As regular Hotline readers know, we are VERY worried about the wave of antitrust legislation on Capitol Hill. This is the ultimate regulatory sword of the progressives to bludgeon business. (The only monopoly we are worried about in America is the public schools.)
Now we learn that Sen. Amy Klobuchar (a leading Dem nominee presidential nominee for 2024) is going to make another big push for her Stalinistic bill.
According to Punchbowl News, Klobuchar “is hoping for a floor vote within the next month.”
Klobuchar says: “We’re pretty excited about the momentum we’re gaining.”
Here’s what’s REALLY scary, according to Amy: “Sen. Grassley [the ranking Republican on Judiciary] is all in with four cylinders to get this thing done.”
The Klobuchar-Grassley bill would forbid tech companies from using their platforms to “preference” their own products or services.
Klobuchar added this on the timing for a floor vote: “I would hope it’s in the next month.”
Is anyone paying attention to reality? The tech stocks are already getting crushed and the economy is teetering on the edge of a potential recession. The tech companies have lost more than $1 trillion in valuation. The big winner from the Klobuchar bill, of course, is China – which smartly has no antitrust laws.
Even Larry Summers – our new favorite Democratic economist – is warning against Biden’s crackpot antitrust theories that Klobuchar would supercharge. If you have the time, it’s worth reading his words of wisdom. We only wish Sen.s Klobuchar and Grassley would do the same.