Listen: The U.S. is talking, and the EU is regulating. Is any of it slowing down Big Tech?
"This marketplace podcast is brought to you by the Michigan Economic Development Corporation Evan Lyle of rush enterprises is a big fan of Michigan as he put it. The future of mobility is going to be decided right here in the state is a planet dot com to find out why that's P.. L. A. N. Any T. DOT COM. The U._S. is talking the E._U.. Is regulating is any of it slowing down big tech from American public media. This is marketplace tech. The miss define the digital economy. I'm I'm Ali would this week's congressional. Hearings on big tech covered everything. Everything from free speech to competition to privacy to Bitcoin but they did suggest that U._S.. Lawmakers might be moving closer to some regulation to try to curb facebook Google Amazon and Apple. Meanwhile Europe up is way past the talking stage. It's big privacy law the G._D._p.. Are Is legislating data collection at U._S.. Companies and just this week that you launched a new anti-trust investigation into Amazon and find qualcomm for predatory repricing. Let's dig into the differences in approach in quality assurance the segment where we take a deeper look at big tech story. Mark Scott is chief technology correspondent with politico. We reached him at the Dublin Airport I think D._C.. Right now is playing a game of cash up so we have gone in the last eighteen months from D._C.. Washington lawmakers frankly doing nothing and saying everything's fine to frankly this week. Multiple hearings on the hill an a day of reckoning. A Big Tech so from that perspective they are moving pretty quickly is just the Europeans have been doing this for desks. The Europeans have been doing this for decades. Do you think it's been effective. Though I mean here we still are with these companies just as big the short answer is no. It's not yeah but that does not mean multibillion. Dollar fines. Don't have a role to play the way the Europeans of messed up and I'm hoping the Americans will learn from this is it's not about the fine so when facebook finding jets it's five million dollars fine. Everyone has go. That's baked in and investors care will will really matter is if the F._T._C. lawmakers on the hill and the Europeans take a meaningful look at how these companies operate and force meaningful changes in how they make money from people like you. You what do you think are the odds of that happening either from Europe or the U._S.. In the shelter I cannot be the pessimist but I think that's also not going to happen pretty because regulators and lawmakers on set up so that they are more more willing to get the headline billion dollar fine and move on what would he takes his ongoing meaningful lasting deep dive into these business models and frankly google facebook apple Amazon Vernon blank no that EH businesses better than regular many who do not have a tech background and frankly on Hilda squeak me so many struggled to really grasp what is going on what about I know this sounds crazy but what about consumer behavior ultimately is it possible people that this really could come down to competition and consumer behavior driving more change than regulators can well. This is the one thing that no one wants to talk about is the fact that we all love facebook. We all use Google Amazon prime account. The issue is Frankie. Not on both sides of the Atlantic most people still prefer tech companies even facebook to lawmakers and therefore when it comes to trust there is an issue that because we have limited contact with politicians ahead of the twenty twenty elections in states. It's just really become toxic. Mark Scott is chief technology correspondent with politico and now for some related links now. I know we just finished talking about how we don't think the government is going to take substantive steps toward regulation but maybe hold that thought the Washington Post reported Thursday that the Federal Trade Commission is considering revamping the Children's online privacy protection act better known as. COPPA it says that APPS and websites can't collect personal information about kids under the age of thirteen and it's why you're supposed to be thirteen to sign up for on line services but the F._T._C. says kids are visiting all kinds of data collecting safes like <hes> Youtube and downloading all kinds of APPs like instagram snapchat and fortnight and that it might need tougher enforcement or even new rules to deal with all that activity a bipartisan bill in the Senate would actually expand Coppa uh-huh cover kids as young as five so maybe we'll regulate after all if it's for the children seventy WHO's produces marketplace tech Eve tro is our senior producer. We got production help this week from Matt Hardy cerebral gear is our engineer. I'm Ali would would have a great weekend everyone. This is a P._M.. 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