The same regulators who put the kibosh on the AT&T (T), Intel (INTC), and Microsoft (MSFT) monopolies are now deeply concerned about Google. The Justice Department is looking at its hiring practices, the Federal Trade Commission is investigating its ties to Apple’s (AAPL) board, and a partnership between Google and Yahoo (YHOO) was already nixed by the government.

Somewhere out there, somebody's looking at Google and saying, “These guys…they’re good. Maybe a little too good.”

But in its campaign to persuade the world that it really isn’t that good, Google's shown a keen awareness of America’s tendency to punish those who fly too close to the sun. The same lesson has been lost on countless other America icons -- including more than one global megastar.

Maybe Michael Jackson, for example, was just too good. From an early age, he exhibited a talent so extraordinary that it seemed impossible he’d end up anywhere but mentally deranged, spectacularly tortured, and essentially otherworldly. Same goes for the punishment Donald Trump -- or Muhammad Ali, for that matter -- received in their heydays.

America's always liked a winner. But never a showoff.

The key argument Wagner makes is that Google’s competition is vaster than most people think. It’s not just search engines Google has to go up against, but websites such as Amazon (AMZN), WebMD, and Wikipedia  -- really any website from which users to get information. Meanwhile, Google claims that it’s constantly competing for ad dollars with traditional media outlets like television, radio, and print.

No one believes that Google's small. And with a stock price hovering around $420 a share, few believe that the company's on the brink of disaster.

But by conceding its own vulnerability, Google understands the dangers of being “too good.” With any luck, recognizing its own weaknesses will allow Google to remain at the top.