When Even Wall Street Says Big Tech Is Too Uber-Dominant

Published July 29, 2023

In 1987, Oliver Stone gave us the flick “Wall Street.”  And in it – the capitalist evil archetype Gordon Gekko.  Whose perhaps most famous scripted lines were:

“The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA. Thank you very much.”

Except at that point the real Wall Street – was well into its second decade of selling Main Street brick by brick to the rest of the planet.  Mainly to Communist China.

Aided and abetted by DC – passing laws to expedite the fire sale.

Murdered were tens of millions of jobs.  Born was the Rust Belt – and hollowed out towns throughout the country.

Wall Street greed didn’t save the US – it destroyed it.

So – when you’ve out-greed-ed Wall Street?  When you’ve become so nauseatingly huge – Wall Street decides it has to address it?

It quintessentially demonstrates the cronyism-infested obscenity that is modern America and its alleged marketplace.

Well, Big Tech has become that obnoxiously huge.

Mega-Cap Tech Stocks Have Gotten So Big That the Nasdaq 100 Is About to Undergo a ‘Special Rebalance’ to Address Over-Concentration:

“The seven mega-cap stocks that are likely set to see a reduction in their Nasdaq 100 weights include Apple, Microsoft, Nvidia, Amazon, Tesla, Meta Platforms, and Alphabet….

“The top seven stocks in the index make up more than 50% of the index, with Apple and Microsoft alone making up about 25%….”

Big Tech’s Lead Hits Breakpoint for Nasdaq 100:

“America’s biggest tech companies have become too large even for the stock index tracking America’s biggest tech companies.

“Now the benchmark’s overseer is taking action to pare back their influence.

“The seemingly unstoppable growth of mega-caps like Apple Inc and Microsoft Corp mean they have breached an upper limit imposed on stocks in the Nasdaq 100.

“As a result, Nasdaq Inc has announced a ‘special rebalance’ – the first ever of its kind – will be carried out to redistribute the weight of the index’s members.”

“The index provider says the July 24 adjustment will ‘address over-concentration in the index by redistributing the weights’…”

You know who is NOT “taking action to pare back their influence?”  

DC.  The horrible, terrible place – whose gi-normous cronyism made Big Tech over-dominance inevitable.

How Did Big Tech Get So Big? Massive Government Cronyism – Like Section 230

Big Tech: We Keep Ignoring the Blatantly Obvious:

“Speaking of unfair…behold Section 230.  Which gives Big Tech companies blanket amnesty from libel, slander and intellectual property lawsuits resulting from third-party actions.

“This is anti-Fourteenth Amendment un-equal protection before the law – that no one else in the history of the country has ever received.

“If I owned a small neighborhood bar, I would have to purchase liability insurance to protect me should one third-party patron punch another third-party patron in my place.

“Or I would have to go to court and convince a judge or jury that it took my place in my place – but not because of my place.

“Why do the biggest and richest companies in the history of Planet Earth get government-imposed blanket third-party-action immunity?”

This government-given, utterly unconstitutional blanket amnesty?  Green-lit Big Tech to grow too huge – now even for Wall Street.

And as Wall Street looks to lessen even a little Big Tech’s uber-dominance?   DC is looking to hand Big Tech even more monstrous cronyism.

Biden Names Democrat Anna Gomez as Nominee for Fifth FCC Seat

“If approved, Gomez would break the 2-2 deadlock at the telecommunications regulatory agency….

“This could be crucial for Biden and his party as it attempts to reinstate landmark net neutrality rules revoked under President Donald Trump.”

The FCC unilaterally imposing Net Neutrality – is also unconstitutional.

It is also an additional titanic dose of cronyism for Big Tech:

“Net Neutrality is massive government regulation – to impose massive Big Tech cronyism….

“Net Neutrality is a stupidly huge government imposition in the Internet – specifically on the Internet Service Providers (ISPs). A whole host of regulations restricting just about everything ISPs do to provide us service….

“Big Tech demands government impose Net Neutrality – because it guarantees them huge government-mandated benefits.

“To name but one…

“Big Tech consumes way more than half of all US bandwidth. Net Neutrality – mandates they not be charged any money for any of it.

“We the Little People would pay MUCH more for our service – to subsidize the free-loading likes of Apple, Amazon and Google.”

That seems fair.

Just what we need – even more DC cronyism for Big Tech.

The results of which have become too much even for Wall Street.

But it still ain’t nearly enough for DC.