...and that should show you how utterly ludicrous that approach is.
You don't think that retailers can overcharge for goods without a "massive conspiracy"? Overcharging just isn't a thing? OK buddy.
The Left calling out The Left for gaslighting people about crime
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You don't think that retailers can overcharge for goods without a "massive conspiracy"? Overcharging just isn't a thing? OK buddy.
Where is any of this proof? Also, how are we in a cost-of-living crisis that you keep saying we are in? You're just complaining to complain. People can not buy things from places like Walmart and Amazon, I don't for example....and that should show you how utterly ludicrous that approach is.
You don't think that retailers can overcharge for goods without a "massive conspiracy"? Overcharging just isn't a thing? OK buddy.
As rent, bills and the cost of groceries skyrocket, it takes someone truly detached from the experience of the average person to deny the cost of living is getting worse. None of the mainstream parties in the UK deny its a cost of living crisis now, including the government-- and if they did, they'd be lambasted. Its obvious. It chimes with the experience of the vast majority of people. Every damn thing costs far more as you head through the high street, even necessities... and wages are stagnating.
Denial of the cost of living crisis is the complacency of the comfortably well-off and the detached.
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Price fixing by algorithm is still price fixing
Landlords and property managers can’t collude on rental pricing. Using new technology to do it doesn’t change that antitrust fundamental. Regardless of the industry you’re in, if your business uses an algorithm to determine prices, a brief filed by the FTC and the Department of Justice offers a...
There's not a cost of living crisis in America, don't know about England.
Also, you still haven't said anything at all reasonable to say Walmart is charging egregious amounts of money. Whereas Dollar General literally steals from people and is in the least well-off areas to boot. You're just complaining to complain.
What does that have to do with Walmart?Price fixing by algorithm is still price fixing
Landlords and property managers can’t collude on rental pricing. Using new technology to do it doesn’t change that antitrust fundamental. Regardless of the industry you’re in, if your business uses an algorithm to determine prices, a brief filed by the FTC and the Department of Justice offers a...www.ftc.gov
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A lot of companies use algorithms to track competitor prices and use those when calculating their own prices. Sometimes this is used to undercut a competitor, sometimes it's used as justification to raise prices as "following the market." Companies justified this action as not actually price fixing because they aren't directly talking to their competitors and officially setting prices among themselves.
The FTC has now specified that using an algorithm to set your prices based on the prices of your competitors within the market still counts as price fixing, even if there's no direct communication between the actors.
The article I posted specifically talks about housing, but it does state that the opinion applies to every industry.
That's odd, considering you implied earlier that overcharging was only possible with "massive conspiracy"
This is your proof against Walmart... Really?
Dollar General purposefully lists prices as being cheaper on the floor than when you check out.That's odd, considering you implied earlier that overcharging was only possible with "massive conspiracy"
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You didn't ask for proof against Walmart. You asked what the issue is if Walmart and other retailers have the same pricing. I answered price fixing. Then I provided an article from the FTC about how using algorithms to base your pricing on competitor pricing is price fixing regardless of the fact that the actors didn't specifically discuss price manipulation.
I don't have direct proof that Walmart uses these algorithms, though I believe that literally every major business does. I think that any multi-billion dollar business is going to be data driven, and so would use algorithms like this. I also think that the FTC knows that this has become a significant enough problem that they are now attempting to address it.
If you want specific proof that Walmart is using algorithms to price fix with other retail competitors then that's not something you or I could prove or disprove because neither you nor I work for Walmart corporate or a regulator agency that would have access to the information necessary to prove or disprove that it's happening.
I can say that Walmart has been caught price fixing in the past and has been sued for it before, and is currently being sued for price fixing with Energizer and Duracell.
Walmart Energizer, Duracell Batteries Lawsuit
A lawsuit has been filed alleging that Walmart customers may have overpaid for Energizer and Duracell batteries—and attorneys want to hear from people who may have been affected. Learn more.
www.classaction.org
Schneider Wallace Files Antitrust Case Against Walmart and Energizer for Battery Price Manipulation | Schneider Wallace Cottrell Konecky LLP
On April 28th, 2023, Schneider Wallace Cottrell Konecky LLP filed lawsuits in the Northern District of California against Energizer Holdings Inc. and Wal-Mart Inc. The complaints alleges that Walmart and Energizer violated federal and California antirust and consumer protection laws by entering...
You replied to my post replying to Silvanus about retailers like Walmart price gouging, I guess you can show someplace like Target or grocery stores or Costco or whatever, not necessarily Walmart.You didn't ask for proof against Walmart. You asked what the issue is if Walmart and other retailers have the same pricing. I answered price fixing. Then I provided an article from the FTC about how using algorithms to base your pricing on competitor pricing is price fixing regardless of the fact that the actors didn't specifically discuss price manipulation.
I don't have direct proof that Walmart uses these algorithms, though I believe that literally every major business does. I think that any multi-billion dollar business is going to be data driven, and so would use algorithms like this. I also think that the FTC knows that this has become a significant enough problem that they are now attempting to address it.
If you want specific proof that Walmart is using algorithms to price fix with other retail competitors then that's not something you or I could prove or disprove because neither you nor I work for Walmart corporate or a regulator agency that would have access to the information necessary to prove or disprove that it's happening.
I can say that Walmart has been caught price fixing in the past and has been sued for it before, and is currently being sued for price fixing with Energizer and Duracell.
Walmart Energizer, Duracell Batteries Lawsuit
A lawsuit has been filed alleging that Walmart customers may have overpaid for Energizer and Duracell batteries—and attorneys want to hear from people who may have been affected. Learn more.Schneider Wallace Files Antitrust Case Against Walmart and Energizer for Battery Price Manipulation | Schneider Wallace Cottrell Konecky LLP
On April 28th, 2023, Schneider Wallace Cottrell Konecky LLP filed lawsuits in the Northern District of California against Energizer Holdings Inc. and Wal-Mart Inc. The complaints alleges that Walmart and Energizer violated federal and California antirust and consumer protection laws by entering...www.schneiderwallace.com
Just batteries is all you can find? We're talking about Walmart and others lying about inflation and price gouging on tons of things like food and necessities.
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That was just the most recent one, which happened last month.
I figured if I provided you historical examples then you'd complain that it wasn't proof that it's currently happening.
Walmart was also penalized $27 million in 2015 for price fixing regarding online DVD rentals.
Sources:
Wal-Mart To Pay $27.3M To Exit Netflix Antitrust MDL - Law360
Wal-Mart Stores Inc. agreed Friday to pay $27.25 million to settle a California multidistrict litigation accusing the discount chain of conspiring with Netflix Inc. to divvy up the online DVD sales and rental market.
www.law360.com
I can provide more examples but I'm pretty sure it's pointless for me to do so given how dismissive you are of retail price-fixing actually even being an issue. There's also international examples, but then you'd complain that it doesn't count if it didn't happen in the US.
Overall Walmart has been penalized $308,250,000 for competition related offenses, including price-fixing.
Again, how is Walmart (or any major retailer(s)) price gouging past inflation just to make more money? We're talking about people going to the store and having to pay more for groceries or clothes or just normal stuff.That was just the most recent one, which happened last month.
I figured if I provided you historical examples then you'd complain that it wasn't proof that it's currently happening.
Walmart was also penalized $27 million in 2015 for price fixing regarding online DVD rentals.
Sources:
Wal-Mart To Pay $27.3M To Exit Netflix Antitrust MDL - Law360
Wal-Mart Stores Inc. agreed Friday to pay $27.25 million to settle a California multidistrict litigation accusing the discount chain of conspiring with Netflix Inc. to divvy up the online DVD sales and rental market.
I can provide more examples but I'm pretty sure it's pointless for me to do so given how dismissive you are of retail price-fixing actually even being an issue. There's also international examples, but then you'd complain that it doesn't count if it didn't happen in the US.
Overall Walmart has been penalized $308,250,000 for competition related offenses, including price-fixing.
Also, that case didn't have anything to do with price fixing between Netflix and Walmart.
The subscribers alleged that the deal subjected them to supracompetitive subscription prices. Had Walmart remained in the online DVD-rental market, they claimed, Netflix would have reduced its prices to stay competitive.
In the 39-page appellate opinion, the three-judge panel said that the trial court properly ruled for Netflix on this claim because, when Walmart first entered the market, Netflix did not lower its prices - it actually increased them.
Netflix also did not lower its prices in response to a price cut by Blockbuster, which at the time had a greater share of the market than Walmart did, the court found, adding that Netflix never viewed Walmart as a true competitor.
Well, then you'd best find a way to force every publicly traded company to buy back all outstanding shares and then presumably distribute them equally among all employees?
I mean, or you could go start a co-op and demonstrate why said model is best.
One could do it by law. Just like we have laws against other things, including some forms of theft.
The model is best because it does not steal from employees to enrich an idle owning class; there is very little need to demonstrate this beyond what has already been demonstrated.