Economic harm to the company. But that just isnt in the case with google. So its a legitimate question as to whether googles market power insulates it. I also think its a legitimate question to ask if other attempts to regulate your industries have worked. So mr. Pachi, google has restricted the portability of user data due to compliance with the general Data Protection regulation. Specifically in 2018, google restricted the ability to export the double i. D. Of cookie based identifier that creates profiles through google data transfer. Is that correct . Congressman, not familiar with the specifics of that particular issue. But happy to follow up more once i understand it better. So youre not particularly familiar with how youre complying with gdpr. Congressman, weve long been working to comply with gdpr. We think its an important regulation, and we have we are in full come plibpliance to extent of my knowledge. I just meant not with that specific issue you mentioned there. So to compl
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
One, in general. In general, i think when two companies are negotiating you are negotiating not just the amount of money that is going to change hands but also what youre going to get in exchange for the amount of money. That ask a fundamental way business works. To do you see at least to outsiders that would look like a structural conflict of interest . You are using your control over access to peoples living rooms essentially, youre using that in order to obtain leverage in terms of getting Creative Content that you want . Are you essentially converting power in one domain into power in another domain where it doesnt belong . I think what i should do is offer to get you information. I will get it to your office for you because im not, not familiar enough with this. I could imagine there would be scenarios, if were just talking abstract where it would be inappropriate and i can imagine scenarios where it would be very normal business and very appropriate. Good enough. I want to talk a
Thanks for taking my question, you added a sentence into the statement about the course of the economy depends on the path of the virus is this do you feel this idea or view is not widely enough understood do you feel you had warned back in may that too early reopening or cautious reopening might harm the economy do you feel that message is not heard and some of these reopenings took place perhaps sooner than they should have i think we feel that it might be the most central fact or the most central driver of the economy is the virus were seeing that again. You saw that during the lockdown when we got cases way down you saw the economy reopening. You saw spending go up and hiring go up now that the cases have spiked again. Again, the early data, highfrequency data suggests that theres a slower pace of growth at least for now. We dont know how deep or how long that will be. Its such an important sentence, we just decided that it needed to be in our post meeting statement. Its so fundame
On the consumer. We will dig into the fallout there as power lunch starts right now. Tyler, thanks. Welcome to power lunch, everyone stocks are selling off hard for the second day in a row. We are near session lows right now with the dow down about 600 points thats a 2. 4 drop for the dow for the s p the nasdaq down 2 today but if you add up yesterday and today, all three of these averages are down about 5 in just those two sessions. Take a look at some of the moves weighing on the dow. You have boeing, United Health, visa down 4 we were just discussing United Health a lot of different challenges there. Lets go to the New York Stock Exchange with a run down on todays selloff. Hi, bob. Kelly, an old saying on bleet if you cant trade on the fundamentals, trade on the technicals s p 500 the last two days this was yesterdays low, midmorning, another drop volume picked up, trading on technicals this happened a little while ago and the cdc announcementadded to new lows for the day. New lows