Facebook, Amazon, Congress discussed on Armstrong and Getty
So we build it. And then we make him come enough now them in total. How did the four CEOs do? They did their best. You know, they did not do anything. I think that was ground shaking and Really, If you washed the Saleen ending remarks there already printed on paper. I think there was nothing that the big the big tech CEOs could have said That would have changed. What when the outcome is going to be We have, of course, as well. The interest that was centered on the Amazon CEO Jeff Bezos is the richest man in the world. His first appearance before Congress, he tried to sell the notion that Amazon And America are virtually one of the same. Did he succeed? I have to say no, I think be. Those was asking questions that he couldn't even answer about his own business. And the reality is his biggest, really relies on a eye on automation and robots more so than the spirit of Americanheart lookers. Interesting. Now there is, of course. Ah, some comparison with the arguments that were used century and 1/4 ago when the original concept of antitrust came into being in this country back then you had very analog industries, the steel trust and Andrew Carnegie in the oil trust. And ah, this sort of thing with the John Rockefeller. Oh, and the notion was brought up that even if you have provided us with wonderful things, and you have That the cost of that concentration of power is too high and that therefore we're going to just flat break you up. And, of course, the country proceeded to do just that. Do those same laws and those same principles apply to this 21st century concentration of power. I think that's one of the things that Congress was trying to really uncover right now, and they're going to be releasing a report that's going to expose really what these companies have been doing and how they've been operating in such a way that Change competing in a way that is anti competitive, But somehow they've been kind of skating around. Antitrust loves whether it be with red tape or occasionally a rubber stamp from the FTC in past years. So way should probably expect to see that change in a very real way down the road ahead is the concept of antitrust still valid? Still feel valuable? Or is it simply laws that were designed for an earlier concentration of power that need to be updated, noting the evolution of a business big they get to a certain point where they're just so big that When they when they try to engage in business with smaller companies. They really have all the leverage and they have all the cards in their deck. So I think the concept is still dead. And especially when you look at just the way negotiations take place between A massive beast like an apple or a Wal Mart and how they deal with a smaller supplier who may be a family on business, and they're just trying to get their product on the shelves. I think the concept of valid it just did change. Are there similar companies that exist in other countries? I mean, these these names Amazon, Apple, Facebook and Google. They certainly and the people behind them certainly seemed very American. Are there others out there that with which we might or might not be familiar that R R se Japan's or Germany's equivalent? Sure you've got Alibaba out there What you might call just another Amazon Onda course on the Facebook slide from social media perspective, Pick talk is obviously growing at a really, really rapid rate. There are other companies that originate in other countries that are trying to kind of find the same level of success that these big four have today. But We're not quite there yet, You know, fan song of the huge company, not American company. There's obviously a long list that we could go through. But some of these companies to that are you. Trying to compete are actually knockoffs. If you look at Facebook, there's another company out there called. Forgive my pronunciation. The contact which is kind of like the Russian knock off of Facebook, and it's fairly popular over and I believe most of Eastern Europe and parts of Russians, should we and and will we just split? Some of these companies up? Just do what was the recipe? A century and 1/4 ago? Should we will we? I would say yes, I don't necessarily think it's gonna be a very queen or easy process. There's a lot of intricate season utilities have technology businesses. But I do believe that we are going to be some sort of line in the sand. If you will that differentiates the demand side supply side. Adam, Missouri, chief marketing officer at Agency partner Interactive. 13.