"Trust Busting" bill would ban companies worth $100 billion from buying/merging other companies

The proposal would ban mergers and acquisitions by companies with a market cap of over $100 million and grant the Federal Trade Commission additional powers to regulate “dominant digital firms.” Additionally, the initiative would replace the current standard of “consumer harm” used to identify and break up monopolies, with a new standard of “protection of competition.”

link

What do you think of this bill, is the US due for a trust busting overhaul like what we saw during the administration of Teddy Roosevelt?

 

If that is all there is to it I won't mind it. But....the devil is in the details...

 

about time, this is much needed

also need to crack down on outsourcing American jobs, maybe raise taxes 10% and offer those corps that do not outsource a 10% tax cut

 

You should have posted a bit more from this link

The Republican Senator hits the nail near squarely with the comment .. that both the nation and Gov't are run by these "mega-corps" - sans the personification - as a mega corp can not run anything .. it is the folks that own these "mega corps" that run the country and our Gov't.

As it turns out - no one owns most of the mega corps - these are owned by the nebulous term "Shareholders"

Regardless the actions of these corps can and should be regulated. The problem with this bill is that 1 ) 100 billion is way too high, 2) most of these mergers have already happened ..

For example - what do we do with the Dow -Dupont merger - a hugely anti competitive merger ? There are thousands of other which are similar.

A main systemic issue that is not addressed is the fact that all of these Mega-corps are controlled by the same few families - via ownership of of enough shares to sit on the Board of Directors - and this way dictate how the company is run - despite not really owning that company - and having no liability/responsibility for the actions of these Mega Corps.

 

I agree, 100 billion is too high. But it's a good starting point. No need to go low at first. Adjust as needed instead of making it too restrictive right off the bat.

As for what to do with those corps already merged? Easy...break em up. That's the point of the bill afaict.

 

There's also the issue in our media




Then of course there's the pharmaceutical companies who are able to overcharge Americans for medicine due to their lack of competition

 

That's the thing - it is not so easy to break them up. Standard Oil was broken up .. what good did that do ? What do we do with Exxon - and what about Shell , BP - who are not US corporations. but owned by the same families that own Exxon

how do we deal with that issue -.. break these companies up all you like .. but the same folks will still own them .. and direct them as if they were one company. .. making decisions for the whole .. rather than on the basis of an individual company - which is very bad for the citizens of not just the US - but the world.

 

This relates to the families mentioned in my post and also post 7. They own the Media - and the Healthcare Oligopolies and Insurance Oligopolies. - Healthcare being a 3.5 Trillion dollar a year gravy train (2018 ) Fed Revenue for the year was 3.6 Trillion .. to put that number into perspective. Double the price of what other first world nations pay - and no better care .. middle of the road in fact.

For those not gifted in math - That is 1.75 Trillion dollars on the table "PER YEAR" - there is Biden's infrastructure plan .. right there .. cept we can have this every year - and not have to borrow money to do it.

Have you ever seen a more price inflated mess .. where an aspirin is suddenly worth $30 dollars.

 

Make em sell part of the corporation, along with assets, to someone outside the family.

 

What about a bill to stop corporations from meddling in our electoral system? This is fascism by definition. Should we allowing 100 billionaires to decide our voting laws and not the citizens of that state. What else are we to allow them to decide?

 

I never agreed with citizens united (though I did understand it). Corporations are not people. They're ideas and constructs. Perhaps an amendment to define what is a "person" would help? Might even solve the abortion debate.......

 

No need my friend - Right here .. Right now .. we need to spend 100 Trillion over the next 10 years .. 10 per year - to save the planet .. Yes from CO2 - but Ocean Pollution is the most pressing enviro issue.

I have trotted out why this is the case in other Threads .. but for brevity let us assume my claim is true. 100 Trillion we need right now.

Solution - 3 banks - State Street - Melon - Morgan -

This number was around 32 Trillion prior to covid .. something really weird went on here - same happened at the other two banks who also have a similar amount under "Custody and Administration"..

So there is your 100 Trillion - but this is not where I would get all of it.. just half .. that's all I want .. These families can give up half their wealth and not notice other than a different digit in bank account.

So that is 50 Trillion .. the other half we get from similar banks outside the US .. this is a global effort..

These folks should want to save the planet in any case .. not much point in having all that money if the Planet is fked. -

 

The Democratic Party is a wholly owned subsidiary of the banks, Silicon Valley and the Pharma industry. If you think they are going to do anything that is not in the interests of their donors, you haven't been paying attention. The Democrats will talk a big game and then come for the income of middle class Americans (as they always have and always will). Look for energy taxes that harm the most vulnerable... that is what the Democrats will go for. See California for your proof.

 

It would be fair and accurate to include the Republican party as well.

 

Yes .. very true - but they also own the Republican party - or are we just assuming this !?

 

If it's going to be applied to social media I'm agin' it (and what else is it being discussed for)

Facebook and Twitter are like private clubs. You should have someplace you can go and not be overrun by Nazis

 

There nothing like watching a bunch of people who claim to love freedom, capitalism and the free market cheer for the government controlling what companies do

 

I think they could have done that 12 yrs ago when AIG said it was too big to fail.

 

Oh...you bought into the whole AOC fake news about the world ending in 10 years huh? Scientists never said such a thing.

 

I haven’t read the actual bill though it appears they’re merely returning to the pre-Reagan standard.

 

Huh ? - what are you talking about - AOC is an idiot ... and who said the world is ending in 10 years ?

You are building big Strawmen KalStang ...

 

link please

 

A Link for what ? - I did not claim the world was ending in 10 years.

 

They said we have ten years to stop CO2 emissions before global warming becomes irreversible. Not that the world would end in ten years but in a way that day determines its end later in the future.

 

Im cool with the "protection of competition" - that's really nothing new - but the market cap figure I have issues with. I don't see how that would stand up in court, either.