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The End is Near

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06/24/2010

The Federal Trade Commission imposed a 20-year “consent order” on Twitter, claiming the company provided insufficient safeguards for consumers’ private information. No such rules apply to the FTC, which has a history of intentionally retaliating against individuals who refuse to sign consent orders by disclosing their private financial information.

Of course, there’s no agency with regulatory power over the FTC — not even Congress, which is poised to remove the only remaining restrictions on FTC power as part of unrelated financial services legislation. Once Congress removes those restrictions — and I’d say the chances of that are 99.9% — the FTC will control every aspect of the U.S. economy without restriction. The FTC will even have the power to silence its critics and the Internet; I know I’ll be closing up shop rather than face the inevitable seizure of all my records and (limited) assets that will inevitably follow.

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