Their stocks took a nosedive yesterday, too. It warms the heart:
America’s major telecoms and cable companies and business groups came out fighting on Monday after Barack Obama called for tough new regulations for broadband that would protect net neutrality, saying they were “stunned” by the president’s proposals.
The president called for new regulations to protect “net neutrality” – the principle that all traffic on the internet should be treated equally. His move came as the Federal Communications Commission (FCC) finalises a new set of proposals for regulation after the old rules were overturned by a series of court defeats at the hands of cable and telecom companies.
In response, Republican senator Ted Cruz went so far as to call Obama’s proposal for regulating the web “Obamacare for the internet”, saying on Twitter “the internet should not operate at the speed of government.”
The powerful National Cable and Telecommunications Association (NCTA), which represents cable companies including Comcast and Time Warner said it was “stunned” by the president’s proposals.