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- Facebook, along with Twitter and Google, are scrambling to contain a problem that happened on their turf, thanks to a system they created and which has been immensely profitable for them.
- Unlike the banks at the center of the 2009 financial crisis, the internet companies did not consciously create a toxic product with a purely financial motive.
- But the system these internet giants created allowed a toxic byproduct to spread, while they largely looked the other way and went about their business.
Tell me if this story sounds familiar: A group of companies make gobs of money, enjoying all the benefits of an all-too-trusting system.
One day everything explodes and the government is forced to step in, using taxpayer money to bail out the very industry that caused the problems.See the rest of the story at Business Insider
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See Also:
- Facebook is building a physical war room at its HQ to seek and destroy election meddling ahead of the US midterms
- Mark Zuckerberg figured out a powerful rule about smartphone apps before everyone else — now we’re seeing how important it is to Facebook’s business
- A gold mine is buried ‘under the weeds’ at Amazon — here’s why it could take the company beyond the $ 1 trillion mark
