From WSJopinion: The U.S. economy is suffering from inflation, interest rates are rising, and a recession is possible. The last thing America needs is a new regulatory shock from Congress.
Journal Editorial Report: Biden says voters should defeat Republicans who disagree with him. Images: AP/AFP/Getty Images Composite: Mark KellyWhen lawmakers and regulators move too fast, they break things. But then breakage seems to be the main point of a bipartisan group of Senators pushing legislation that would punish Big Tech companies. The bill has received little debate, yet Majority Leader Chuck Schumer wants to hold a vote pronto.
Giant businesses have always emerged during eras of technological upheaval. But their dominance faded over time amid competition or business mistakes—think of General Motors , Sears, Xerox , or IBM . Note that Big Tech stocks have plunged this year in part owing to slower growth and monetary tightening.
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