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The Clark Howard Podcast

10.20.20 Justice department sues Google; What's happening with the economy right now?

The Clark Howard Podcast

Clark Howard

Investing, Entrepreneurship, Business

4.64.9K Ratings

🗓️ 20 October 2020

⏱️ 37 minutes

🧾️ Download transcript

Summary

The major tech companies are in hot water in Washington D.C. right now. Clark talks about what's happening and why the lawsuit against Google is making waves. Covid has obviously had a major impact on the American economy. Clark discusses where things currently stand. Want more money advice? Sign up for Clark’s free daily newsletter! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Crypto doesn't sleep, so neither do we.

0:04.0

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0:11.0

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0:17.0

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0:22.0

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0:33.0

Where it's about your empowerment with knowledge, so you can keep more of what you have.

0:39.0

So there's a huge fight that is underway in the United States towards technology companies.

0:50.0

And Google is the newest one in the docket.

0:53.0

Justice Department has filed a massive antitrust lawsuit against Google.

0:59.0

It's going to be a lot of state involvement in this as well.

1:03.0

And the reason that the feds are going after Google and may in fact go after Facebook, Apple, Amazon,

1:14.0

and there will be various actions against these four companies around the world.

1:19.0

Because these are all firms that do business around the world that are all under a microscope.

1:27.0

Because in various phases of the digital economy, they have become either dominant or to the point that they're sucking all the oxygen out of the possibility of competition.

1:42.0

So Google has been sued because of their power and search, their power and advertising, their power with the Android operating system that even though Apple is so powerful in the United States with iPhones around the world, Google's Android system controls.

2:04.0

I think it's 88% of the market.

2:08.0

And so the idea is that Google having so much power, I mean, even Google Chrome.

2:16.0

Chrome is gigantic.

2:19.0

And one estimate I saw recently is that they control three quarters of the browsers in the world.

2:26.0

And you've got YouTube that dominates video online.

2:33.0

Think about Google Maps. How nothing really has challenged it. The only thing that really did was ways. So Google went and bought that.

...

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