Today's Top Stories From the Breitbart News Desk

President Joe Biden signed an executive order on Friday that the White House insisted would put a target on anticompetitive practices in tech, health care, and other parts of the economy, declaring “that true capitalism depends on fair and open competition.”

The press coverage was effusive. "The White House said Biden’s order follows in the tradition of past presidents who took action to slow corporate power. Theodore Roosevelt’s administration broke up powerful trusts that had a grip on huge swaths of the economy, including Standard Oil and J.P. Morgan’s railroads," the Associated Press declared.

The stock market was less impressed. Shares of Amazon were basically at their all-time high. Google shares, also near all-time highs, ticked up a bit. Walmart rose half a percentage point. Shares of J.P. Morgan, the biggest bank by assets, rose 3.20 percent. Wells Fargo, the current bad-boy of banking, saw its shares jump 3.8 percent.

The lesson here is that the Biden administration may talk a populist game, encouraging the White House press corps to make analogies to Teddy Roosevelt's trust-busting, but nothing it is likely to do will upset the current corporate power structure. Far from it. Biden is seen by both investors and executives as favoring the biggest corporations. They may be a bit salty about his attempts to raise taxes on corporate profits, but those are less opposed by corporate America than is largely understood, and Biden's promised increases would still leave the tax rate lower than it was in the Obama administration.

– Alex Marlow & John Carney
Breitbart News Network