Second Request

On this episode of Second Request, The Capitol Forum’s Teddy Downey speaks with CEO of REX, Jack Ryan, and RealClearMarkets Editor John Tamny about the recent settlement involving the National Association of Realtors (NAR) and its implications for the real estate industry and homeowners. Jack and John are the authors of a new book entitled Bringing Adam Smith into the American Home, which challenges the conventional wisdom surrounding homeownership and offers a compelling argument for reevaluating realtor commissions.

Hear the editors of the new book Antitrust Economics at a Time of Upheaval: Recent Competition Policy Cases on Two Continents discuss the recent resurgence and transformation in competition policy and economics in the US, the EU and the UK. Professors John Kwoka, Tommaso Valletti and Lawrence White talk to Capitol Forum Executive Editor Teddy Downey about some of the cases they see as “flashpoints” in the competition paradigm shift and explain the economic implications of recent enforcement actions.

CEO of Digital Content Next, Jason Kint, offers his analysis of the recently concluded Google trial proceedings. As one of the foremost authorities on digital media and tech policy, Jason offers invaluable insights into the implications and potential outcomes of this landmark case.

Listen in as Capitol Forum Executive Editor Teddy Downey interviews the authors of a recent paper entitled “The Re-Monopolization of the U.S. Sports Trading Card Industry.” Authors Marc Edelman, Nathaniel Grow and John Holden discuss the history of US sports trading cards leading up to sports retailer Fanatics’ consolidation of the $8B industry. Learn how Fanatics used exclusive sports-licensing agreements to achieve the monopoly and what the potential implications are for the industry and for consumers.

Hear senior policy analyst at Economic Liberties Shahid Naeem discuss his findings from a recent report on the proposed Capital One/Discover merger, which, if approved, would create the U.S.’s sixth-largest bank and No. 1 credit card issuer. Shahid evaluates the strength of Capital One’s “merge-to-compete” defense in an increasingly challenging enforcement environment.

On the latest episode of The Capitol Forum’s Second Request podcast, Executive Editor Teddy Downey speaks with one of the world’s best known and most respected antitrust/competition enforcers, Bill Baer. As the only person to have led antitrust enforcement at both U.S. antitrust agencies, Bill offers unique insight into how antitrust enforcement has changed over the years and what challenges and opportunities current enforcers face.

On this episode of Second Request, renowned antitrust expert Cristina Caffarra talks to Executive Editor of The Capitol Forum, Teddy Downey, about how the major shift underway in US antitrust is propagating across the globe. Listen to the podcast to learn what implications the shift has for antitrust, trade and industrial policy across the US, Europe and the Global South. They also cover developments that have come out of Cristina’s groundbreaking conference in Brussels: Antitrust, Regulation and the Next World Order.

On this episode of Second Request, The Capitol Forum’s Teddy Downey speaks with former FTC deputy director and DOJ trial attorney, John Newman, about the current antitrust landscape in the US. Currently a Professor of Law at Miami University, John is an expert on antitrust and competition law, with a primary focus on the economics and regulation of digital markets. Listen to the podcast to hear them discuss the latest FTC cases and how AI is shaping antitrust law.

Experienced election analyst Michael Podhorzer talks to Executive Editor of The Capitol Forum, Teddy Downey, about the 2024 presidential election. Listen to the podcast to learn more about what polling and historical voting patterns can and can’t tell us about prospective outcomes. They also discuss the roles and responsibilities of the press during election cycles.

404 Media co-founder and journalist Joseph Cox discusses his latest investigation into how hackers and fraudsters are illegally accessing sensitive drug ordering tools and then advertising some of the most tightly controlled drugs in the country, including fentanyl. Communicating directly with the hackers and fraudsters themselves, Joseph was able to uncover how they are gaining access to legitimate drug ordering services. Listen to the podcast to learn about the methods they use and why unsecure “credit header data” is at the root of many of these compromises.

On this episode of Second Request, Executive Editor of The Capitol Forum, Teddy Downey, speaks to former Deputy Director for the National Economic Council Bharat Ramamurti about the White House’s approach to improving competition across all sectors of the economy. During his time on the National Economic Council, Bharat played a key role in developing the President’s Executive Order on Competition, which set forth 72 provisions for steps federal agencies can take to promote competition. Listen to the podcast to learn how the Executive Order reflects the president’s specific competition priorities and to hear about some of the successes that have already come out of it, including the newly established Competition Council.

On this episode of Second Request, executive director of Clean Virginia, Brennan Gilmore, discusses the biggest successes and challenges Clean Virginia has experienced working to advance clean government and clean energy. Listen to the podcast to learn about the history of Virginia’s monopoly utility regulation and the influence Dominion Energy, Virginia’s largest utility, has had on how the state’s energy is structured. You'll hear why Clean Virginia blames a misaligned incentive structure and political influence for years of customer overcharges, poor energy efficiency, and lack of market competition and what they are doing to change it.

Jack Ryan, cofounder and CEO of the real estate brokerage REX, and Darren McCarty, lead lawyer in the current antitrust litigation for REX, discuss the recent litigation against the National Association of Realtors and what it means for the future of residential real estate.

Legal expert Seth Bloom delves into the Google antitrust trial, amidst the current legal landscape, tech trends, and evolving regulatory environment. Analyzing the trial's dynamics, he and host Teddy Downey explore the role of Judge Mehta, potential outcomes, and the broader implications for the tech industry. The conversation extends to AI, cloud computing, and algorithmic accountability, touching on issues surrounding YouTube and children's privacy.

Kevin Erickson, director of the Future of Music Coalition, discusses the DOJ and State AGs’ monopolization investigations into Live Nation and how anticompetitive conduct in the industry hurts musicians and fans. Kevin and host Teddy Downey lay out what regulators, enforcers, and policymakers can do to encourage competition, diversity of practice, and creative autonomy in the live music marketplace.

Dr. Michael J. Birrer, an expert in oncology, discusses the complexities of generic oncology drug shortages, exploring the root causes and potential solutions to this recurring problem. Dr. Birrer shares his perspectives on the impact of reimbursement policies, the role of government intervention, and the need for a more streamlined FDA process. The discussion also touches on the influence of insurance companies, the quality of medical expertise in insurance decisions, and the broader landscape of oncology drug development.

On the latest episode of Second Request, Associate Professor of Law Matthew Wansley and Professor of Law Samuel Weinstein of Cardozo School of Law discuss their recent article entitled “Venture Predation” published in the Journal of Corporation Law. Speaking with The Capitol Forum’s Teddy Downey, Matthew and Samuel explain the economics and history behind venture predation and why we currently see very little enforcement of the practice. Download the podcast to hear descriptions of some of the high-profile case studies addressed in their article, including Uber, WeWork, and Bird and learn what these examples can show us about venture predation’s harmful impact on consumers, communities and innovation.

On this episode of Second Request, Teddy Downey and the FTC’s Shaoul Sussman discuss the new draft merger guidelines from the FTC and DOJ. Shaoul describes some of the market dynamics, economic conditions and case law reflected in the new guidelines, and why the agencies thought it was time for an update: The agencies “have a mandate to make the guidelines more accessible and provide clear rules of the road, both for CEOs that contemplate a merger and also for the public to understand what goes into how we think about cases.” Listen to the podcast to hear them delve into some of the language and intentions of individual guidelines, including:

On July 20, Capitol Forum Executive Editor Teddy Downey spoke with Diana Moss, President of the American Antitrust Institute (AAI), about what a LiveNation-Ticketmaster monopoly breakup could look like. The AAI recently published a deep dive on vertical integration of Live Nation and Ticketmaster as well as proposed remedies. On the podcast, Diana describes the legal climate around vertical mergers in 2010 when the two companies first merged: “We had this whole gestalt around vertical mergers being viewed as pro-competitive, getting a lot of deference in enforcement cases, no case law. And that merger, Live Nation/Ticketmaster, was especially egregious because Ticketmaster had about 80 percent share in primary ticketing.” To put that statistic in perspective, Diana sites the new, proposed merger guidelines, which describe 50 percent share as a presumption of anti-competitive outcomes. The current result, she points out, is a lack of choice for everyone involved: “Venues have no choice, or very little choice, but to go to Ticketmaster. Artists have very little choice but to go to Ticketmaster for ticketing. Even Taylor Swift had to do this. She was promoted by AEG, which is a competing concert promoter, but AEG didn't have the ticketing services. So Ticketmaster was the only option.” Listen to the full podcast to hear about: The complications of secondary markets Retaliation fears from artists and independent venues Historical breakup precedents Potential remedies, including the drawbacks to conduct remedies

In the latest episode of Second Request, Teddy interviews Bob Lande on the impact of textualism on merger analysis. Bob Lande is Venable Professor of Law Emeritus at the University of Baltimore School of Law and a board member for the American Antitrust Institute who has written about the use of textualism in antitrust enforcement and the way it affects statutory interpretation in a recent article for the Utah Law Review and a presentation to the FTC. Due to its emphasis on “precise language,” Bob argues that rather than leading to more conservative antitrust decision making by the courts, textualism should lead to the exact opposite: “Textualism should lead, if anything, to more aggressive antitrust enforcement….This is because the Sherman Act, the FTC Act and the Clayton Act are all products of the progressive era. It's not surprising that their precise language is very pro-consumer and very anti-monopoly.” Listen to the podcast to hear Teddy and Bob discuss: • Section 7 language • The express efficiencies defense • Monopolization