Imagine a town fair where three vendors control every stall, share the same cash register, and politely agree not to undercut one another while telling you it’s “market efficiency.” Now imagine the town newspaper is owned by the same folks who run the stalls. That’s not a dystopian parable — it’s the modern anatomy of consolidation in business and media, with real consequences for prices, competition, workers, and public knowledge. The Big Picture: “Consolidation” isn’t just a buzzword... Consolidation of business means fewer and larger firms — or, more subtly, a few asset managers and investors owning stakes across many competitors. That’s the phenomenon sometimes called common ownership , and when the largest index-fund managers hold the top shares across competing firms, the incentives that sustain fierce competition can soften. The effect isn’t narrowly theoretical: influential economic research finds measurable links between common ownership and reduced comp...
It's like the economy and the law are line dancing on a dance floor and the DJ keeps changing the music... Last week, the nation’s top bench pulled the rug out from under a major chunk of U.S. tariff policy — and the economy is politely, then not-so-politely, adjusting its dance moves. The ruling by the Supreme Court of the United States invalidated wide-ranging tariffs imposed under emergency authority, forcing customs to reconsider what it’s allowed to collect and leaving the Treasury — and investors — to wonder who gets to keep the the money. At the border, the gatekeeper agency, U.S. Customs and Border Protection , announced it will stop collecting the struck-down tariffs, setting in motion a bureaucratic and accounting scramble about refunds and accounting. Who’s smiling? Potentially the importers who actually wrote the checks to Customs if refunds are given. Who’s not? Domestic producers who briefly enjoyed higher prices and a friendlier pro...