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I think Eric Weinstein would agree with you on this point. You should really listen to his podcast with Peter Thiel where they talk about similar interests dis
by noetic_techy 6y ago
I think Eric Weinstein would agree with you on this point. You should really listen to his podcast with Peter Thiel where they talk about similar interests disrupting advancement (The Portal - Episode 1).
I don't buy the argument that the whole system is therefore useless and corrupt, but that it very much needs intervention to keep this sort of regulatory capture from occurring.
- dustingetz 6y agoFAAMG is like 20% of the GDP of the USA, the state can't intervene with itself
- noetic_techy 6y agoDo what we did in the past with monopolies: break them up. Trust busting to increase diversity and competition, just like the railroads of past. I would consider the advent of social media to be on the level of the advent of the railroad or the car. Same with search (Google) and even Amazon (mega online store with fast delivery). At the very least subsidize Walmart or some other competitor to build out a competitive advantage and eliminate Amazons head start. Very disappointed we don't have a Windows phone as an alternative also. I think 3 is the bare minimum for a technology to have good competition. So why not. My overall point though is the same, regulatory capture is bad and we should fight it regardless of monopolies or not.
- deleted 6y ago[deleted]
- edanm 6y agoWhere did you get that idea? FAANG companies are valued at ~5 trillion USD (rough estimate). The US's GDP is 20 trillion USD. But the GDP is measured annually! The US has a GDP that's 4 times the value of the FAANG companies every year.
- dustingetz 6y agoThanks, I just found this better stat: "The “FAAMG” basket accounts for 18% of the total S&P 500 value"