Posts about ftc

Google? Evil?

evil 1

A few folks on Twitter have asked for my reaction to the accidental sharing of an FTC staff report on Google, wondering whether it will cause me to eat Crow McNuggets given that I am known to defend Google against some of the frequent attacks against it.

It’s difficult to judge the entire FTC report based on the excerpts and reports written by The Wall Street Journal. I figured the best I could do would be to ask myself where I draw the line between evil and good, illegal and legal in the behaviors alleged against Google.

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First, the coverage says that Google scraped content from Yelp, TripAdvisor, Amazon, and other sometimes-competitors. Well, of course, Google scrapes content everywhere; that its Job 1. Scraping is no more illegal or evil than reading, just a helluvalot faster. Any site can stop scrapers at the door with robots.txt instructions. Once scraped or read, information itself cannot be copyrighted, so there is nothing evil or illegal about consuming, using, and repeating that information.

It does not violate copyright law to reuse the information itself so long as the use does not infringe on its creator’s presentation of it. In other words, I can read on Yelp that a restaurant is open until 10 p.m. and repeat that in a restaurant listing on my newspaper site without fear; it’s information. (Whether I trust the source of that information and whether I link to it are separate questions that are also worthy of discussion in regards to journalism, where we read and repeat for a living.)

I see nothing wrong with Google and other search engines scraping and retaining content from a site in their unseen databases for the purpose of analyzing that content to decide how to present links to it in search. It is in sites’ enlightened self-interest for that to occur.

I also see nothing wrong with quoting from these services’ content for the purpose of linking to them. I would call that fair use. This is the behavior at the heart of the fight with publishers in Germany, where the word “snippet” is now a legal term, though — like “fair use” — it is not and should not be precisely defined. This is also the behavior that is now being taxed in Spain — that is, those quoting and linking to sites are now required to pay those sites, whether the quoted sites demand it or not. This is what led Google to shut down Google News there. With this law, Spain has attacked the heart of the web.

Now here is where the line would be crossed: If Google republished these services’ content in whole and without permission, then that is a violation of copyright law and Google would be in the wrong. Google and Yelp have tussled over just this in the past; Yelp’s reviews appeared on then disappeared from Google’s Places pages. The Journal’s report says:

When competitors asked Google to stop taking their content, it threatened to remove them from its search engine.

“It is clear that Google’s threat was intended to produce, and did produce, the desired effect,” the report said, “which was to coerce Yelp and TripAdvisor into backing down.”

I can’t tell exactly what happened here. If Google did indeed threaten to stop listing Yelp in search if it stopped Google from wholesale republishing its content, then I would call that an improper use of its power: evil. But I am not sure that is what happened. Yelp disappeared from the Places pages (which since themselves disappeared) but Yelp stayed in search (that’s how I get to it all the time). So without more information, I can’t draw a verdict on this point.

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The next question is whether Google favors its own services in search. I’ve long found this allegation odd. First, publishers routinely promote their own services and fail to promote competitors’. When European publishers attacked Google, they complained that when searching on “running shoes” one finds Google’s ads for its own shoe advertisers and partners atop the page. But I have pointed out that if you go to the “Schuhe” link on Bild.com — the largest newspaper in Europe, owned by one of Google’s betes noires — one finds no promotion of competitors’ offerings. On Google, one does indeed find ads from its shoe advertisers and retailers, clearly labeled, but then on the top screen one also finds links to their competitors in shoespace, Zappos and Nike.

Screenshot 2015-03-21 at 5.05.47 PM

And if one searches for “maps” one finds Google Maps first (they are the best) but then links to competitors Mapquest, Yahoo, and Bing. What publisher does that? Aren’t news organizations supposed to be impartial? Then under this doctrine shouldn’t People promote Us?

That’s an even odder expectation of Google: that it be impartial. I know of no law that decrees that search must be impartial. Hell, a U.S. district judge said that Chinese search engine Baidu had a First Amendment right to be partial and censor search results. I would find it even harder to define impartiality in search than I would in journalism. In fact, I want my search results to be partial, to favor quality, originality, authority, relevance (to my request and ultimately to me), and timeliness (when that is relevant). Impartial search would be noisy, spammed, useless search.

Also note that history’s first ads in search — on Bill Gross’ GoTo.com, which became Overture, which was acquired by Yahoo — featured paid placement in rather than merely alongside search. Indeed, Google had to pay Yahoo $300+ million in settlement for infringing on the patent for advertising in search from Overture. But along the way, it was Google itself that instilled in us the idea that ads should not appear in search and that one should not be able to pay for placement. So Google set that standard. Now it’s true that the FTC makes it living holding commercial entities to their own standards. But to be found guilty of such consumer fraud, Google must have made the promise to which it is now being held. Does it? In its principles, Google says ads should be relevant and labeled — and they are — but doesn’t say anything that I can find about impartiality.

Now if it’s true that Google purposefully and secretly downgrades competitors, I would find that to be a betrayal of the trust we hold in it: evil. I don’t know whether that’s proven here. If Google promotes its own sites without labeling that as promotion, I would find that hypocritical, but I also don’t know whether that is happening here.

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The next allegation in The Journal’s report is that Google restricted advertisers from using data obtained while advertising on Google in campaigns placed on competitors’ services. I’m not sure precisely what this means but I will say that Google — a company that believes information should flow freely — should allow brands that have paid to advertise to use whatever intelligence they gain however and wherever they wish. More broadly, I have argued that point in posts about what both Google and Facebook could do for news, advocating a freer exchange of data about users and content. In any case, The Journal says Google revised its terms to “give advertisers more control over their own ad-campaign data.”

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Finally, The Journal says (in an abbreviated graphic) that Google tried to restrict sites that did search deals from also doing deals with competitors, including Bing. I’d call that just stupid: a red cape for antitrust investigators. The Journal said one investigator cited a lack of evidence of this complaint.

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Please keep in mind two things about this report. First, Journal owner Rupert Murdoch has what one might call in my impolite company a hard-on for Google. Second, a much more reasoned Washington Post report explains that the accidentally leaked report was from the FTC’s lawyers, who tend to itch for antitrust fights, while a separate report from the agency’s economists — who look for impact of companies’ behavior on consumers — argued against taking on Google.

Let’s also remember that it’s the market that made Google as big as it is. In Germany — the front line of the war against Google — the company has its second highest market penetration of anywhere in the world, 50 percent higher than in America. German consumers obviously use and apparently like Google and I must ask whether their media and government are in sync with them. Google argues — and I agree — that there are perfectly good alternatives for every consumer service it offers: Bing for search, Mapquest for Maps, Outlook for mail, and so on.

But — and this is a huge but — there is no easy alternative for advertisers. That is where I have long argued that Google is vulnerable to accusations of abuse of power. When it comes to which advertisers are deemed to be bad actors, Google wields the power of God. Some shopping comparison sites are pure spam and Google is right to ban them. But should we always trust Google to make that decision? I’ve suggested that Google should have a jury of commercial peers help with that judgment.

My bottom line: If Google secretly disadvantages quality — not spammy — competitors, that would be wrong. If Google presented others’ *complete* content without permission and ejected sites that resisted such wholesale copying from search, that would be wrong. But in the Journal report, I don’t see sufficient evidence of either act to definitively declare guilt. More to the point in the discussion of antitrust at the FTC and in Europe, I don’t see cause to break up the company.

The other day, I spoke at length with a European journalist who disagrees with me about Google, Silicon Valley, Eurotechnopanic, and regulation. She reflexively leapt to regulation as a necessary reaction to any company that grows “too big.” I asked her, as I ask many with whom I have this conversation, to show me the statutory definition of “too big.” The issue is not how big a company is but what it does with that size. The issue is not what a company could do with that power but what it does with that power. I also asked her to show me why I should trust government to do a better job managing these processes than the market. The market took care of Microsoft’s excesses, not the EU. And governments in Europe are doing much to damage the net, from the Germany’s Leistungsschutzrecht to Spain’s link tax to the EU court’s right to be forgotten. I acknowledge that I sound like a libertarian when I say this but I will point out that I am a Hillary Clinton Democrat. But I do not favor regulation for regulation’s sake.

I sometimes wish Google would fuck up more so I could criticize it more often. I have criticized Google. But I have defended it because I generally find it to be a good company and because it is often the whipping boy for those who would attack not just Google but the net and its disruption as well as American technology companies. If on the basis of the Journal report you want to see me repudiate Google and call for its dismembering, sorry.

The crow flies. It doesn’t fry tonight.

crow in flight

FTC Fines Santa Claus Over COPPA Violations

WASHINGTON–Federal Trade Commission Chairman Jon Leibowitz today announced a record fine against Santa Claus for violations of the Children’s Online Privacy Protection Act.

“Mr. Claus has flagrantly violated children’s privacy, collecting their consumer preferences for toys and also tracking their behavior so as to judge and maintain a data base of naughtiness and niceness,” Leibowitz said. “Worse, he has tied this data to personally identifiable information, including any child’s name, address, and age. He has solicited this information online, in some cases passing data to third parties so they may fulfill children’s wishes. According to unconfirmed reports, he has gone so far as to invade children’s homes in the dead of night. He has done this on a broad scale, unchallenged by government authorities for too long.”

Claus was fined $2 million and ordered to end any contact with children. Prior COPPA fines include $1 million against now-virtually-unknown social site Xanga, $400,000 against UMG Recordings, and $35,000 against notorious toymaker Etch-a-Sketch.

The FTC action follows similar complaints against Claus brought by European privacy authorities. European Commission Vice-President Viviane Reding has complained about Claus holding data on children outside of EU data-protection standards in North Pole server farms. German head of consumer protection Ilse Aigner has called for an investigation of Claus’ use of Google Street View in navigating his Christmas Eve visits. German Federal Commissioner for Data Protection and Freedom of Information Peter Schaar has demanded that Claus give children, naughty or nice, the right to be forgotten in his data base. And Thilo Weichert, head of the privacy protection office in the German state of Schleswig-Holstein, demanded that German web sites take down any Facebook “Like” button referring to Claus.

Meanwhile, Canadian Privacy Commissioner Jennifer Stoddart has attempted to bring together an international coalition of privacy officers opposed to Claus’ practices. In California, Claus has been threatened with severe penalties for nonpayment of the state sales tax. And the UK has vowed that Claus will be detained and could face extradition should he set foot in any English chimneys on Christmas Eve.

Reaction to the FTC decision was mixed in Washington. Republican presidential candidate Rick Perry vowed to kill the Federal Trade Commission, relieved that he had finally recalled the final agency he had marked for death. Rival Newt Gingrich suggested that Claus apply for U.S. citizenship, “having contributed much to U.S. industry by stimulating greed at all ages; we need more Clauses and more spending to fix this Democrat-ruined economy.” Ron Paul suggested that Claus set up a Liberatarian nation at the North Pole and offered to run for office there. Herman Cain, whose candidacy remains on hold after allegations of sexual improprieties, said that he “always wondered why the old coot didn’t get in hot water for plopping kiddies on his lap; seemed a lot creepier than anything I ever did.” President Barack Obama refused comment.

From his North Pole headquarters, Claus said through a spokesman that he endeavored only to fulfill children’s dreams. “I regret that the world has come to this: treating any adult who wants to make a child happy as a dangerous stranger,” he said. “The problem with our modern world is not technology but fear, suspicion, and cynicism.” He vowed to continue his Christmas mission of joy. “What’s the worst they can do to me?” he asked, “cookie me?”

Contact: Elfelman Public Relations
Photo via Dreadcentral

Google takes the FTC to school

Google just issued a response to the Federal Trade commission’s staff discussion draft on potential recommendations to support the reinvention [read: preservation] of journalism [read: newspapers]. (here was my reaction). It’s a wonderful document that takes the FTC — and the news industry — to school on the First Amendment, copyright, fair use, antitrust, media history, business, and technology. The government and publishers should be embarrassed to need such remedial education.

Highlights:

This says it best:

The large profit margins newspapers enjoyed in the past were built on an artificial scarcity: Limited choice for advertisers as well as readers. With the Internet, that scarcity has been taken away and replaced by abundance. No policy proposal will be able to restore newspaper revenues to what they were before the emergence of online news. It is not a question of analog dollars versus digital dimes, but rather a realistic assessment of how to make money in a world of abundant competitors and consumer choice.

Google’s doc leads off with promotion of its efforts to work with news organizations: Living Stories, traffic sent to news sites, technology help, and so on. They might as well just have linked to James Fallows’ paean and Eric Schmidt’s Wall Street Journal op-ed. You’ve heard these points before. My problem with them, as I’ve said, is that Google is trying to make friends with an industry that only wants enemies to blame for its failures. But at last, Google stops pulling punches and slaps down the industry’s self-deluding myths and the FTC’s dangerous ideas.

“[T]he current challenges faced by the news industry are business problems, not legal problems,” Google says,”and can only be addressed effectively with business solutions. Regulatory proposals that undermine the functioning of healthy marketplaces and stall the pace of change are not the solution.”

Google points out that newspapers’ circulation peaked between 1890 and 1920; that newspapers declared radio would kill them and only newspapers should hold the sacred and hallowed mission of news; that newspapers declared TV would kill them and characterized broadcast reporters as “parasites” (a lovely tip of the hat to Rupert Murdoch). We won’t buy that again. “The internet, rather than being the cause of journalism‘s downfall, provides a unique opportunity for news organizations to renew and reinvigorate journalism,” Google says.

Google lectures the FTC and the industry on internet business basics: “Unfortunately, the Discussion Draft does not acknowledge the basic economics of search engines and similar services and instead erroneously suggests that search engines are somehow cannibalizing newspaper advertising revenue rather than serving as an important connection to potential consumers.” Aggregators, Google points out earlier, send traffic and business opportunities to publishers. And Google does not make a significant amount of revenue from news … just as newspapers do not (subsidizing it with more lucrative verticals).

Google lectures the FTC et al on the unbundling of news. Fact o’ life. It then offers a primer on how publishers should be treating the readers who come to them via links.

Google restates the FTC’s dissection of newspaper revenue: 80% advertising, 17% newsstand, 3% subscriptions. “Pay walls,” it says, “could be an effective way to raise the 3% revenue figure.” A zinger for publishers. But Google’s fine with pay walls if publishers want them. It’s just not fine with government regulating them. “Innovating to create products and services that consumers want to pay for,” Google says, “is the only way to guarantee long-term subscription revenue growth, and none of the policy proposals are designed to foster that kind of innovation.” A zinger for the FTC (one I wish Google had dwelled on more since it does know innovation.)

Another zinger to the industry and the FTC comes as Google points out that classified revenue implosion had “nothing to do with copying or free-riding and everything to do with the emergence of a new, more effective and more efficient product into the marketplace. The FTC would ordinarily regard such a situation as a cause for celebration – consumers are getting a better product at a lower price – not an opportunity to slow down that innovation through regulation.”

Google salutes the flag the FTC raised on making government information more accessible — but then Google went the extra step to suggest “harmonization of state and federal law relating to copyrightability of government information.” There, the agreement ends.

Google decries proposals to extend copyright law and limit fair use and repeats its fine arguments against the antiquated notion of hot news from its FlyOnTheWall brief. “Facts, hot or cold, cannot be protected by copyright since there is no author of them,” Google instructs the FTC. “This has been the law of copyright since its inception….”

Google goes after proposals to establish taxes and fees to support legacy news operations. And it attacks efforts to let news organizations fix prices and charge aggregators. The doc makes the FTC eat its own words: “The FTC‘s long-standing position regarding antitrust exemptions properly subordinates a desire to advantage individual firms (here, print news organizations) to the need for a competitive, even playing field that offers the maximum good to consumers.”

Bottom line: There’s no need for the FTC’s meddling:

….Google continues to work with publishers to find ways to ensure that journalism survives and thrives on the Web. We remain optimistic about the future of journalism: The Fourth Estate is too crucial a part of a functioning democracy, and the Internet too powerful a medium, for journalism to die in transition to a Web-first approach. News organizations have more readers than ever, more sources of information than ever, more ways to report and tell stories than ever, and more potential ways to generate revenue than ever. Journalism will change, but the free market and free society will ensure that it won‘t die.

Amen and good night.

Comments to FTC 20 July 2010

Related: Here’s a segment of On the Media this week with me lambasting the FTC:

FTC protects journalism’s past

The Federal Trade Commission has been nosing around how to save journalism and in its just-posted “staff discussion draft” on “potential policy recommendations to support the reinvention of journalism,” it makes its bias clear: The FTC defines journalism as what newspapers do and aligns itself with protecting the old power structure of media.

If the FTC truly wanted to reinvent journalism, the agency would instead align itself with journalism’s disruptors. But there’s none of that here. The clearest evidence: the word “blog” is used but once in 35 pages of text and then only parenthetically as an example of buying ads on topical sites (“e.g., a soccer blog…”); otherwise, it’s only a footnote. The only mention of investing in technology — the agent of disruption — comes on the 35th page (suggesting R&D for tools such as “improved electronic note-taking”). There’s not a hint of seeing a new ecosystem of news emerge — the ecosystem we study and support at CUNY — except as the entry of nonprofit entities that, by their existence, give up on the hope the market will sustain news.

If the FTC truly wanted to rethink journalism and its new opportunities and new value in our democracy, it would have written this document from the perspective of the people it is supposed to represent: the citizens, examining how we can benefit from news that is newly opened to the opportunity of collaboration and greater relevance. Instead, the document is written wholly from the perspective of the companies and institutions of the industry.

The document, like good government work, does a superb job of trying very hard to say very little. From its hearings and research, the staff outlines proposals I find frightening, but many of them are as politically absurd as they are impossible — e.g., what I’ll dub the iPad tax to put a 5% surcharge on consumer electronics to raise $4 billion for public funding of news — and the document doesn’t endorse them.

Still, it’s the document’s perspective that I find essentially corrupt: one old power structure circling its wagons around another. Change? That’s something to be resisted or thwarted, not embraced and enabled. The FTC’s mission in this administration of change — its justification for holding these hearings and doing this work — is to foster competition. Well, the internet is creating new competition in news for the first time since 1950 and the introduction of TV. But the commission focuses solely on newspapers, apologizing that it ignores broadcast — but not even apologizing for ignoring the new ecosystem of news that blogs and technology represent.

“This document will use the perspective of newspapers to exemplify the issues facing journalism as a whole,” the FTC says. And later: “[N]ewspapers have not yet found a new, sustainable business model, and there is reason for concern that such a business model may not emerge. Therefore, it is not too soon to start considering policiies that might encourage innovations to help support journalism into the future.” That is, to support newspapers’ survival. There’s the problem.

Among the ideas the FTC presents:

* “Additional intellectual property rights to support claims against news aggregators.” The document even takes on the language of Rupert Murdoch and company describing aggregators as “parasitic.” It espouses their perspective, that search engines and aggregators “use” content when, from my perspective, such use promotes and adds value to that content (and we’ll soon see how Murdoch’s properties do without it). The FTC doesn’t broach the concept of the link economy and the value and distribution created by aggregators — not to mention (and they don’t) that created by recommendations from readers via Twitter and Facebook (neither word appears).

The FTC looks at extending copyright and corralling fair use and also outlines the dangers, ending up with no recommendation, thank goodness. It also looks at proposals to extend the “hot news” doctrine of a 1918 court case by the Associated Press but doesn’t begin to grapple with the definition of hot (Tom Glocer of Reuters says his news has its highest value in its first three miliseconds) and it does acknowledge that news organizations “routinely borrow from each other.” Rip ‘n’ read, it’s called.

What disturbs me most in this section is that the FTC frets about “difficult line-drawing being proprietary facts and those in the public domain.” Proprietary facts? Is it starting down a road of trying to enable someone to own a fact the way the patent office lets someone own a method or our DNA? Good God, that’s dangerous.

* Antitrust exemptions. The FTC looks at allowing news organizations to collude to set prices to consumers and with aggregators. Isn’t that the precise opposite of what an agency charged with protecting competition for the benefit of customers should be considering? Shouldn’t the FTC recoil in horror at such sanctioned antitrust to protect incumbents’ price advantages? Not here.

* Government subsidies. After saluting the history of government subsidies for the press — namely, postal discounts, legal notice publication, assorted tax breaks, and funds for public broadcasting — the agency looks at other ideas: a journalism AmeriCorps paying journalists; increased funding for public broadcasting; a national fund for local news suggested in Columbia’s report on journalism; a tax credit for employing journalists; citizen news vouchers (a la campaign checkoff); grants to universities for reporting. It also looks at increasing the present postal subsidy (which would only further bankrupt the dying postal service in the service of dying publications); using Voice of America and Radio Free Europe content (aka propaganda) in the U.S.; and enabling the SBA to help nonprofits.

* Taxes. At least the FTC acknowledges that somebody’d have to pay for all this. In one section, the FTC looks at licensing the news: having ISPs levy a fee on us that the government then dolls out to its selected news purveyors — call that the internet tax. It’snothing but a tax and it would support incumbents surely. In another section, it examines the aforementioned iPad tax; a tax on the broadcast spectrum; a spectrum auction tax; a tax on ISPs and cell phones; and a tax on advertising (brilliant: taking a cut of the last support of news in America).

* New tax status. The document spends much space looking at ways to make journalism a tax-exempt activity and suggests the IRS should change its regulations to enable that. It also looks at changing tax law to enable hybrid corporations (“benefit” and “flexible purpose” corporations that can judge success on serving a mission and not just maximizing profits) as well as L3Cs.

* Finally, the document looks at the one thing that should be in its purview as a government agency: getting government to make its information open and accessible to view and analyze. Well, amen to that.

I’m quoted in the document from my testimony saying that I am “optimistic to a fault about the future of news and journalism. The barrier to entry into media has never been lower…. But what we do need is a level playing field.” And in a footnote: “If you’re talking about surviving, you’re talking about the perspective of the old, legacy players who had a decade and a half to get their act together, and they didn’t The future of journalism is not institutional, we now know, it is entrepreneurial.”

But this document does nothing to enable that entrepreneurial future. If you want to give somebody tax breaks — and I wouldn’t — give them to those who invest in innovation — whether as disruptors from the outside or as visionaries from the inside. I certainly would not change laws to favor incumbents over those innovators. I see no reason to provide tax subsidies to support an activity that is now a hundredfold more efficient than it used to be. Rather than restricting the flow of information by making it proprietary, I’d argue that it is in the interest of democracy to make it yet freer.

The real problem I see here, again, is the alignment of the legacy institutions of media and government. Here, the internet is not the salvation of news, journalism, and democracy. It’s the other side.

The real advice I gave the FTC is not quoted in the document. It’s this: Get off our lawn.

: DISCLOSURES: This is on my disclosures page, but it can’t hurt to repeat here that I hold stock in (but am not paid by) a platform that aggregates and is used by publishers to link to more content (Daylife). I am advising the company run by the afore-linked visionary, John Paton at Journal Register. I run the project at CUNY that is researching new business models for news. And I blog.

: I cross-posted this on Business Insider and Huffington Post; see also the discussions there.

: Thanks to Scribd, the full document is after the jump….
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Get off the lawn

There’s one thing that Rupert Murdoch, Arianna Huffington, Steve Brill, and I agreed on yesterday – and and there’s probably nothing else one can imagine this group would ever find consensus around. At the two-day Federal Trade Commission “workshop” (read: hearing) that asked how journalism will “survive” (their word) in the internet age, we all told the commissioner to kindly butt out.

Murdoch talked about a drumbeat building to bail out newspapers and how that would be a mistake, just as bailing out GM was. The government shouldn’t save companies that make things customers don’t want, he argued. Huffington said there’s no need for government intervention and after her speech (read: testimony), I interviewed her for my upcoming Guardian MediaTalkUSA podcast and when I pointed out that she agreed with Rupert, she pointed out that he was asking for government favors in his threats to try to rewrite fair use. Brill started his talk begging government to stay out.

And I told Liebowitz that the future of news will be entrepreneurial not institutional; the institutions had and blew their chance. What we need is a level lawn where the tender shoots of these new businesses can grow without government trampling them on its way to try to protect the legacy players.

But the commissioner’s title for this “workshop” alone – “How will journalism survive the internet age?” – is prejudicial, a foreshadowing of the results they have already prescribed: it implies saving the legacy players when, as the Knight Foundation’s Eric Newton said at the hearings today, journalism doesn’t need to be saved, it needs to be created. (The reason I’m not there today is that I am teaching my entrepreneurial journalism course. That’s one way to save journalism: build it.) The choice of speakers was itself prejudicial: mostly the old players who played their tiny violins. The questioning was prejudicial: an FTC bureaucrat threw a newspaper exec a soft ball to decry aggregators and suggest how he wanted to get money out of them (not hearing the idea that aggregators who are adding value to the content). Liebowitz’s presumptions about the event were prejudicial; in his opening talk, he said he has already scheduled more hearings to talk about copyright (read: changing copyright to favor the dying institutions).

My requestion to Liebowitz and company: Get off our lawn!

Maybe, just maybe, he heard a bit of this. He told the Wall Street Journal last night, “I think the message from today is be very, very cautious before you do anything.” How about nothing.

But from the looks of Twitter, it’s worse today. Rep. Henry Waxman told the group today that “Congress responds to market failures.” But this is not a market failure. It’s a market, doing what markets do. Let the market do that.

Rep. Waxman: Get off our lawn!