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No, it’s not the only route they have at all. There is a long history of companies screwing over their own customers to make money. I can’t honestly believe tha

No, it’s not the only route they have at all. There is a long history of companies screwing over their own customers to make money. I can’t honestly believe that you aren’t aware of this. Just look at how Wells Fargo a while back was opening up accounts and charging fees to customers who never authorized it. Or Purdue Pharma that gave kickbacks to doctors to prescribe opioids and misled the public about how addictive they were. Or payday loan companies that suck people into vicious cycles of debt. Or the numerous companies that profit from gambling addiction. Or the big banks that gave out dubious mortgages and lied about risks to investors, which precipitated in a global housing meltdown and recession in 2007. Or how cigarette companies lied about the dangers of smoking, leading to countless deaths. Companies will lie, cheat, and scam their way to profits if they have to. Not all of them, and not all of the time, but the endless quest for more money is always corrupting.

krupan 2y ago
Sigh. Sorry that I didn't specify "long-term route." Some of those examples are of companies making moves that made them money in the short term but hurt them in the long run. In a free market, customers can easily stop giving money to corporations that do that. I might point out that in a couple of those scenarios heavy government regulations and/or protections made that difficult for people to do. I would also point out that those examples are a small percentage of companies overall because again, most people are good people. Things will never be perfect, but we don't list off the examples of successful companies giving customers what they want because there are so many. Also, you have to understand that public corporations get cash from people buying their products and services and from investors. The investors are therefore just as much their customers as you and I are. Often it feels like investors preferences are given far more deference than your and my preferences. In a free market, we can pay attention to that and make choices accordingly. Finally, your opioid example is very pertinent to the original topic. You and I were not Purdue Pharmas customers in that scenario. The doctors and insurance companies were. We are just a weird cost of doing business caught in the middle.
- brokencode 2y ago
  Theoretically customers can give their money to some other company, but we have seen massive consolidation across most industries over the course of decades. Many important markets are dominated by only a few large companies. The free market works when there is actual competition. If we want a healthy free market, then we need vigorous antitrust action to block mergers and break up companies that get too big.
  - krupan 2y ago
    Correct! We seem to be in agreement here! I also would recommend that government should stop making regulations and tax breaks that favor one company over another. I think that would be even more effective than just antitrust enforcement.

krupan 2y ago

Sigh. Sorry that I didn't specify "long-term route." Some of those examples are of companies making moves that made them money in the short term but hurt them in the long run. In a free market, customers can easily stop giving money to corporations that do that. I might point out that in a couple of those scenarios heavy government regulations and/or protections made that difficult for people to do. I would also point out that those examples are a small percentage of companies overall because again, most people are good people. Things will never be perfect, but we don't list off the examples of successful companies giving customers what they want because there are so many. Also, you have to understand that public corporations get cash from people buying their products and services and from investors. The investors are therefore just as much their customers as you and I are. Often it feels like investors preferences are given far more deference than your and my preferences. In a free market, we can pay attention to that and make choices accordingly. Finally, your opioid example is very pertinent to the original topic. You and I were not Purdue Pharmas customers in that scenario. The doctors and insurance companies were. We are just a weird cost of doing business caught in the middle.

brokencode 2y ago
Theoretically customers can give their money to some other company, but we have seen massive consolidation across most industries over the course of decades. Many important markets are dominated by only a few large companies. The free market works when there is actual competition. If we want a healthy free market, then we need vigorous antitrust action to block mergers and break up companies that get too big.
- krupan 2y ago
  Correct! We seem to be in agreement here! I also would recommend that government should stop making regulations and tax breaks that favor one company over another. I think that would be even more effective than just antitrust enforcement.