It strikes me that competition policy is inherently retroactive. We evaluate mergers after they happen. Sometimes we're going back in time, and what I worry about, since we're not being thoughtful about the digital economy and the implications of data and consumer data held by companies, is that we're going to be stuck in a situation where years in the future we're going to be retroactively applying that lens to companies in a way that, as I've said, appears disingenuous, confusing, and punishes firms more than empowers them to understand the most effective ways to be responsible innovators.
