WATCH VIDEO. “We should start regulating the big tech companies,” said Michael K. Powell, president and CEO NCTA, “We should reject the fairy tale stories of ‘do no evil’.”
In an aggressive speech at the Cable Congress in Dublin he called for fairer regulation of the internet – not just focusing on network companies but including the giant tech companies .
The power of the new tech companies such as Amazon, Apple, Facebook and Google is enormous. They are not competing in the market, “they are the market”, as The Economist wrote.
When a competitor shows up, they just buy it.
These companies have a market cap of $2.8 trillion, the GDP of France, while enjoying a light regulatory touch.
“We do need to start policing their behaviour, they have become too large and too indipensible not to do anything. Only they can address the issues around election fraud and sexual exploitation, while privacy remains an issue that they will not fix from within.
