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January 7, 2020 01:35 pm PST

Despite 50 state AGs' antitrust investigations, Google stocks hit an all time high

50 states' Attorneys General are investigating Google for antitrust violations, doing the work that Federal regulators have shirked since the Reagan era.

Despite this, Google's investors are bullish, pushing the company's shares up to $1,397.81 yesterday for a market cap of $964b.

Facebook -- under antitrust investigation by 47 states' Attorneys General -- also closed out Monday with near-record share prices at $212.60 for a total market cap of $606.3b.

CNBC tech writer William Feuer interprets this to mean that "investors are unconcerned going into the new year about the ongoing investigations."

But I think another way of phrasing this is that investors understand that if Google and Facebook face meaningful competition regulation, it will be the result of a seismic regulatory shift that will also feature anti-money-laundering rules, wealth taxes, steeper progressive taxes, and a host of other anti-plutocratic measures, which will clip the wings of the high flyers who lead the investor class.

So for investors, there are two possible outcomes. Either:

1. Google and Facebook beat antitrust scrutiny because the oligarchs manage to kill the surging anti-inequality movement, in which case, tech investors can keep their money (and use it to buy luxury bunkers to cower in when unfettered global capitalism renders the planet unfit for human habitation); or

2. Google and Facebook are subjected to long-overdue antitrust action, which comes as part of a suite of measures to make a fairer, more humane economy, which breaks up all concentrated industry and claws back the wealth of the looters who profited from them. Read the rest


Original Link: http://feeds.boingboing.net/~r/boingboing/iBag/~3/8a3O0bBtgvw/game-theory-mfs.html

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