Surveillance: Big Tech Break Up Has Begun, Galloway Says

According to people with knowledge of the talks, executives of we Work and it's launches investor Self Bank discussing whether to shelve the I p O plans. They're not discussing the Golden sax or JP Morgan Chase right discussing it between themselves. Reportedly, let's bring in David Kirkpatrick show we founder and CEO of to Economy, and I'm sure many of you have read his book, The Facebook perspect David is great to have you with us. Just put into

context what is happening. It's some perspective around this company and the controversy surrounding it as they try and go public. I would say the biggest picture context is that the WEE Company or we Work is not a tech company, but partly because of it's backing from soft Bank, which is basically trying to turn everything into tech and profit

massively with their hundred plus billion dollar funds they keep raising. Uh, they've they've somewhat deluded the world into thinking that pretty much any company that's using an app or or some kind of tech in order to transform an industry deserves the same kind of evaluation as Facebook. And that's ridiculous. So they came to the market last time in the private funding round, the last funding round, and got two billion dollars of investment from self bank and evaluation of

forty seven billion. Are we saying that self bank is completely distorted private markets? I would say yes, it has. I think that's a very good general statement. I mean, I think Uber is another consequence of this, and I look at what's happened since Suber's I p oh, It's

it's very related. So what happens next with this as far as you see things, well, the interest think about the I p O. Is this thing the contingent loan if they have to raise three billion or else, they don't get all this other billions from Wall Street banks. So it's six billion dollars aligned contingent on rice and three.

So it could be that they will just lower the valuation as far as they can, so they still can raise three billion because they basically have to have more cash to keep expanding, because it's a shell game in a way. Chapter six of the Facebook Effect page becoming becoming a company? Is this any way to becoming a company? No, it isn't. But I will say since you mentioned my book about Facebook, Facebook did some degree set in motion

the forces that we are seeing today. Well, primarily because of the absolute control that Zuckerberg obtained and the idea after that that every single tech quote unquote tech founder ought to have complete and total control, which Adam Newman took to an absurd Okay, but in the last week or Mr Newman's one, well, who wanted to do the tabloids sociable whole thing. You know, he's like Pharaoh. He's out there doing the you know, society thing. Yeah, John Farrell,

He's doing the society. He's like Pharaoh in the Egyptian. So it's like Pharaoh here, not rowing Pharaoh, John Pharaoh. I meant Pharaoh in Cairo, and stay with me. Okay, Adam Newman has been invisible the last ten days. That's blowny. I mean, wouldn't if you were a basically a scam artist, wouldn't you hide when people have discovered you? I mean, you know, I mean, I'm afraid he's he's a variety of things that he has done at that company. It's

almost too many to list. Does this break the arrogance of Silicon Valley is a general statement. The arrogance of Silicon Valley is being broken in real time already, and I think Facebook contributed again to that. They've made so many near criminal errors. Public markets will forgive governance issues if the business model is good. So let's talk about the business model, long term lease obligations, short term agreements with customers. You used the word scam. Just put some

meat on those bots. I mean, it's you know, scam is a strong word. I don't want to get to a strong but basically, I think it's amazing that j the JP, Morgan Chase, and Golden Sachs would back this company. I think it makes them really culpable and is suspect they should be shamed for this. But I come at a time when we're possibly about to go into a downturn which is the absolute worst time for real estate.

And all these little companies that occupy we works, they are going to basically be, you know, many of them out of funding, and that's exactly the wrong time to go puvid. When you say culpable, do you mean reputationally. Yes. Look, we're in a time when the smallest foible and somebody's reputation behavior causes them to lose their job, you know, be shamed. These are companies that are doing something I think that is unconscionable. They should not have backed this

company at this kind of valuation. They shouldn't be trying to convince investors to throw their money away. That is, that's immoral. Well, self Bank is going for vision to the vision to fund the Vision fund too. I'm not saying I think they're just opportunistic. I think it's Wall Street. Is there accounting transparent? Do we know SoftBank's true accounting? I doubt it. I mean I'm not an expert at SoftBank's accounting, but I doubt it. We're out of time.

You've coined something new here nearly emails and this says I have to call him Pharaoh John from now on? Is that my New Night. It's like King Todd, except it's King tart spout very differently. Oh yes, really there's a pH on that. How did you not realize? David, Great to see you, Great to be here at some controversial comments that David really look forward to coming along

the way on this as well. Potentially the most interesting negative zero point zero one percent move I've ever seen on the SMP five hundred, the worst performing names with some of the best performing names on the day. The best performing names was some of the worst and it's left some people asking whether this is the beginning of a rotation, not just inequities, but in the bond market

to one big question for bonds right now. Is it the beginning of the reflation trade, the beginning of a new trend, or just the correction after a monster move through Derek Hampenny dropping by the studio m u f G head are European at Global Markets Research. He joined us here in New York. Good morning to Derek. Good morning. Let's start with the question, shall we It is very early days, It has been a couple of weeks, but

please weigh in on that big debate right now. It is early days and I would still be leaning towards a degree of caution in how this pans out. You know, the scale of the move makes it understandable that we've had some degree of correction. But you know the US China story. You know, even if we go back into negotiations, even if they start to kind of make progress, the kind of big picture on certainty around trade is not going to go away. Secondly, we believe a no deal

braggsit is on the way. Boris Johnson has had a bad period of time, but ultimately we still think as big picture strategies in play um. So you know, all of that, coupled with just the fact that this was more about positioning than anything, I think you'd have to see some real fundamental shifts before you could get confident about this being a longer term trend. The US thirty year yield bottomed out at the end of August. We were as lower as around about one ninety city group.

Since we have bottomed out is up around about ten percent since the end of August. Off the back of this pickup and yields. This rotation in the equity market is getting a lot of attention, but when you talk you highlight the same themes the same problems that took yields down to one ninety on the US thirty year and I assume from what you're saying, Derek, we've got more to come through the rest of Yeah, and you know, I look at central banks. We're going to get deeper

negative cuts from the u CB on Thursday. We think ali and is having lower so we think Japanese strength, Japanese end strength is ultimately going to pressure in the b O J to potentially cutting rates. Are certainly trying to implement some form of easing under a no deal brexit. Are expecting two more rate cuts from the Bank of England. So you know, all of this, it's not a particularly positive backdrop for suggesting we've seen a turn in yields. We've got a lot to strip out there. Let's start

with the c P and the decision on Thursday. Are you expecting what has been described as the full package, the right cut, the tearing, the QUI, the whole lot. Well again, yes, but I think this comes into why we're seeing the correction in yields because quite clearly there's been a very concerted effort amongst e c B Council members to shift the expectations in terms of the scale of that package, and in particular, perhaps the quantitative easing is where there is some division in relation to the

scale of that. So perhaps that's going to come out at the low end of the scale twenty billion per month something like, but no indication of a change in the issuance limits that would kind of curtail the scale of the program. So you know, some potential disappointment perhaps on that, but you know, ultimately it's not going to make a huge difference beyond the short term momentum. Do

they have a partition in the United States? Here as the US talks about trade war, manufacturing goods, disinflation, deflation, and then there's a buoyant service sector that Vice Chairman Clarator would say is solid. Great, I get that, Maybe the aggregate solid as well. That's a debate. Is the EU structure that way as well or is it just some no recession environment forget about the service sector goods

trade war partition? Well, you know, the one positive that is still more or less evident in Europe is that outside of the external related economic indicators, there has been U positive data. And by that I mean and we mentioned it earlier in terms of the German labor market, but if you look at some of the domestic demand elements across Europe, the labor market is still supporting domestic

demand to a degree. The problem is though, that of course, the longer the external certainties last, the greater the risk is filtering ECB delay. I mean, Farrell spend to Frankfurt like forty two times. He's he's never had a lunch. They're shorter than three hours. Well, I struggle to find a restaurant in Frankfurt's have lunch in because people having lunches for three hours. But John, I mean, I mean, why don't they just delay? I mean, there's no debate

here about the ECB delaying. The whole debate has been hijacked by the counter effect. You're not just at the ECB. But the problems have to remember inflation, Like, they have one single mandate and they are missing it pretty badly.

They are, and if they don't move. I think the fear that they have is the fit the FED shares is that financial conditions titan, the idea being ultimately that if you move again, you're not going to loosen them a whole lot more given that where spreads are at the moment, given where credit is trading, But if you don't move, you could have the opposite reaction, and then

you've got a much bigger problem. I guess is that the logic is that the thinking do you think on the Governing Council at the moment, yes, to a degree. You know, again there their hands are tied to an extent in terms that they have a legal mandate, and if they continue to show forecasts that are moving in the opposite direction, and of course the five year five year inflation is showing, you know, record low levels, so

you know that's that's where they're and is forced. But ultimately, you know, we all know we're reaching the end of the kind of scale of monetaries and that can be implemented. And as I said earlier to Tom, the pressure on a new course of action is going to increase considerably. And we have a new political landscape emerging in Europe and the Mercal is leaving, we have new commission in

the U, a new ECB president. There's got to be a change in direction towards fiscal stimulus on a concerted and I've been so busy this morning, John I I just brought this chart up. I saw it and the bloomberg on the Great Jay screen they have. The plunge in Swedish inflation is jaw dropping, I mean plunge. There's almost no equivalent going back ten years, despite the fact

that ricks Bank has been pretty aggressive as well. Derek, what's interesting from a foreign exchange perspective, and I'd love your insight just around out the conversation, is that we have seen spreads, the rate differentials between say the United States and Europe narrow at the same time we've seen a weaker euro. We've seen euro dollar break down a little bit. That's not what some people would expect just with f X one oh one, look at rate differentials,

look at currencies. That's not really worked for a while, has it with a single currency? Why not? Derek? Well, I think we've we've we've reached extremes, and you know, the markets are I think to a degree acknowledging that

we've reached the zero bound. And while yeah, okay, we can get tann basis points to any basis points, the what's being priced in is the quantitative easing component of that, which doesn't filter through into the right spreads to the same degree because of course we're at the lower band and you're getting less traction. But it doesn't then tie with euro because of those curtailments in relation to what the ECP can do. Uh you know. But again you can go back to euro euro rallied to one and

it had nothing to do with spreads. So when you reach extremes you can have you can have moves and with intert the FED and focus as well, their reluctance to act more aggressively is helping to keep the dollar support. This has been a wonderful conversation, Derek. Help on you visiting in New York ahead of Global Research. I don't know what's your title. This week had a Global Research

in charge of Premier League nails. Are you over your interviewing for NBC Sports for Premier A happy to be here and not if it's talking about Arsenal, I would I would happily do that. They look good against the Tots. They deserve to beat the top that he called spurs the Tarts. He said, but I watched were you at the game? The game with my two boys? I thought I saw you. You know, we can't afford his seats. I mean they're like and they're close. You know, we

need to get you to a game this season. Yeah, they catch when when? When when the election? When they finally call it gets Arsenal, it's a derby. It's not a derby. It's a derby derby. Arsenal looked really good. And I got the idea where the experts are saying they got three guys up front there they're so good that it changes everyone that got three thirty seconds blow the brake rich football. They've got three good upfronts. The defenses the problem uh in the league. See how he

gets gage. He doesn't talk about you're all yeng like this John. I know he can totally engage about his gunners, his gunners. I didn't know that Arsenal gunners. You like that? So we bringing George sara Velos, bringing George serious research of Deutsche Bank Global head of Foreign Exchange Research, going into a really interesting way tomorrow, pp I data from the United States Thursday, CPI retail sales Friday, and an ECP rate decision TOMPs somewhere in between. Coming up on

Thursday with a news conference with President Runkie. It is a really sizeable week ahead, sizable week ahead in the George in your research note, you've got all in trade weighted price adjusted dollar. Why do you have price adjusted

dollar in your note? With the news slow that's coming up? Well, as you say, Thursday is a really big day for the markets in terms of the ECB, So all the focus will be on the euro, but at least as far as the US administration goes, I think they're focused on broader measures and what dollar China has been doing, and on that front, obviously they move through seven over

the summer has picked up attention. What was interesting in August is that we saw a new bill submitted in the Senate that was bipartisan talking about the FED now given a mandate to weaken the dollar and to start taxing capital inflows. So m Thursday will be all about Europe, but I think as we go into the end of the year and inter next the focus back into the

US and the presidential election. In John, your your summary of the news events of partial differentials, is it about euros stronger weaker or is it about something else stronger weaker? Compared to you, Well, the elephant in the room right

now is China and the Chinese currency. I think kit Juice of Solf John has done a great job of banging the drum on this, hammering home the idea that the biggest waiting in the trade weighted X basket of the e C B is the Chinese currency, and the second biggest waiting in the trade weighted fex basket of the FED is the Chinese currency. George, just how important is that currency move in the Chinese currency for the majors like the Euro, like the Dollar, for the FED

and the e C big Well, it's absolutely critical. And for me, the biggest events of the summer has actually been just how successful the Chinese have been in managing this move through seven. So there was a large fear in the market that could be disorderly. You could see reserve depletion, large capital outflows, and none of this have materialized. That the Chinese have been very, very successful in achieving a weaker currency, but not by more than what they want.

So in that sense, that's been a major positive for the market, the fact that we were able to move through that seven level over the summer, and I think we come in September and the market is potentially looking a bit more optimistic, and I do think that control the Chinese have over the currency makes the light of the ECB and the FED just a little bit easier or surveillance. Let's use Euro just as one benchmark to begin a set of calls. What is your call on

Euro twelve months out? Given the cacophony, have we come out of this summer? Well, we think it will move back above one twenties, So we think we will see the low in Q four. And there's two sides to that coin. The first one is European. The ECB at the moment, I think is losing relevant. The meeting this week, I think we'll be remembered as the last meeting where they can really deliver anything. And we're at a point

for the ECB where less is more. So if they over deliver, the rook is financial conditions, Titan Bank stock drop and be precided because the CB can't deliver that much. The Euro, I think we'll struggle to weaken and then we go onto the U S story, which is the other side of the coin um. First, of course, the FED can cut a lot more. We say, if the FED cuts through one percent, that's going to be a

big turn to the dollar. And secondly, the US presidential election next year, you have all sorts of policies being flown around which may potentially have a negative impact on confidence on capex, and I think that would be a negative driver dollar as well. John, What does Germany do with a one tw euro? What does it do to their automobile indust Given where autos are right now, it certainly doesn't help. George, looking at the euro and looking at the e c B, I sense you can gauge

some kind of disappointment coming on Thursday. What does disappointment look like? What does that look like this Thursday with President drag Well, that's a great question, John, in terms of what disappointment means, because I would argue that, for instance, if they over deliver on QUI, if they push fun yields even lower. While that might be delivering on the rate side, it might not be so good for bank stocks and equities precisely because we're at the so called

rever petal rate. So yes, I do think there may be a disappointment as far as q egos yields may move higher, but I don't think it will be disappointment in the conventional sense. In that you might actually see the market like such a reaction. So the key metric for me is really how inflation break evens behave and how bank stocks behave, and if you end up moving higher, I wouldn't call that an ECP disappointment, even if when yields move up. George, let's just talk about afraid to

use their the reversal rate. It's something that's getting a whole lot more debate and discussion over the last few weeks coming into the CCP rate decision. Just walk us through that concept and why it's so important for the likes of the e CP and the likes of the b J to consider. Well, it's absolutely critical. And the reversal rate is the level at which beyond which if you start easing policy ends up having the opposite effect

of what you need. So we saw that with the back of Japan when the ease policy a couple of years ago they went through negative banks had a very negative reaction. We're seeing it in Europe. The correlation between banks and yields used to be a negative one, so yields lower. Banks used to like that, but now that switched and yields going on, banks don't like that. Anymore. And I think we've reached this moment of truth for

the ECB where they can't really do much. And it's something that looks acknowledged a few days ago as well. Are we going to have an e c B or anybody else buying Apple shares or Amazon shares or Semen shares or you know, name the German company. I mean, do they have to get really creative here? All know what the Japanese did. I think that is a possibility and drag you may talk up these options potentially including purchasing senior bank um senior bank bonds as well. These

are quasi fiscal type policies which involved greater redistribution. However, it's quite a dangerous route to go down in that once the ECB starts, for instance, buying starting to push push as a values of wealthy people, um, it creates very negative redistribution effect. And then want to ask the question, why not do helicopter money? Why not give money to

poor people directly rather than buying equities. And that's a fiscal debate, and I really think it's the fiscal side that will resolve the growth outlook over the next couple of years as well. As where bun Yield go and the europe Thank you so much. Global Wall Thanks. I'm sure we'll get that out on podcast. Is well, Tim, you'll be relieved to know that Congress is back in sessions. All is right with the world, and the Congress certainly

has plenty on its place. You get a sense of kind of what Congress will be focusing on here in September. We welcome my next guest, Nancy oh Nonovitch Agnovitch Bloomberg, Government Congressional Leadership reporter. So, Nancy, thanks so much for joining us. So give us a sense of kind of what's on the to do list for Congress as it comes back into session here, Well, play that music from forty eight hours. The boys are back in town and they've got just like twelve working days before they leave

town again for a break. Yeah, And so they have to do the main thing they always do in September, which is make sure we don't have a shutdown and passed something to cover the government spending. And they're going to be starting to move that next week. And that's the main thing, because the Senate hasn't passed a single appropriations bill. They're going to start this morning working on a defense bill about seven billion, and then go from there.

They're all do at the White House at four o'clock and the Senate Republicans that is, to talk to Trump about this agenda, and the key thing is avoiding a shutdown.

And then if they can do that and they can come back around the fifteenth of October, then maybe they can work on that trade deal, maybe a high a bill, a few other things, and then December is right upon them, and then that's when they do a massive omnibus and try to stuff as much as they can in that package and leave town and get ready in earnest for the election next year. So, Nancy, what are the odds

that we will have a government shutdown? I mean, this is continued resolution presumably is a is something that will be on number one on the on the agenda. Can

they get that passing? I think they can get that passed, because, uh, Mitch McConnell really knows how bad these things hurt his party when they're facing an election, and I think that's one of the reasons or one of the messages that they'll deliver to the president today that the thirty five days shutdown that they had last year was very, very bad for the party. But people can't forget these things, but not when they're only a year away from the

presidential election. And so I think there'll be a lot of pressure. And although Tom doesn't really like some of these percentages and so on, I'd say, right now we're looking at a thirty percent chance of a shutdown, but that could grow depending on Trump. Nancy, It's called President Trump. Nancy. Come on, you sound like you've had on a Capitol hill for years. Nancy looked out to the chase. What matters? Are the Redskins past their sell by date in Washington?

I mean they used to sell out. Al Hunt would board me. I not off asleep. Al Hunt would be beating me up on how important the Redskins are. Is Congress still in love with the Redskins? I can't believe that you brought up sports. Actually, you know, I was looking at their standings today. The Redskins. It's not so good. Baltimore, the Ravens. They are the ones that have the you know, the momentum right now. What's a buzz on the hill? I mean, I mean they lose to the Eagles, they

get crowned, surreally had to be medicated. They're playing the Cowboys this week. But this used to be like, you know, on my first days in Washington for Bloomberg, the whole town is fixated by the Redskins. Is it done? Oh, you're absolutely right right that Joe's eisman, all of that is huge. Everybody wanted to go to the the Redskins games. Nobody even talks about them these days, are they I mean, you're the only one that would know this, Nancy Igdanovich.

Are are they going to get an appropriations built done to build up a new stadium? Oh? No, nobody seems to get anything built anymore. Look at the FBI. The FBI is in that ancient brutalist building on the Ylvania Avenue for as long as you can imagine. Now that was Jedger Hoover's fault. Nancy Adganovitch, thank you so much for the architectural lesson. Nancy Igdanovitch really a jewel for us.

You watch it. She has encyclopedic knowledge, yeah, of the past. Yeah, and you know, have that insider knowledge the sources is just extraordinary. Brings you that the color that you don't get most other places. This is a joy and we do this with Scott Galloway, author of The Foreign His Paul Sweeney mentioned just a terrific Twitter follow for any of you interested in this dovetail of our modern capitalism with all the things that we do and buy in

technology and that we're thrilled at. Scott Galloway can continue with us from New York University. Scott Douglas Cass is an investor. He's visible, he's long, he's short, he trades, He's a pinata for the Doom and Gloom Crew, etcetera, etcetera. He is not only long Amazon, but here's a guy that's taken to heaven forbid a long term view five years, six years, seven year view, and Doug Cass puts a big dollar amount on the share out the road. Can

you extrapolate forward any of this technology? Can you extrapolate forward the future of the four? Sure? So if I was going to write a sequel would be called The One. And people often ask me what would be the first trillion dollar company? And I would respond that I don't know, but the first two trillion dollar company will be Amazon. We've never had a company firing on twelve thousand cylinders

the way we have at firing on Amazon. I believe the most valuable company in the world in two thousand and twenty two or twenty three will be AWS, which will be spun by Jeff Bezos prophylactically to stave off regulation. In my view, so what will be the most valuable company in the world aws and by virtue of at Amazon, It's hard to imagine anyone threatening Amazon right now. So, Scott, I'm glad you brought up kind of you know, expending

off AWS to fend up, potentially fend off regulators. That's something new, I e. Regulatory oversight by US Congress, US regulators of big tech. Historically, the US has taken a generally a light touch to Silicon Valley. Do you think that's fundamentally changing? If so, is that a real risk for big tech? Oh, it's absolutely changing. Just yesterday, forty eight states attorney general is basically everyone with forty with Puerto Rico and California announced that they were going to

pursue any trust against Google. So the breakup a big tech has in fact begun with the markets. I think it wrong, Paul, is that these companies will be worth more broken up. If you look at all the company's post breakup, whether it was a T and T or the e Bay spin from excuse me, the PayPal to spin from eBay, the companies tend to unlock tremendous value. So yes, the breakup of big tech has begun, and also it will be good for shareholders. Okay, well you're

right at tar Bill. Do you get out front? I mean, if you're gonna break up big tech and you you you believe that, Professor Galloway, what is there you mentioned? You know the cloud is going to be spun off of Amazon. What does Apple do on the breakup of big tech? I mean, do they really spin this stuff off? You know? It's that's the correct question time. I think Apple was probably the one that doesn't get broken up,

it gets regulated. I think their app store is somewhat predatory in terms of their pricing, where you have a company like Spotify that has a superior service, but its growth is hamstrung by Apple, who is now growing their music offering faster with an inferior service because they own they have a billion pre installed devices. I don't think Apple gets broken up because elegant anti trust not only oxygenates the marketplace, with more competitors, but it doesn't hamstring

the company you're breaking up. And it would be difficult to break up Apple because the question is who gets domain over the core asset, which is the brand. So I think Apple is probably the one that survives the breakup. So, Professor, one of the names that is really interesting right now is a T and T. I mean you talk about the convergence of telecommunications media telecom, that's a T and T with the acquisition of Direct TV and then Time Warner.

Now we've got an activist investor in there saying, wait a minute, I don't think you guys are going down the right road here. What do you make of kind of the strategy? Uh that a T and T is suing?

I think it makes sense on a whiteboard, but it doesn't look to be playing out as a consumer, and I'm a consumer with a T and T. I don't see how they're leveraging the content of Time Warner and also just anytime the Jeff Bucas or Ruper Murdoch, who I think are kind of two of the rider blue flame thinkers sell assets at the same time, it means you don't want to be along those assets and just

as Verizon wrote down it's purchased of Yahoo. I think you're probably gonna see over time, A T and T right down the assets of Time Warner, not because they're not great assets. I just think they overpaid for him. And it's not entirely clear from a consumer standpoint what benefit a subscriber to their data, their data and cell plans is getting from the same company owning HBO right now.

And that I guess that's the A T. T story is kind of what we're emblematic of what we're seeing in the media space, which is this pivot towards streaming, getting a direct relationship with your consumer made so famous by Netflix. We saw in the Walt Disney Company spend seventy billion dollars somebody on Third Avenue sell on cell phones. Is gonna tell Scott Gallaway the creative energy needed to do stream exactly? I don't think so, But so, professor, what do you think about kind of it's like the

Walt Disney Company making this major pivot towards streaming. Is this something big media can do successfully? Or is kind of the horse kind of left the barn already? There are really only two companies that have a that have landed effective counter blows against big tech. The first is Walmart that has shown that it still has some mojo and as landed counterpunches against Amazon, specifically with with the

curbside pick up and grocery. And the second, Paul, to your point, is Disney and the set of assets that Disney has with Star Wars, with Hulu, with Pixar, with Kids, Content, with the parks, even with their Crua ships. I think Disney is Disney is in a position to offer a grand bargain that does in fact rival Netflix. So you're and you also have a leader that has the credibility

to tell its board hold on everyone. We're taking profits down because as when we say a platform or streaming that's Latin massive investments, it's got about eight more questions, and we're gonna do one and I'll stay here on what all our listeners are gonna live. Paul Sweeney says, in November and into next year, what do you see is the outcome of streaming? Are we going to have three streaming sources or are we going to see a price war where we enjoy five or six streaming sources?

What's Galaway's outcome of what happens in my living room. Well, unfortunately, it'll probably two or three big players, and there'll be several niche players. But the unfortunate thing about tech and where the d o J and FTC need to step in it. Across all markets, or almost all major markets, we're seeing a consolidation of influence and power where there's only two or three players, and that's bad. That's bad

to the economy. I would argue the government and the regulatory agencies have become a co conspirator and not a countervailing force of private power. That we need to see more affirmative d J and FTC action to ensure the consumers still have choice in the marketplace. Get tox and toxicative. Scott Kellaway, thank you so much, greatly appreciated on we Company and a host of other issues, including Amazon and the view for Thanks for listening to the Bloomberg Surveillance podcast.

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