Those comments came as part of the formal testimony today – 3.10.2020 – before the Senate Subcommittee on Antitrust, Competition Policy and Consumer Rights. As the CNBC video included below states, there is increasing interst in antitrust enforcement not only with big tech but also in other economic sectors. The nation, said CNBC, is approaching a possible new inflection point on antitrust enforcement. So while Senate’s testimony today is big tech, our interest is in both big tech PLUS the clues that the testimony offers to manufactured housing giants. Because some of that testimony makes that point, that this is more than just a big tech issue.
Insights from the hearings will be our featured focus module further below. As usual, that report follows our standard left-right headline snapshot and other standard evening fare.
Every evening our headlines that follow provide snapshots from two major media outlets on each side of the left-right news spectrum that reflect topics that influence or move investor sentiment. In moments on this business evening report, you can get ‘insights-at-a-glance.’
This report also sets the broader context for manufactured housing markets, in keeping with our mantra, “News through the lens of manufactured homes and factory-built housing” ©.
We begin with headlines left-of-center CNN followed by right-of-center Fox Business. We share closing tickers and other related data courtesy of Yahoo Finance, and more. 5 to 10 minutes reading this MHProNews market report every business night could save you 30 minutes to an hour of similar reading or fact-gathering elsewhere.
Perhaps more important, you will get insights about the industry from experts that care, but also dare to challenge the routine narrative that arguably keeps manufactured housing underperforming during an affordable housing crisis.
Newsy, Peeling Back Media Bias, Manufactured Housing Sales, Investing, Politics, and You
Headlines from left-of-center CNN Business
- Economic disaster scenario
- A staff member wearing a face mask pushes the shopping carts outside a supermarket in Los Angeles, California, the United States, March 4, 2020. California Governor Gavin Newsom on Wednesday declared a state of emergency in response to the COVID-19 outbreak, hours after the first death caused by the disease was reported in the U.S. state.
- Slow growth. High prices. The coronavirus pandemic could bring back stagflation
- LIVE UPDATES Stocks rally into the close
- 5 things to know about the payroll tax
- Why Russia and Vladimir Putin are waging an oil war with America
- Italy locked down the world’s 8th biggest economy. A deep recession looms
- US stocks are nearing a bear market. Here’s what caused the last 12 bears
- Opinion: Trump can’t tweet his way out of a bear market
- Opinion: There are two ways for the economic impact of coronavirus to play out in the US
- Could coronavirus shut Wall Street? Banks begin moving staff out
- Your coronavirus workplace questions answered
- Fifth Third employees opened fake accounts to meet sales goals, US says
- American and Delta slash US and overseas flights
- How Square took on a challenge from Amazon — and won
- NEW YORK, NEW YORK – MARCH 07: People walk through a sparse international departure terminal at John F. Kennedy Airport (JFK) as concern over the coronavirus grows on March 7, 2020 in New York City. The number of global coronavirus infections has now surpassed 100,000, causing disruptions throughout the globe. The airline and travel industries has been especially hard hit by the outbreak, with both business and leisure travelers cancelling plans.
- Your travel insurance might now cover coronavirus
- Employees pass in front of Boeing Co. 737 Max airplanes at the company's manufacturing facility in Renton, Washington, U.S., on Wednesday, March 27, 2019. Boeing said it was agonizingly close to a software fix for its 737 Max jetliner when an Ethiopian Airlines jet plunged to the ground March 10, the second deadly crash in less than five months.
- The cost of the Boeing 737 Max crisis: $18.7 billion and counting
- McDonald’s is selling a new Big Mac with four patties
- KILLING THE VIRUS
- TOKYO, JAPAN – SEPTEMBER 20: A customer tries an iPhone 11 Pro Max in the Apple Marunouchi store on September 20, 2019 in Tokyo, Japan. Apple Inc. launched the latest iPhone 11 models featuring a dual-camera system today. (Photo by Tomohiro Ohsumi/Getty Images)
- Apple says it’s fine to clean your iPhone with a Clorox wipe
- Costco gets a lift from panic shopping
- Stores to limit purchases of toilet paper and masks
- Drug stores warn of hand sanitizer shortage
- This new cleaning brand disinfects without wiping
- CEO PAY
- A Qantas A380 takes-off at Sydney Airport priot to the 100 Year Gala Event on October 31, 2019 in Sydney, Australia.
- Qantas says its CEO will stop taking a salary
- com CEO slashes salary to zero
- Why CEOs are paid so much
- The hazards of being CEO
- Former WeWork CEO is getting a massive payout
Headlines from right-of-center Fox Business
- Stocks roar as Trump floats payroll tax cut, ‘very substantial relief’
- S. equity markets snapped back Tuesday after President Trump supported “very substantial relief” for the areas of the economy hardest hit by the new coronavirus outbreak.
- Oil’s epic plunge highlights US recession risk
- Trump’s wrath to hit Russia and Saudi Arabia’s oil war
- Coronavirus disrupts Chinese production, threatens US drug supply
- Walmart reveals coronavirus emergency leave policy for US employees
- Coronavirus closing schools, offices: A guide to working from home
- Saudi Arabia boosts output as oil war with Russia hits boiling point
- Governor shutters schools, deploys troops as outbreak ravages New York suburb
- Are we headed for a recession? These are the telltale signs to watch
- What a payroll tax cut could mean for you
- Coronavirus and the elderly: This the age at which you’re considered ‘at risk’
- Bootleg alcohol believed to be coronavirus cure kills dozens in Iran
- Coronavirus fears divert United flight over passenger sneezing
- Weinstein’s brother compared him to this controversial figure: court papers
- Ex-Wells Fargo CEO referred to DOJ for alleged false statements to Congress
- How much money Jeff Bezos, Bill Gates lost in Monday’s ugly market sell-off
- SoulCycle to compete with Peloton, launches on-demand streaming classes
- Hunter Biden in court this week amid child support battle with ex-stripper
- Dick’s Sporting Goods tops targets, removes hunting merch from stores
- CDC: Items people should stock up on as virus bears down on US cities
- NBA, owners set coronavirus conference call for Wednesday
- Barclays reports confirmed case of coronavirus on New York trading floor
- Coronavirus might live longer on hard surfaces than anticipated: Cuomo
- Wells Fargo CEO blames ‘broken’ culture on consumer abuses during testimony
- Stonewall Kitchen voluntarily recalls mislabeled Ghost Pepper Salsa jars
- Uber developing kids transportation service
- Prince Andrew ‘cruel’ for refusing to cooperate in Epstein case: Attorney Gloria Allred
- Coronavirus creeps into billionaire investor’s posh new HQ, office scrubbed
- Varney: Bernie Sanders is done
- Former Toys R Us CEO: China supply-chain concern ‘overblown,’ this is the real problem
- Coronavirus fears push Amazon to extend work-from-home policy
- NYC asks businesses to stagger work hours to reduce commuting crowds
- Employees who greet cruise passengers in Florida sick with virus
- Parents scrambling as school district goes on strike for first time since 1946
- Andy Puzder: Coronavirus is human tragedy, let’s not make it a financial one too
- Varney: US can weather coronavirus storm
- Harvey Weinstein’s lawyers seek mercy after his ‘historic fall from grace’
- SEE PICS: Inside the 10 most expensive hotels in America
- How coronavirus will impact Democratic primaries
- Prince Andrew allegedly ‘shut the door’ on investigators during Epstein probe
- Trump to fight coronavirus economic impact with payroll tax cut proposal
- Treasurys plunge as Trump floats payroll tax cut amid coronavirus maelstrom
- Coronavirus impact hits ‘Wheel of Fortune,’ ‘Jeopardy!’ tapings
- This wristband is having a moment — it buzzes when user puts hand near face
- Led Zeppelin wins latest battle of the bands in ‘Stairway to Heaven’ fight
- SEE PICS: Inside the 10 most expensive hotels in America
- Oil shows gains following biggest one-day decline since start of Gulf War
- Oil crash puts US shale on red alert
10 Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus – Where Business, Politics and Investing Can Meet
CNBC did a fine job of creating an antitrust video that provides both historic and contemporary insights on the antitrust topic. It is reasonable free of political bias.
While MHProNews has no crystal ball and is normally not in the prediction business, there is an argument to be made that as more publishers – including this one, plus MHLivingNews – focus on antitrust issues, the more that lawmakers, law enforcement and regulators will only fuel the growing trend in interest to this topic. By contrast, our would-be rivals are essentially mute on monopolization, antitrust or related issues. Is that by accident, oversight, cowardice or design? Ponder that as this report presses on.
Here is the outline for the testimony today on Capitol Hill on Antitrust issues. It will be followed by some key pull quotes, then, some MHProNews analysis as to how this relates to manufactured housing.
Competition in Digital Technology Markets: Examining Self-Preferencing by Digital Platforms
SUBCOMMITTEE HEARING
Subcommittee on Antitrust, Competition Policy and Consumer Rights
DATE: Tuesday, March 10, 2020
TIME: 10:00 AM
LOCATION: Dirksen Senate Office Building 226
PRESIDING: Chairman Lee
WITNESSES
________________________________________
- Mr. Gene Kimmelman
Senior Advisor
Public Knowledge
Washington , DC
- Ms. Sally Hubbard
Director Of Enforcement Strategy
Open Markets Institute
Washington , DC
- Professor Thomas Hazlett
H.H. Macaulay Endowed Professor Of Economics
Clemson University
Clemson , SC
- Mr. Morgan Reed
President
ACT | The App Association
Washington , DC
- Mr. Luther Lowe
Senior Vice President, Public Policy
Yelp Inc.
San Francisco , CA
Digital platform self-preferencing threatens the American Dream. When digital platforms pick
the winners and losers of our economy, we lose the American promise of upward mobility based
on merit. Increasingly, the platforms exploit their middleman positions to pick themselves as the
winners of our economy.
Antitrust law aims to stop established companies from shutting out competitors. If entrepreneurs
and businesspeople bring their hard work and the best products, services, and ideas forward, an
open and freely competitive market rewards them with success and prosperity.
The corporations that rule online markets for goods, services, information, and news are all more
than 20 years old and have dominated their respective arenas for more than a decade.1 Amazon,
Apple and Google have each reached $1 trillion in valuation.
In part, these corporations have done so through innovation, hard work, and bringing better
products to market. Unfortunately, merit alone does not explain their phenomenal rise to
positions of such power and control.2
Much of their success is due to having acquired hundreds of other companies, in ways that have
enabled them to build intricate networks of essential services. Together, Facebook and Google
have bought more than 150 companies since 2013.3 Google alone has acquired nearly 250
companies since 2006.4 At last count, Apple has bought more than 100 companies and Amazon
nearly 90.5
Many of these acquisitions were illegal under the Clayton Act’s prohibition of mergers and
acquisitions where the effect “may be substantially to lessen competition, or to tend to create a
monopoly.” Think Google’s acquisitions of Android and YouTube, and Facebook’s acquisitions
of Instagram and WhatsApp. Google also bought up the digital ad market spoke by spoke,
including Applied Semantics, AdMob, and DoubleClick, cementing its market power in every
aspect of the ecosystem….”
See more at this link here.
There have been concerning reports that the state attorneys general and the DOJ are pursuing incredibly narrow theories of harm in their respective Google investigations, only looking at advertising technology. I believe making the focus too narrow would be a grave mistake. You can’t look at Standard Oil without looking at oil; you cannot investigate Google without looking at search. That is what makes today’s hearing — on the self-serving bias of companies like Google — so important. Dominant internet platforms like Google enjoy enormous market power. For years, Google, in particular, has biased its results to serve its interests and leverage its power to entrench it further and hurt consumers in the process.
- But we will not realize the full potential of consumer-powered information feedback loops so long as Google stifles competition and restricts output…
- This self-serving bias became Google’s preferred method of controlling the flow of online traffic and attacking emerging competitors that it perceived as threats…
- There are many other quantifiable ways to demonstrate Google’s deceptive self-preferencing is worse for consumers than pure competition…
- As a monopoly, Google can knowingly degrade the quality of its services without fear that users will switch to general search competitors…
- THE ANTITRUST LAWS PROVIDE A REMEDY
Indeed, the conduct at issue in the seminal case United States v. Microsoft and Google’s self-dealing here bear strong similarities.
- “There is an emerging consensus across political parties and industries that the economy of the 21st century poses challenges that we haven’t seen before.”
- All of us – even Microsoft! – benefitted from the enforcement [of antitrust law]. It is equally clear that the FTC’s decision to abruptly close its investigation of Google for similar conduct in early 2013 has not aged well.
- We have faced challenges like this before, and antitrust law and policy has proven up to the task.”
See more at this link here.
MHProNews Analysis and Commentary
First, big tech has an impact on the industry on several levels, as MHProNews and our sister site have noted. So, this issue is important on the level of tech, as well as on the level of what insights it may yield for manufactured housing.
Next, there are numerous reasons to consider the relevance of this to manufactured housing. MHProNews and our sister site have made probing antitrust as a topic something worthy of understanding. The report below mentions one of the same experts that CNBC’s video above quoted too.
As some of the testimony on Capitol Hill today and the video above reflected, the irony is that there could be more business, not less, by enforcing antitrust law properly.
That said, there is no reason to believe that the powers that be in MHVille will relinquish their grip without a fight. Thus, evidence, reason and a steady call on public officials – plus rallying industry understanding – are all factors in making the case for the breakup and enforcement of the FAANG stocks, Berkshire Hathaway and Microsoft.
See more in the related reports below.
Related Reports:
Former Manufactured Housing Institute Vice President Sounds Off on Manufactured Home Financing
Trump Administration Asked to Withdraw Brian D Montgomery Nomination Over Conflicts of Interest
Manufactured Housing Industry Investments Connected Closing Equities Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
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- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
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Winter 2020…
Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
Enjoy these ‘blast from the past’ comments.
MHProNews. MHProNews – previously a.k.a. MHMSM.com – has now celebrated our tenth anniversary.
Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.
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Disclosure. MHProNews holds no positions in the stocks in this report.
(Image credits and information are as shown above, and when provided by third parties, are shared under fair use guidelines.)
Submitted by Soheyla Kovach, co-managing member of LifeStyle Factory Homes, LLC and co-founder for MHProNews.com, and MHLivingNews.com.
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