The subcommittee will come to order. I again want to apologize to our witnesses. This is historic action on the house floor that has taken a number of Committee Members away from the committee. But i would like to get started. Our second panel of witnesses, the first witness on our second panel is timothy wu, the julius silver professor of law at columbia law school, an expert on antitrust, copyright and Communications Law and a contributing opinion writer for the New York Times, including the master switch in the curse of bigness. Professor wu has twice been part of the politico list of 50 individuals transforming american politics and was named to the American Academy of arts and sciences in 2017. He received his bachelors of science from mcgill university. Fiona scott morton, a professor at the University School of management. Nationally recognized as a leading scholar and published articles in leading economic journals. From 2011 to 2012 she served as Deputy Assistant attorney gene
Good afternoon. The subcommittee will come to order. Without objection the chair is authorized to declare recesses of the committee at any time. We welcome everyone to the second of our series of hearings investigating competition in the Digital Markets. This one on innovation and entrepreneurship. I now recognize myself for an opening statement. 30 years ago the First Software for the worldwide member was released into the Public Domain to create a Global Communications network. Within a few years, search and browsing services were built onto this software to give people tools to communicate, share, and explore information through decentralized platform that was designed to be open and nondiscriminatory. An internet pioneer and codesigner of the internets early architecture testified in 2006 on behalf of google that the overarches principle of the open internet was no central gatekeeper should exert control over the internet. As he noted this open and competitive environment meant ent
Off. We are looking at markets this morning, firmer tone. 102 points higher, nasdaq up almost 50 points, all three majors rebound yesterday on trade and currency fears, beijing and washington still in stalemate with china digging in for drawnout fight, pretty good market yesterday, lindsey, your reaction . Yeah, im actually surprised the market is taking everything that we learned through the last couple of days in such good stride, again, today like you said at the top of the show you see the yuan being weakened. Not to the extent we saw sunday night which sent the market into kneejerk reaction. I think what we are seeing the two countries are in it for the long haul and i dont expect us to have any resolution before tend of the year and we go to a point of no return, we go too far and the Economic Impact around the global is really too, too far to come back from. Definitely stoke uncertainty, dagen. Dagen uncertainty that the Federal Reserve cant fix, uncertainty is the greatest enem
Backdrop on this vote on the debt what the republican strategy to lowering the federal debt is. What is the medium and longterm plan . This is certainly reaching crisis proportions. You have a debt in excess of 21 billion. Proposals like medicare for all will add over 30 trillion. This is crazy. One of the things we have to do, we have met with folks this week and last week talking about better ways of valuing the Public Benefit of different federal investments. Everyone knows you can look back at the percentage of the budget attributable to mandatory spending programs, programs not subject to annual congressional appropriations, that has exceeded far in excess of 70 of the overall budget. Up from percentages as low in the upper teens, even the low 20 percentile range decades ago. We have to attack the mandatory spending side and make sure we apply criteria that looks at the value generated from these investments, just like any private company would fo, just like a family at home would
What is the medium and longterm plan . This is certainly reaching crisis proportions. You have a debt in excess of 21 billion. Proposals like medicare for all will add over 30 trillion. This is crazy. One of the things we have to do, we have met with folks this week and last week talking about better ways of valuing the Public Benefit of different federal investments. Everyone knows you can look back at the percentage of the budget attributable to mandatory spending programs, programs not subject to annual congressional appropriations, that has exceeded far in excess of 70 of the overall budget. Up from percentages as low in the upper teens, even the low 20 percentile range decades ago. We have to attack the mandatory spending side and make sure we apply criteria that looks at the value generated from these investments, just like any private company would fo, just like a family at home would do. I believe we should actually impose penalties on members of congress. It is our job to nego