In the Adam Sandler movie, “The Wedding Singer”, Sandler’s character gets in a fight with the antagonist and gets punched out…
While he’s lying on the ground, the bad guy says, “Why don’t you write a song about this? You can call it ‘I got punched in the nose for sticking my face in other people’s business’.”
If you haven’t seen the movie, it’s not one of his best, but it’s not exactly his worse either…
But the reason he comes up, is because today it was reported the United States filed an injunction to block AT&T’s purchase of T-Mobile “because of anti-competitive concerns”.
What should concern us is the fact that our tax dollars are being spent in what, in my opinion, is a frivolous case.
I don’t know whose head needs to be removed from whose butt in Washington, but there are more than just 2 mobile telephone services available in America.
Verizon, Vonage, Sprint, Boost, Virgin…
These are just a few of the names that come to mind.
Which federal dumb-erment employee made this decision?
Sure, monopolies are dangerous, there’s no disputing that fact…
But in this case, there would be no monopoly. There are plenty of other companies to compete against AT&T, maybe not have as strong a customer base, but they can compete.
Maybe they’ll lower their prices?
Or find some new way to entice customers to defect…
This merger is good for business.
And by the government trying to block it, I believe they should be punched in the nose for sticking their face in other people’s business – just like The Wedding Singer.
But there’s a worse effect to this government blockage, something that should enrage all Americans.
You see, part of the AT&T deal, was that if it went through, AT&T was going to bring 5,000 call center jobs back to the United States.
5,000 new jobs.
And Obama’s law dog, Eric Holder shot it down because he thinks there could be competitive concerns?
Way to destroy jobs Obama… way to go!!
He’s wrong, AT&T’s acquisition may make them the big boys, but it wouldn’t kill the industry.
Just because the “little guys” won’t have as big a market share, doesn’t mean they won’t be successful…
Because we’ve seen this scenario played out a million times in business.
11 years ago, Apple was just another computer company, plugging along and eating Microsoft’s dust like dozens of other tech companies.
But in 2001, they introduced their iPod MP3 player and not only revolutionized the way people listen to music, but boosted Apple’s stock up 4,494% in the years since.
The same thing could happen for Verizon, Sprint or any of the others…
But not if Uncle Sam keeps sticking his nose in our business.
We need to be free to make money! And by blocking this purchase, we’re being cut off from another source of wealth.
I don’t know how you feel about that…
But it makes my fists ball up.
Makes me want to punch the guy who made this call right in the nose!!
But I’m an ex-professional wrestler…
How else would you expect me to react?
Editor’s note: Shawn writes commentary for Trinity Investment Research’s daily e-letter, The Daily Market Beat – an investment newsletter that focuses on financial analysis, contrarian insights and emerging equity ideas.