Stephen Dubner

So the only likely buyer is an outside investor like a private equity firm. The PE firm is... Satisfying a real need there, but the resulting roll-ups or consolidations are often worse for existing employees and worse for consumers. Do you have any thoughts for how that might work differently?

So the only likely buyer is an outside investor like a private equity firm. The PE firm is... Satisfying a real need there, but the resulting roll-ups or consolidations are often worse for existing employees and worse for consumers. Do you have any thoughts for how that might work differently?

So the only likely buyer is an outside investor like a private equity firm. The PE firm is... Satisfying a real need there, but the resulting roll-ups or consolidations are often worse for existing employees and worse for consumers. Do you have any thoughts for how that might work differently?

If the government is concerned about over consolidation in those kind of spaces, right, health care, whether human, animal, whatever, would it be viable to consider something like low interest loans to junior partners to help keep firms a smaller size rather than succumb to the one possible sellout outcome, which is to a bigger investment firm like private equity?

If the government is concerned about over consolidation in those kind of spaces, right, health care, whether human, animal, whatever, would it be viable to consider something like low interest loans to junior partners to help keep firms a smaller size rather than succumb to the one possible sellout outcome, which is to a bigger investment firm like private equity?

If the government is concerned about over consolidation in those kind of spaces, right, health care, whether human, animal, whatever, would it be viable to consider something like low interest loans to junior partners to help keep firms a smaller size rather than succumb to the one possible sellout outcome, which is to a bigger investment firm like private equity?

Let's talk for a minute about the merger guidelines released by the FTC under your watch. Just start with the process, maybe the idea or the theory and then the drafting. What were you hoping to accomplish and why did you think it was important?

Let's talk for a minute about the merger guidelines released by the FTC under your watch. Just start with the process, maybe the idea or the theory and then the drafting. What were you hoping to accomplish and why did you think it was important?

Let's talk for a minute about the merger guidelines released by the FTC under your watch. Just start with the process, maybe the idea or the theory and then the drafting. What were you hoping to accomplish and why did you think it was important?

What about from the industry side? The draft of the merger guidelines was open to them as well. It sounds like you're saying most of the public sentiment was saying, yes, we would like stronger guidelines. What about from industry, though?

What about from the industry side? The draft of the merger guidelines was open to them as well. It sounds like you're saying most of the public sentiment was saying, yes, we would like stronger guidelines. What about from industry, though?

What about from the industry side? The draft of the merger guidelines was open to them as well. It sounds like you're saying most of the public sentiment was saying, yes, we would like stronger guidelines. What about from industry, though?

I assume that the goal of these merger guidelines is to act as a deterrent against some mergers that might be seen later as anti-competitive. Assuming that is true, how do you measure the effect of deterrents?

I assume that the goal of these merger guidelines is to act as a deterrent against some mergers that might be seen later as anti-competitive. Assuming that is true, how do you measure the effect of deterrents?

I assume that the goal of these merger guidelines is to act as a deterrent against some mergers that might be seen later as anti-competitive. Assuming that is true, how do you measure the effect of deterrents?

So if you read the Wall Street Journal editorial pages, these merger guidelines are an attack on the free markets. There's been a lot of criticism on that front. Mark Andreessen, the very prominent venture capitalist, he said when Trump was reelected, it was like, quote, getting a boot off the throat for people like him, for people in the tech and business sectors.

So if you read the Wall Street Journal editorial pages, these merger guidelines are an attack on the free markets. There's been a lot of criticism on that front. Mark Andreessen, the very prominent venture capitalist, he said when Trump was reelected, it was like, quote, getting a boot off the throat for people like him, for people in the tech and business sectors.

So if you read the Wall Street Journal editorial pages, these merger guidelines are an attack on the free markets. There's been a lot of criticism on that front. Mark Andreessen, the very prominent venture capitalist, he said when Trump was reelected, it was like, quote, getting a boot off the throat for people like him, for people in the tech and business sectors.

I gather that you're the person wearing that boot in the Andreessen comment.

I gather that you're the person wearing that boot in the Andreessen comment.