Robert Reich chides FTC for reportedly considering Apple antitrust investigation

invisibleSHIELD case for iPad“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.]

18 Comments

  1. How about we start giving management jobs everywhere based on the intellectual capacity to understand not just their job description but also the intricacies of the field it covers?

  2. Whaaaaaaaaa? Really?

    Guess Canada’s “boring” bank system that’s riegns in banks from risky ventures isn’t so bad for competition. Seeing as how it keeps banks solvent in order for there to *be*competition.

  3. Adobe should be investigated for making such a big deal about their Photoshop upgrades. New tools in PS4 were essentially dysfunctional betas, and are finally useful (sort-of) in PS5. They changed their tool icons just for the sake of changing them, except now they are much harder to distinguish. Typical.

  4. TOMORROW WILL BE A VERY GOOD DAY TO BUY APPLE STOCK.

    The debt issues, while very serious, will be worked out…though China is a longer term risk…in the meantime Apple stock is currently undervalued…at $231…it’s a helluva buy..
    nope I’m not a stock broker

  5. Just like badly made websites, the republicans and democrats have been refusing to die out for many years now, but they will, they sound increasingly stupid and desperate, like Adobe.

  6. @ WMD
    This is the first smart thing out of that flaming liberal’s mouth.

    Ooops
    I spoke too soon. After reading the real article and not MDN’s scaled down version (I should of known better). I don’t agree with Robert Reich’s thinking.

    The big bad guys are, Liberal Congress, Fannie Mae and Freddie Mac. Also all the news groups that still do not report this corruption.

    REMEMBER
    ENRON (2000) loss 11 billion… Investigations, people going to jail, backruptcy etc.
    ————– Vs. —————
    Fannie Mae and Freddie Mac (2008/9/10) losses are in the 500 to 800 billion and growing.

    This “Wall Street Bank Bad Guy” is just another “smoke and mirrors” so Obama can continue the corruption in DC.

    Robert, you wrong again.

  7. He’s an unabashed Democrat but realizes that one can responsibly regulate without hurting the business climate and business should be responsible corporate citizens if they want a non adversarial relationship with the government.
    Unfortunately, many on Wall Street and elsewhere don’t get it and want crony capitalism- welfare for Wall Street and Darwinism for people.

  8. @WMD

    Enron, Fannie Mae, Fannie Mac, Big Bank Bailouts, Automakers, etc, etc. and how many of these people who have cost the American citizen TRILLIONS of dollars have actually had to PAY for their corruption?

    Not too many.

    But you let an average citizen buy on insider information and see what happens. I personally do NOT like Martha Stewart, but why the hell did she have to go to jail on a few thousand dollar insider trading incident? Look at the CEO, CFO, and others responsible at HealthSouth when there was a several Billion Dollar scam, nothing happened.

    Just my cheap 2¢

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