Jul 24, 2017

Cory Booker: The size of tech giants threatens free markets

Richard Shotwell / Invision / AP

Cory Booker told Recode "corporate villainy" is threatening the free market, noting the consolidation of Silicon Valley companies is "not a positive trend." Booker said he thinks regulatory agencies "just aren't doing their jobs" with regards to the size of giants like Amazon and Google, and the senator thinks the U.S. government should "take a look at Google."

Why it matters: Booker's comments show the growing concerns about the market power of the major tech firms among Democrats. It's especially striking coming from a lawmaker that the left wing of the party has slammed as too close to big companies.

Booker wants SV to do some soul-searching: "We've got to start having a conversation in this country: How are we going to measure the success of the tech sector? … Is it by its ability to create a small handful of billionaires, or the ability for us to create pro-democracy force?"

Go deeper

Coronavirus could lower GDP by $15.7 trillion

Reproduced from Congressional Budget Office; Chart: Axios Visuals

The CBO released projections on Monday for U.S. nominal GDP to be lower by $15.7 trillion over the next decade than its estimate in January as a result of the coronavirus pandemic.

What they're saying: It predicts that when adjusted for inflation GDP will be $7.9 trillion lower over the next decade and down by $790 billion in the second quarter of this year — a 37.7% quarterly contraction.

9 mins ago - Sports

The sports teams that have issued statements on George Floyd protests

Data: Twitter; Graphic: Andrew Witherspoon/Axios

74 of 123 teams (60%) across the big four American sports leagues issued statements regarding George Floyd's murder and the ensuing nationwide protests as of 12 a.m. ET today.

Why it matters: Teams should be judged by their actions more than their words, but seeing who did and did not acknowledge the biggest story in America gives a sense of what each franchise believes its role — and the role of sports more broadly — should be at a time like this.

Updated 50 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 6,289,259 — Total deaths: 375,987 — Total recoveries — 2,706,820Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 1,811,277 — Total deaths: 105,147 — Total recoveries: 458,231 — Total tested: 17,340,682Map.
  3. Public health: Nearly 26,000 coronavirus deaths in nursing homes have been reported to federal health officials —Coronavirus looms over George Floyd protests across the country.
  4. Federal government: Trump lashes out at governors, calls for National Guard to "dominate" streets.
  5. World: Former FDA commissioner says "this is not the time" to cut ties with WHO.
  6. 🎧 Podcast: The virus didn't go away.