FTC Should Go After JP Morgan, Not Apple

5 Comments

“Our future well being depends more on people like Steve Jobs who invent real products that can improve our lives, than it does on people like Jamie Dimon who invent financial products that do little other than threaten our economy. So why is the FTC nosing around Apple and not around Wall Street? Because the Federal Trade Commission Act allows the agency to stop ‘unfair methods of competition”’almost anywhere in the economy except in the financial sector. Banks are explicitly excluded. Another reason for financial reform.”

Robert Reich, former U.S. Secretary of Labor under President Bill Clinton.

5 Comments

Tim

The only real, Steve Jobs has invented is real overhype of overpriced trinkets

Marcus

This FTC investigation is dead among many reasons but especially due to the fact it will be politically unpopular. Here you have Reich, part of the left, saying in his blog that if you have time to got after Apple, why aren’t you going after the banks. This is red meat to the liberals that want bank blood. On the right, they will (correctly) say government is telling us what to install on our phones. The talking point will be: “Government takeover of your phone.” They will paint the government as wasting energy by telling you what in install on your phone instead of working on Iran, the debt, etc. The general public can sort of justify on an individual basis why the government needs to step in against insurance companies or big banks. But to step into the business of smart phones that most can’t afford anyway and to explain that it is so those privileged enough to afford it can play Flash games (which is what most people think of when you say Flash) or read Wired on it would be a really hard sell.

November elections will be here soon and there there is no way the Obama White house wants this in the news. They will be squeezed by both sides on this. To each side, there are much bigger fish to fry and as the MSM, Glenn Beck, and Maddow hear of this, will remind us all of that fact.

gardner

If you’re going to quote economists on capitalism you should probably understand their history and policies first.
Steve Jobs has done an absolutely brilliant job but what on earth does that have to do with JP Morgan.

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