The Biden administration regulators see a monopoly boogeyman behind the curtain of nearly every business merger and acquisition — from airlines to cellphones to chicken producers.
Now they’re trying to stop Capital One from acquiring the credit card company Discover.
That’s a bizarre cease-and-desist order, because this acquisition by Capital One would INCREASE rather than inhibit competition in an industry that processes two-thirds of retail store and online transactions worth $5 trillion each year. Americans love swiping and tapping for their shopping.
To suggest that the acquisition of two companies that control less than 10% of the market is anti-competitive is a proposition that borders on the absurd.
For years the Federal Trade Commission and retailers have argued falsely that there isn’t competition in the credit card…
