Washington Post

Technology companies are readying themselves for sweeping new privacy rules that go into effect in May 2018 across the European Union. They could face billion-dollar fines if they fail to give European users far more control over their personal information. Whether the US Congress follows the European model, as some lawmakers floated, or whether big tech companies determine it’s too cumbersome to treat the 500 million people of the EU differently from the rest of the world, Europe is likely to keep setting the global pace for aggressive regulation.

The tech industry’s engineers and entrepreneurs saw the Facebook hearings as more than just the grilling of one of its stars.  To them, the congressional criticism against Facebook chief executive Mark Zuckerberg felt like a referendum on the industry itself and on the social network’s growth-at-any-cost playbook that hundreds of start-ups have sought to emulate over the last decade — and that some have turned against.

With the Justice Department's top antitrust attorney, Makan Delrahim, looking on from the government's table, AT&T's witness claimed that regulators' economic analysis of the Time Warner deal is "theoretically unsound" and riddled with inaccurate assumptions. "The evidence doesn't support the government's claim that this transaction will harm consumers," said Dennis Carlton, an economist from the University of Chicago's Booth School of Business.

Some 45 times — I was counting — the Facebook CEO told members of Congress that we’re in control of our data, when it’s plainly impossible for most people to figure out how to do so. That makes it hard to buy what he’s selling, even if it’s free. Zuckerberg has never really explained just how much data Facebook collects and what it does with it.

Economist Carl Shapiro said his analysis of AT&T's purchase of Time Warner shows that US consumers could together pay an additional $571 million in the year 2021 if the deal is approved.

"The merger will in fact harm consumers and the harm is significant in terms of the dollar amount," Shapiro testified.