Time for panel #3: Big Tech and regulation! I will be live-tweeting again, and you can also watch video at either the Twitter or Facebook links below!https://twitter.com/Noahpinion/status/1055522018941116416 …
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Feldman: But FB can tell everything about you from watching your posts and interactions.
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Ovide: Why should we have to choose between not using consumer internet services at all or giving away all of your personal data? Shouldn't there be some middle ground?
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Mukherjee: The idea of "notice and consent" is dead. No one reads privacy notices. And many are deceptive.
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Mukherjee: 5g is a big change that is going to make privacy harder and more important.
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Mukherjee: With 5g, there will multiple people getting video of you all the time. That's qualitatively different from anything that has gone before.
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Kaissar: FB's stock value is an exponential function of how much data Facebook users give it. In other words, people aren't getting paid full value for their data.
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Kaissar: Social networks' network effects mean individuals are too small to bargain for their own data individually. People need an intermediary to bargain for them. Feldman: Inevitably, it will be the government.
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Remember, you can watch the panel live right now at https://twitter.com/bopinion
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Ritholtz: I trust Netflix and Google with my data, much more apprehensive about Facebook
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Ritholtz: Amazon and Netflix are more trustworthy, and this has been reflected in their stock values. FB stock has struggled because people don't really trust it.
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Bershidsky: Google is more vulnerable to antitrust than Amazon because Amazon doesn't have a dominant position in most markets.
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Feldman: Has any American monopoly been broken up regulated when people loved that monopoly? No. They only get regulated or broken up when the public is lukewarm or negative on a company.
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Ritholtz: Companies become creepy when they misuse your data, with fake news or ads that follow you around.
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Kaissar: The business cycle matters for opinions of tech companies. If we have a downturn and Big Tech gets hammered, the (regulatory) situation might change quickly.
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Ooh look I can paste a link of the live video into my tweets!!https://twitter.com/i/broadcasts/1ynJOYMplRlKR …
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Ritholtz: Uber messed up by flouting the law. Feldman: OK, so you mess up, you apologize, you replace your CEO, and you're fine! Ritholtz: Uber lost market value because of Kalanick.
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Ovide: Regulators cracked down too hard on scooters because they felt they had messed up earlier by under-regulating Uber.
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Kaissar: Young people care a lot about ethical investing. If you do ethical investing you can't invest in Uber.
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Ritholtz: Ethical investing can push companies like Uber to have balanced boards and C-suites instead of a bro culture.
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Kaissar: You don't have a choice not to use Facebook. Therefore, contracts between individuals and Facebook are essentially forced contracts.
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https://twitter.com/i/broadcasts/1ynJOYMplRlKR … The interesting discussion continues...
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Questions from the audience: Singapore and other countries can suck away talent from America by being more proactive in their regulation. Will the U.S. lose global tech leadership due to slow, reactive regulation?
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The idea is that "regulatory sandboxes" - zones of light regulation - can let an industry develop, giving regulators a much better idea of how to regulate that market.
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Anyway, that's a wrap! Hope you all enjoyed this Bloomberg Ideas conference! We'll have another in six months! (end)
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End of conversation
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