Bershidskyis showing a diagram of GDPR complaince pop-ups. What a massive ill-conceived bureaucratic mess.
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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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Trust isn't enough. EU led the way by using legislation. Think about the car industry before regulators enforced safety rules. The web is young and relatively unregulated. The same will happen.
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This is why their portal thing is doomed. No way am I giving Facebook a web enabled high def wide angle camera and microphone array in my house! There is no way to monetize that I would be ok with.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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