Time for panel #3: Big Tech and regulation!

I will be live-tweeting again, and you can also watch video at either the Twitter or Facebook links below!

Kaissar: Every industry gets regulated when it gets big. The question is what kind of regulation Big Tech will get,and whether the companies will be proactive in shaping it.
Kaissar: More profitable companies have higher returns. Why? Maybe it's a risk factor, because more profit = higher risk of getting regulated.
Bershidskyis showing a diagram of GDPR complaince pop-ups. What a massive ill-conceived bureaucratic mess.
Ritholtz: It's 2018 and we're still talking about Facebook privacy settings?! If you're still giving your personal data to Facebook, you just don't care about privacy!
Feldman: But FB can tell everything about you from watching your posts and interactions.
Ovide: Why should we have to choose between not using consumer internet services at all or giving away all of your personal data? Shouldn't there be some middle ground?
Mukherjee: The idea of "notice and consent" is dead. No one reads privacy notices. And many are deceptive.
Mukherjee: 5g is a big change that is going to make privacy harder and more important.
Mukherjee: With 5g, there will multiple people getting video of you all the time. That's qualitatively different from anything that has gone before.
Kaissar: FB's stock value is an exponential function of how much data Facebook users give it. In other words, people aren't getting paid full value for their data.
Kaissar: Social networks' network effects mean individuals are too small to bargain for their own data individually. People need an intermediary to bargain for them.

Feldman: Inevitably, it will be the government.
Remember, you can watch the panel live right now at https://t.co/Juz5Mp2EC1
Ritholtz: I trust Netflix and Google with my data, much more apprehensive about Facebook
Ritholtz: Amazon and Netflix are more trustworthy, and this has been reflected in their stock values. FB stock has struggled because people don't really trust it.
Bershidsky: Google is more vulnerable to antitrust than Amazon because Amazon doesn't have a dominant position in most markets.
Feldman: Has any American monopoly been broken up regulated when people loved that monopoly? No. They only get regulated or broken up when the public is lukewarm or negative on a company.
Ritholtz: Companies become creepy when they misuse your data, with fake news or ads that follow you around.
Kaissar: The business cycle matters for opinions of tech companies. If we have a downturn and Big Tech gets hammered, the (regulatory) situation might change quickly.
Ooh look I can paste a link of the live video into my tweets!!

https://t.co/aT6N3vrRvt
Ritholtz: Uber messed up by flouting the law.

Feldman: OK, so you mess up, you apologize, you replace your CEO, and you're fine!

Ritholtz: Uber lost market value because of Kalanick.
Ovide: Regulators cracked down too hard on scooters because they felt they had messed up earlier by under-regulating Uber.
Kaissar: Young people care a lot about ethical investing. If you do ethical investing you can't invest in Uber.
Ritholtz: Ethical investing can push companies like Uber to have balanced boards and C-suites instead of a bro culture.
Kaissar: You don't have a choice not to use Facebook. Therefore, contracts between individuals and Facebook are essentially forced contracts.
https://t.co/aT6N3vrRvt

The interesting discussion continues...
Questions from the audience: Singapore and other countries can suck away talent from America by being more proactive in their regulation. Will the U.S. lose global tech leadership due to slow, reactive regulation?
The idea is that "regulatory sandboxes" - zones of light regulation - can let an industry develop, giving regulators a much better idea of how to regulate that market.
Anyway, that's a wrap! Hope you all enjoyed this Bloomberg Ideas conference! We'll have another in six months!
(end)

More from Noah Smith

1/I'm thinking about the end of Apu in the context of the national debates on immigration and diversity.


2/Apu's presence in Springfield represented a basic reality of America in the late 20th and early 21st century: the presence of nonwhite immigrants.

3/As Tomas Jimenez writes in "The Other Side of Assimilation", for my generation, immigrants from India, China, Mexico, and many other countries aren't strange or foreign. On the contrary, they're a

4/But that America I grew up with is fundamentally ephemeral. The kids of immigrants don't retain their parents' culture. They merge into the local culture (and, as Jimenez documents, the local culture changes to reflect their influence).

5/Simpsons character don't change. But real people, and real communities, do. So a character who once represented the diversity that immigrants brought to American towns now represents a stereotype of Indian-Americans as "permanent foreigners".

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🌺कैसे बने गरुड़ भगवान विष्णु के वाहन और क्यों दो भागों में फटी होती है नागों की जिह्वा🌺

महर्षि कश्यप की तेरह पत्नियां थीं।लेकिन विनता व कद्रु नामक अपनी दो पत्नियों से उन्हे विशेष लगाव था।एक दिन महर्षि आनन्दभाव में बैठे थे कि तभी वे दोनों उनके समीप आकर उनके पैर दबाने लगी।


प्रसन्न होकर महर्षि कश्यप बोले,"मुझे तुम दोनों से विशेष लगाव है, इसलिए यदि तुम्हारी कोई विशेष इच्छा हो तो मुझे बताओ। मैं उसे अवश्य पूरा करूंगा ।"

कद्रू बोली,"स्वामी! मेरी इच्छा है कि मैं हज़ार पुत्रों की मां बनूंगी।"
विनता बोली,"स्वामी! मुझे केवल एक पुत्र की मां बनना है जो इतना बलवान हो की कद्रू के हज़ार पुत्रों पर भारी पड़े।"
महर्षि बोले,"शीघ्र ही मैं यज्ञ करूंगा और यज्ञ के उपरांत तुम दोनो की इच्छाएं अवश्य पूर्ण होंगी"।


महर्षि ने यज्ञ किया,विनता व कद्रू को आशीर्वाद देकर तपस्या करने चले गए। कुछ काल पश्चात कद्रू ने हज़ार अंडों से काले सर्पों को जन्म दिया व विनता ने एक अंडे से तेजस्वी बालक को जन्म दिया जिसका नाम गरूड़ रखा।जैसे जैसे समय बीता गरुड़ बलवान होता गया और कद्रू के पुत्रों पर भारी पड़ने लगा


परिणामस्वरूप दिन प्रतिदिन कद्रू व विनता के सम्बंधों में कटुता बढ़ती गयी।एकदिन जब दोनो भ्रमण कर रहीं थी तब कद्रू ने दूर खड़े सफेद घोड़े को देख कर कहा,"बता सकती हो विनता!दूर खड़ा वो घोड़ा किस रंग का है?"
विनता बोली,"सफेद रंग का"।
तो कद्रू बोली,"शर्त लगाती हो? इसकी पूँछ तो काली है"।