BLAME THE FEDERAL RESERVE! When the stock market bubble bursts, they’ll be clawing one another’s eyes out for politically-incorrect business like Parler’s!
David Stockman Explains:
The Big Tech Five have become a clear and present threat to free expression and democratic governance not because they are monopolies; rather, it’s because they are so vastly over-valued by the Fed-enabled casino on Wall Street that their managers and executives have been unshackled from the job of profit maximization to indulge in political virtue-signaling and moral smuggery.
In this context, we use the word “political virtue-signaling” deliberately. Despite some pretty histrionic huffing and puffing on Fox News about a vast Silicon Valley plot to destroy America as we knew it, the Big Tech Five considered here are not anything like a tech-age Stasi or even Woodrow Wilson’s WWI censorship boards.
Actually, the recent deplatforming of the Donald & friends and the mugging of Parler is so riddled in inconsistency, impulsiveness, and amateurism that it fairly pinpoints its essence: Namely, it is the work of way too rich millennials and thirty-something brats who are intoxicated by unearned wealth.
Accordingly, they have imported into the work place political posturing and especially Trump-bashing as just another perk along with their cold-brewed coffee, juice bars, catered gourmet lunches, nap pods, arcade lounges, onsite acupuncture, mediation classes, egg-freezing, bereavement leave for departed pets and afternoon concerts on campus, among countless more.
In other words, Big Tech’s intensifying political meddling and aggression arises from a pervasive culture of self-indulgence that has been enabled by what is now the mother-of-all-speculative bubbles. There is no deep, purposeful, and sinister totalitarian scheme here: Just some narcissistic, vainglorious kids haphazardly throwing their weight around because they can. So, do we need an army of anti-trust lawyers or government regulators to induce them to cut the crap? We do not. A rip-roaring stock market crash is all it would take to remind top management and boards that the business of business is business—not functioning as self-appointed guardians of politically correct speech and “safe” assembly by the public.