On Thursday I had the pleasure of doing another segment on Capital Account with Lauren Lyster. I come in at about the 3:45 minute mark for much of the rest of the 30 minute session.

Link if video does not play: SOPA’s War on the Financial Blogosphere, Mark-to-Market and Depression Economics with Mish

I had fun doing this and may be back next week.

SOPA Dead (for Now)

By the way, thanks to silicon valley companies including Google and Facebook, as well as vast majority of bloggers who were well out in front of this issue, The Hill reports GOP chairman shelves Stop Online Piracy Act.

House Judiciary Committee Chairman Lamar Smith (R-Texas) announced on Friday that he will postpone consideration of his Stop Online Piracy Act (SOPA) until there is wider agreement on the controversial legislation.

Smith’s announcement came just minutes after Senate Majority Leader Harry Reid (D-Nev.) announced he would shelve the Senate’s version of the anti-piracy legislation, the Protect IP Act.

The move is a stunning acknowledgment of failure for the powerful chairman.

Smith was the author of SOPA and its most vocal proponent. He had repeatedly said the bill did not need to be changed and accused the critics of “spreading lies.”

But support for the bill collapsed after a massive Web protest on Wednesday. Major sites including Google and Wikipedia either shut down in protest or displayed messages opposing the legislation.

Triumph for the Little Guys

This was a triumph “for” the little guys (bloggers and alternate news sources). It was also a triumph for justice and common sense (as well as defense of freedom of speech).

I would like to report this was a triumph “by” the little guys but unfortunately it wasn’t. When campaign contributions stop from Google and other big money corporations, politicians listen. This was one set of big donors (media giants) vs. another set of big donors (internet companies).

Lamar Smith vowed to revisit the issue. “It is clear that we need to revisit the approach on how best to address the problem of foreign thieves that steal and sell American inventions and products.”

Mike “Mish” Shedlock
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