“Why is the Federal Trade Commission threatening Apple with a possible lawsuit for abusing its economic power, but not even raising an eyebrow about the huge and growing economic (and political) muscle of JP Morgan Chase or any of the other four remaining giant banks on Wall Street?” Robert Reich asks via his blog,
“Our future well being depends more on people like Steve Jobs who invent real products that can improve our lives, than it does on people like Jamie Dimon who invent financial products that do little other than threaten our economy,” Reich writes.
“Apple’s supposed sin was to tell software developers that if they want to make apps for iPhones and iPads they have to use Apple programming tools… What’s wrong with that? Apple says it’s necessary to maintain quality,” Reich writes. “If consumers disagree they can buy platforms elsewhere.
“So why is the FTC nosing around Apple and not around Wall Street? Because the Federal Trade Commission Act allows the agency to stop ‘unfair methods of competition’ almost anywhere in the economy except in the financial sector,” Reich writes. “Banks are explicitly excluded.”
Full article here.
[Thanks to MacDailyNews Readers too numerous to mention individually for the heads up.]