What seems to have happened is that American corporate executives are now more focused on financial engineering, which is essentially the extraction of capital from their enterprises and from the public, than they are at selling improved goods and services.
The idea of big companies continuing to control their markets, and control the behavior of consumers, continues to march on. Even now, two major deals are proceeding apace, one in telecom and one in the entertainment world.
The Senate hearings left little doubt that what really underlies competitors' complaints about Google is their unhappiness about Google's constant effort to make its products better -- which is the essence of competition.