Tumblr CEO David Karp joined the gang on CNBC's Squawk Box on Tuesday morning for a discussion on Net Neutrality. It was an eye opening interview to be sure. Take a listen:
Karp is nothing short of a moron, and it is mind boggling he has obtained the level of success he has. What he knows about economics and freedom you could put in a thimble. Even though Andrew Ross Sorkin made valiant effort to bail out Karp, he firmly established himself as ill-equipped for such discussion.
I can assure you, as both Becky Quick and Joe Kernen pointed out, that companies are not going to spend money when they are assured of no return on investment, unless as Karp pontificated, we are in "new world" of socialism and "deals" with no return on investment leading promptly to bankruptcy.
In addition, Karp, no doubt inadvertently, noted how a "blessed a handful of partners" (crony capitalism) will do deals to present the next emerging platform. Without a return on investment, perhaps Karp envisions the taxpayers funding these operations.
Meanwhile, Glenn Beck spoke with somebody, who even as an Obama supporter, understands the subject and the potential future role the legislation will play in the marketplace in Dallas Mavericks owner Mark Cuban. Take a listen to the bleak picture Cuban foresees:
Although the particulars of the regulation are being hidden from the American people, who will have to learn about the horrors of it after it is passed, Net Neutrality is being shopped as regulating the allowance of everyone to get full bandwidth at even costs, fixing a problem that is not currently broken.
Net Neutrality, while allowing the government regulatory oversight it currently does not have and a taxation mechanism for a starving beast in the federal government, is actually a hidden vehicle to silence political opponents. With Net Neutrality, economic control by government will expand and freedom will retract, and a widespread assault on freedom of speech, something once upon a time we fought to the death to preserve, will commence.
NOTE: In the spirit of full disclosure, I am a longtime shareholder of both AT&T (T:NYSE) and Level 3 Communications (LVLT:NASDAQ).
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