The underdog fallacy

On July 29th, the CEOs of the big tech companies, Amazon, Apple, Google and Facebook all faced Congress in regards to their monopolistic-like tactics. Democrats focused on the topic at hand while Republicans tried to make the case that they were being treated unfairly - despite evidence to the contrary. All of the CEOs avoided the hard-hitting questions by running the clock or outright dodging the them altogether with marketing nonsense.

But one message they all had in common is that they are underdogs. However, all that was shot down with the companies announcing their quarterly profits the very next day. All but Google saw their revenues increase in the billions. Unsurprisingly, the big tech companies did their best to paint the contrast in a positive light.

A company’s goal is to make money. That is fine. But you can’t call yourself the “underdog” and then announce you made billions of dollars the next day. The fact they these CEOs spent so much time trying to dodge questions related to their anti-competitive behavior also shows an acknowledgement to the concerns that were addressed.

I’m glad Congress is finally taking the big tech company’s grip on the market seriously. I just wish it didn’t come during a pandemic where they’re the good guys and have been on more than one bittersweet occasion. Plus, even if the House does pass a bill with regulations, good luck getting it through the Senate.

Written on July 31, 2020