President Donald Trump gives a speech on "State of the Union" at a joint session of the US Congress on Capitol Hill on January 30, 2018 in Washington, DC.
Jim Bourg | Getty Images
Only big tech could match Bill Barr and Elizabeth Warren.
Republicans and Democrats are doubling their criticism of Big Tech after US Attorney General William Barr announced late Tuesday that the Justice Department will open a new office for comprehensive antitrust review of major technology companies. He did not name anything, but shares in Amazon, Alphabet and Facebook went back in the news.
As the presidential elections drew nearer in 2020 and the Democratic candidates were preparing for their second debate next week, the criticism of Big Tech was loud, according to the gang ̵
"They are politically caught in the crosshairs," said Brian Yacktman, founder of YCG Investments, which owns $ 750 million and owns Facebook and Alphabet shares. "What is non-partisan is that people are worried that companies have too much power and too much control over data to achieve regulation."
Sen. Elizabeth Warren (D-MA) and Senator Ted Cruz (R-TX) are among those who argue differently on virtually everything, except when it comes to criticizing Big Tech. After the announcement of the DOJ on Tuesday, the politicians expressed themselves quickly.
"Big technology companies like Amazon, Facebook, and Google have tremendous monopoly power," Elizabeth Warren tweeted after Barr's statement. "I have said that we need #BreakUpBigTech for a long time, and I support a legitimate antitrust investigation of these companies." "For some time now, I have been calling on the antitrust authorities to deal with anticompetitive practices on the major online platforms and to increase transparency."
Klobuchar is also a member of the Subcommittee of the Judiciary Committee of the Senate for Antitrust Law, Competition Politics and Consumer Rights. "The American people deserve to know whether these technology giants unlawfully oppress competition and how our laws and enforcement forces can drive innovation while protecting consumers," she added.
On the Republican side, Senator Josh Hawley of Missouri thanked Barr for following promises he made to deal with large technology companies at his confirmation hearings earlier this year.
"In January, AG Barr gave me its commitment to take the antitrust concerns of Big Tech seriously," Hawley wrote. "I am glad to see that he comes after me."
Sen. Mark Warner (D-Virginia), a former venture capitalist, said he supports fair competition between companies, but "the Ministry of Justice's mission relies on facts and I hope its review of the facts and dynamics of this Markets depends not on political considerations from the outside. "CNBC last month has left this far-reaching skepticism big technology companies like Google without political protection.
"I bring companies to Washington, where they complained about Google for a long time, and there were politicians who blocked it once, but the blockers are gone," he said.
Daniel Ives, Managing Director of Equity Research for Wedbush Securities, reflected this assessment.
"Big Tech already has a porthole on both sides of the aisle that will feed into the 2020 election, so rhetoric will continue to increase," he said.
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