While most people back home have yet to down their second coffees of the day, I'm about to go to bed. Tomorrow—December 1st—starts for me in 10 minutes and ends 39 hours later thanks to the miracle of air travel.
I go to bed happy that I've had a great little vacation, and that the FCC told AT&T where to take its merger with T-Mobile:
Although the Federal Communications Commission on Tuesday granted AT&T’s request to pull its merger application from review, giving AT&T time to retool the plan in private, the FCC also published a damning, lengthy report outlining why it wasn’t convinced the merger was in the public interest in the first place.
“…The Applicants [AT&T and T-Mobile] have failed to meet their burden of demonstrating that the competitive harms that would result from the proposed transaction are outweighed by the proposed benefits,” the report states.
This comes after the Justice Department slammed the brakes on the merger last month. For some reason, the government sees duopoly in nation-wide mobile phone service anti-competitive, and thinks that AT&T will raise prices and cut service if it becomes the only GSM carrier in North America. I mean, AT&T has never behaved that way before, right?
As someone who fled AT&T for T-Mobile years ago, I am relieved that the merger will probably not go forward now. I hope T-Mobile either stays in the U.S. or sells to a company other than AT&T, like U.S. Cellular. At least I never have to go back to Ma Bell for mobile service.
Oh, and the U.S., U.K., the ECB, and three others injected liquidity into the Euro Zone this morning, which may (everyone hopes) save the world economy from utter ruin. That this means more dollars have started circulating, and therefore my next trip abroad just got more expensive, which I think is a small price to pay for avoiding, you know, a global depression. In the last hour, Sterling, the euro, and the yen have all risen 2% against the dollar, though. I'll be interested to see how much the yen in my pocket is worth in the morning.