Information Highway RobberyPaul Craig Roberts
The Federal Communications Commission's latest dictate, which collapsed the Bell Atlantic-TCI merger and hopes of an early Information Superhighway, could have come straight out of the pages of Ayn Rand's Atlas Shrugged. The government bureaucrat, Reed E. Hundt, a friend-of-Bill anointed as FCC chairman, and his bureaucratic economists think they know the appropriate price of cable services. Roll back your rates 7%, they ordered, with no regard to the impact on cash flow, finance, technological innovation, product development, jobs, national income, and the largest merger in history.
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