Maintain that particular story into 2021. With a year for growth, or will it. Jobs report paints a picture that more federal stimulus is the key the key component to making this narrative stick and talks over the 900 billion andemic relief bill ground to halt. Any keyuggle to reach agreement. Today we expected to get the details on the plan, but that was postponed for the sum of 24 hours or so. We wait with postponed for 24 hours or so. Comeback willic be dependent on further push from stimulus. Joe, it is interesting today there was a little more risk aversion in the market we went into that ageold trade that is big tech. Joe big tech that is something, even on the socalled risk off days, it just means buying tech stocks that are doing phenomenally well. That is what counts as a down only tech0, when outperforms. Absolutely. The breath is incredible. Look at the number of stocks and the nasdaq composite surging, a Straight Line up. Some of the highest levels we have seen since early 2
Written materials. You are the ema offices that required for all meetings. I expect all members to wear a mask expect when speaking. I recognize myself for an opening statement. More than a year ago, this subcommittee launched an investigation into Digital Markets. The twoives b have been to document problems and since then, weve received millions as well as conducting hundreds of hours of interviews. There were experts here, the subcommittees Ranking Member. We work closely with all members who have taken this work seriously and study the issues. This is the most bipartisan effort ive been involved with. The purpose of todays hearing is to examine the dominance of amaz amazon, apple, facebook and google. Amazon runs the Largest Online marketplace in america, c capturing 70 of all online marketplace sales. It operates across a vast array of businesses from cloud compute i ing. Apple is a provider of smart phones with more than 100 million in the United States alone. Services include fi
Industry. They took questions about the use of thirdparty seller data and allegations of anticonservative bias. The subcommittee will come to order. Without objection, the chair is authorized to declare recess at any time. Welcome to todays hearing on marketing power. Amazon, apple, facebook, and google. I would like to remind members we have established a distribution list dedicated to circulating specific motions or other written materials members might want as part of our hearing today. If you would like to submit materials, submit them to the email address distributed to your offices. We will circulate materials as quickly as we can. Thatld also remind members face coverings are required for all meetings in an enclosed space such as Committee Hearings. I expect all members on both sides of the aisle to wear a mask except when you are speaking. I recognize myself for an opening bateman Opening Statement. This committee launched an investigation into Digital Markets to document compe
Dramatically access to users on internet virtually any gist that wants to be found on the web must pay google a tax. With that i recognize the Ranking Member of the subcommittee, mr. Sensenbrenner. For first round of questions. Thank you, mr. Chairman. Ive been in congress 42 years. That is coming to an end at the end of this year. Im breathing a sigh of relief. During that period of time, during decade of 90s and 00s, i was involved as chairman of the Science Committee and chairman of this committee and trying to make the net universal, open it up to everybody and one of the, one of the theses that we used that the net should end up becoming basically the debate on issues, not only in our country but throughout the world and in exchange for that this committee and the Congress Gave Internet Service providers immunity so if somebody said something defamatory in what they posted. Isps could not be a part of a lawsuit for defamation. After hearing mr. Jordan, you know, a long line of cen
Chart for the markets. Obviously we would start there, thats what dan nathan is calling this stock so dan, why dont you walk us through what this is and why its so important to investors lets talk about jm porgen. This is a best of breed bankheading into the crisis. The stock was trading at an all time high. There were a lot of investors out there in january signaling this is a chart representative of the economy that were in, prepandemic, i just have to tell you, this thing has acted pretty horrible on the way down, its down 35 on the year, and that is relative to the s p 500, down less than 10 on the year. The balance off the lows in march was fairly anemic relative to the s p 500 whats important is that investors seem to be focused on the stocks that got us here prepandemic. We know that it was the maga, the microsoft, apple, google and amazon its the bank stocks that are important to look at here. They touch parts of the economy that are going to struggle over the next few quarters