Money Quote Tuesday Oct. 31
Tech’s big day on Capitol Hill, Trump’s clan under pressure
Even the billionaires are worried about their own intemperate wealth — well, at least the ones who aren’t such massive douchebags that they’re buying gold Ferraris (really, who does that?). I wrote about the new Gilded Age last month, this piece nails the issue. Money quote (literally): “Billionaires’ fortunes increased by 17% on average last year due to the strong performance of their companies and investments, particularly in technology and commodities. The billionaires’ average return was double that achieved by the world’s stock markets and far more than the average interest rates of just 0.35% offered by UK instant-access high street bank accounts.”
This isn’t going to help any of the companies’ case as they present arguments for why they should be allowed to “self regulate.” The approach our most beloved Internet giants have taken to this most fundamental issue of our Democracy — the ability to have a rationale public discourse — has been to ignore, then reluctantly admit, then drag feet, then finally acknowledge. It’s led to a loss of trust and it’s utterly unfortunate, and avoidable. Money quote: “(Facebook) previously reported that an estimated 10 million users had seen ads bought by Russian-controlled accounts and pages. But Facebook has been silent regarding the spread of free content despite independent researchers suggesting that it was seen by far more users than the ads were.”
If you’re reading this, you’ve probably read plenty on the Mueller indictments yesterday. This piece goes beyond the news and into what may come next. Money quote: “Yesterday’s indictments will contribute to a climate of fear in the White House that makes it harder for Trump and his staff to be effective.” Like they have been?
I know, I know, this is a business round up, not politics. But this was stunning, and we all have to do business in this environment. Kelly was supposed to be one of the adults at the day care center. There are not many left. Money quote: “(Kelly) called Robert E. Lee “an honorable man who gave up his country to fight for his state,” said that “men and women of good faith on both sides made their stand where their conscience had them make their stand,” and argued that “the lack of an ability to compromise led to the Civil War.”