Government Should Not Regulate Social Media

from IBD:

Facebook Privacy Scandal: Why Regulation Is Not The Answer

As Facebook’s privacy crisis grows, so too are calls for the government to regulate it, including from Republicans, the tech industry and Mark Zuckerberg himself. What could be wrong with that?

Utah Republican Rep. Chris Stewart, for example, told CNN that “I actually think it probably is” time to regulate Facebook (FB) and other social media companies because “these companies gather our private information and they monetize it.”

Speaking at a China Development Forum in Beijing, Apple (APPL) Chairman Tim Cook said, when asked about Facebook, “I think that this certain situation is so dire and has become so large that probably some well-crafted regulation is necessary.”

Zuckerberg himself says that “I’m not sure we shouldn’t be regulated,” adding that “I actually think the question is more ‘What is the right regulation?’ rather than ‘Yes or no, should it be regulated?’ ” read more