Rory Cellan-Jones of the BBC was one of the great and good at the Google "Zeitgeist" event in London, and writes it up here. Best quote from Eric Schmidt on those who seek to restrain the company - "Historically, when markets get regulated, the rate of innovation slows dramatically. We don't think that's a good outcome - we think a better outcome is for us to use good judgement. We take what we see as the consumer interest as our guiding principle."
Requires a lot of trust, and probably a lot more accountability.
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