exposure to the index or ETFs that track the index. The index includes domestic companies from the technology sector.

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As Big Tech Booms, Play the Strength With 'TECL' - ETFdb.com

Stock markets opened mixed on Wednesday morning, but the Nasdaq Composite (NASDAQINDEX:^IXIC) was an early winner. As of 10:30 a.m. EDT today, the Nasdaq was up 0.75%, while other major market benchmarks were flat to down slightly.

Many investors focused on the big-name tech stocks that reported their results after the bell on Tuesday, many of which helped move the overall market. However, some stocks that have almost nothing to do with technology were actually the biggest winners on the Nasdaq. Below, we'll look more closely at Tilray (NASDAQ:TLRY) and The Chefs' Warehouse (NASDAQ:CHEF) to see why their gains overshadowed Big Tech on Wednesday.

Shares of Tilray jumped 19% Wednesday morning. The marijuana stock reported its first financial results since closing its merger with industry peer Aphria, and investors liked what they saw.

A look at fiscal fourth-quarter numbers makes it clearer why shareholders were so happy. Acquisitions played an instrumental role in pushing net revenue up 25% compared to the year-ago period, with sales of beverages from the SweetWater business it acquired in November 2020 and wellness-related revenue from Manitoba Harvest combining with Aphria's influence on the top line. Moreover, Tilray reversed a year-ago loss with net income of $33.6 million.

Image source: Getty Images.

Tilray has made major moves to get its business headed in the right direction. Cost-saving measures are paying off, and market share has grown steadily. One key marketing move has involved using SweetWater to come out with cross-branded products to promote cannabis brands, such as the new Broken Coast BC Lager that highlights the Broken Coast craft cannabis line of products.

Investors had been concerned about prospects coming into the report, but they seem more confident about the cannabis company's future now. If economic reopening can continue, then it would be an even bigger positive for Tilray.

Elsewhere, shares of The Chefs' Warehouse were up more than 12%. The distributor of gourmet food products reported strong second-quarter results that left investors pleased with what they're seeing from the pandemic recovery.

The bounce Chefs' Warehouse saw was astounding. Sales soared 111% in the second quarter compared to year-ago numbers. The company reversed a massive year-earlier loss, posting modest adjusted earnings of $0.04 per share. CEO Chris Pappas explained that the return of dine-in restaurant options and greater capacity have been instrumental in its comeback, and by June, sales were back in line with pre-pandemic numbers from 2019.

Chefs' Warehouse still indicated some reluctance to suggest that it has fully put its challenges behind it. The food distributor chose not to issue full-year guidance for 2021, saying that it has to know more about not only general economic recovery but also the pace at which large events and travel-related business activity move back toward pre-pandemic levels.

Nevertheless, the gains for Chefs' Warehouse reflect the expectation that its restaurant and food service customers will make a full recovery after a highly challenging period for the food industry. That's positive news for consumers as well as for the company, and Chefs' Warehouse is hopeful that favorable trends will continue throughout 2021 and beyond.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Forget Big Tech! These Were the Real Nasdaq Winners Wednesday. - Motley Fool

In April, the U.S. Supreme Court stripped the Federal Trade Commission of a powerful tool for holding trillion-dollar Big Tech monopolistsGoogle, Amazon, Facebook and Appleaccountable for their outrageous market abuses. In many respects, the agency's ability to secure hefty equitable reliefsuch as restitution or disgorgementin federal court was the one thing preventing these Goliaths from abusing the American people without consequence. Absent new legislation, the public is sure to suffer at the hands of Big Tech. Congress must act to empower the FTC to do its job.

The FTC is the nation's premier consumer-protection agency. Every year, it holds countless bad actors accountable for abuses committed against everyday Americans, ranging from identity theft and fraud to anticompetitive practices in violation of federal antitrust law. The agency has proven to be a particularly effective tool for holding Big Tech accountable for its many misdeeds. While the FTC can, and does, enforce the law through administrative proceedings, it often takes its claims against bad actors directly to court, which can provide quick and effective relief. Many times, the mere threat of FTC action is enough to prevent illegal conduct.

For decades, the FTC has used Section 13(b) of the Federal Trade Commission Act not only to obtain injunctions preventing future unlawful conduct, but also to force companies and individuals to relinquish money they wrongfully obtained from the public. That all changed on April 22, when the Supreme Court issued its long-anticipated decision in AMG Capital Management, LLC v. FTC. In a unanimous opinion authored by Justice Stephen Breyer, the high court ruled that Section 13(b) does not authorize the FTC to seek monetary disgorgement from businesses that engage in abusive practices. While the FTC may still obtain a court order forbidding a company from continuing its bad conduct, the agency must rely on a less efficientand less effectiveadministrative process to recoup money taken as a result of that conduct.

It would be an understatement to say that the Court's decision represents a setback for the FTC's efforts to hold Big Tech accountable for abuses against Americans. Over the past five decades, the FTC had used Section 13(b) to return literally billions of dollars to everyday Americansmoney that seedy companies wrongfully took from unsuspecting consumers. For example, Google and its subsidiary YouTube agreed to a record $170 million settlement in 2019 after the FTC brought an enforcement action in federal court challenging YouTube's practice of illegally collecting personal information from children without their parents' consent. The Supreme Court's elimination of the FTC's authority to seek disgorgement will make recoupments such as this impossible. In fact, even before the Court rendered its decision, companies under investigation by the FTC began refusing to agree to settlements, predicting (correctly) that the FTC would soon lack the ability to obtain court-ordered equitable relief.

Now is not the time to let Big Tech run wild. Whether it was Twitter's decision to block a legitimate news story that risked harming the Biden campaign, Facebook's efforts to shield the founder of Black Lives Matter from embarrassment or Amazon's censorship of books critical of transgender ideology, conservatives are well-acquainted with Big Tech's unfair treatment.

Perhaps the most egregious example, of course, was the coordinated effort of Apple, Google and Amazon to destroy Parler, which progressives feared could provide a platform for independent voices challenging leftist orthodoxy. The Supreme Court's decision will only embolden such bad behavior. Indeed, Big Tech has already begun to leverage the Supreme Court's decision to avoid FTC enforcement entirely. For example, Facebook now argues that the FTC lacks the means to hold it accountable for allegedly maintaining an illegal monopoly through anticompetitive conduct. Until the FTC's power to seek equitable relief in federal court is restored, the American people will lack an effective tool for combating Big Tech's many and growing abuses.

Now is the time for our representatives in Washington to act. As the Supreme Court noted in its AMG Capital Management, LLC decision, Congress has already considered at least one bill that would restore the FTC's ability to make Big Tech pay for the harms it inflicts on everyday Americans. And in recent testimony before the Senate Committee on Commerce, Science and Transportation, the FTC encouraged Congress to introduce similar legislation once again. The American people depend on robust enforcement to hold giants like Google, Facebook, Amazon, Apple and Twitter in check; a toothless FTC simply isn't up to the task.

Congress should send a bill to the president's desk without delay. No one should be above the lawnot even Big Tech.

Mike Davis is president and founder of the Internet Accountability Project. He is a former top attorney for the United States Senate Committee on the Judiciary and previously served in the United States Department of Justice. Davis also clerked for Justice Neil Gorsuch, both on the Tenth Circuit and on the Supreme Court.

The views expressed in this article are the writer's own.

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Congress Must Empower the FTC To Fight Big Tech's Abuses | Opinion - Newsweek