Monday, May 11, 2009

Likely bad news for the economy

Administration Plans Tougher Antitrust Action -

The central paradox:
It is not unlawful for a company to gain control of a market. It becomes unlawful if the company engages in conduct to exclude or harm competitors with no business justification.
Hmmm. I don't suppose that the NYTimes would consider profit maximization a business justification?

The Bush administration was slow to substitute the judgment of bureaucrats for that of the market, and the Obama administration is unhappy with that "hands off" approach. Well, as even the Times acknowledges, it's a great day for lawyers.

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