Elizabeth Warren pulled a ninja move to turn tech angst into a crackdown with real teeth, and tech is going to suffer even if she's not president (AMZN, FB, GOOGL)

FILE - In this Saturday, Jan. 5, 2019, file photo, Sen. Elizabeth Warren, D-Mass., speaks during an organizing event at Curate event space in Des Moines, Iowa. (AP Photo/Matthew Putney, File) Associated Press

Elizabeth Warren's call for breaking up Amazon, Facebook, and Alphabet represents a real threat to those companies, even if she doesn't become president.
Her proposal threatens to put a spotlight on those companies and their business practices, one that could expose them to reputational harm.
Moreover, it represents an attempt to gain support for a rethinking of antitrust policy, one in which regulators scrutinize the effects of concentrated corporate power on things other than just consumer prices.
Amazon, Facebook, and Alphabet's power looks benign if only viewed from the lens of consumer prices.
Their power looks much worse if its broader effects are taken into account.

It's been a long time since antitrust policy has been a major topic of a presidential election.

Elizabeth Warren is trying change that — and it's bad news for Amazon, Facebook, and Google parent Alphabet.

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