Apple Stock Rallies as Investors Laugh at Elizabeth Warren’s Tech War
Elizabeth Warren's war on big tech isn't scaring investors, who are bidding up Apple shares on Monday. | Source: REUTERS/Sergio Flores
Despite 2020 presidential candidate Elizabeth Warren’s calls over the weekend to break up big tech companies like Amazon, Alphabet, Apple, and Facebook under U.S. anti-trust laws, these tech stocks are doing fine Monday.
Investors don’t seem to be taking Sen. Warren’s radical socialist proposals seriously as a credible threat to these high tech companies as Amazon’s stock gained $43.02 (2.65%) over morning trading, Alphabet’s rose $21.62 (1.88%), and Facebook’s increased by $2.93 (1.73%).
Warren’s Radical Proposal to Rule Over Tech
Sen. Elizabeth Warren (D-MA) attacked the tech industry Friday in an op-ed calling for major tech companies like Amazon, Google, and Facebook to be forcibly nationalized by a bunch of nameless federal bureaucrats in a marsh in northern Virginia.
She uses the Justice Department’s lawsuit against Microsoft in the 1990s as a model for continued federal harassment of and tyranny over American businesses.
I argued that this absurd lawsuit aimed to restrict the creative and commercial freedom of Microsoft in a way that would be akin to telling Apple they aren’t allowed to include cameras on their phones because it would be anti-competitive.
Well, maybe I shouldn’t have given Elizabeth Warren any ideas.
Elizabeth Warren Wants to Kneecap Apple
She piled on over the weekend with a call to force Apple Inc. to choose between running an app store which is a platform, or making apps to participate on the platform. Apple’s stock is doing fine Monday as well with a solid $5.77 (3.34%) gain.
Warren said:
“It’s got to be one or the other. Either they run the platform or they play in the store. They don’t get to do both at the same time.”
Says who? Queen Elizabeth? No one died and made Elizabeth Warren queen. This is America. We don’t have that here. And what a completely random and arbitrary rule.
That would be like saying McDonald’s can run the counters and drive-thru windows where you buy food, but that’s the platform. They have to choose between showing you the menu and ringing up your order or making the items that are on the menu.
Or proposing that Walmart can’t sell its own brands in its stores.
Mind Your Own Business, Senator Warren
Elizabeth Warren has probably never written a line of code in her entire life. Maybe she’s written 1/1024th of a line of computer code, but that doesn’t count.
Or maybe she’s written tax code.
But she’s going to tell these engineers, software developers, designers, business executives, and artists what they’re allowed to do and what they’re not allowed to do?
And all their customers too?
Elizabeth Warren thinks she has some legitimate right to dictate to all these people their own choices and impose her terms for their mutually consensual commercial engagements.
Because she won an insane, media circus-driven popularity contest in Massachusetts.
Well, she doesn’t. It’s none of her business.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.com.
