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It's not a crime if we do it with an app

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Re: It's not a crime if we do it with an app

#301

More like "It's not a crime if a corporation does it." The US treats corporations with kid gloves. They get away with so much, and in those rare cases where a regulatory body does anything , it's often just a strongly worded letter, a warning, a threat to one day send a strongly worded letter, or, in really rare, extreme cases, a company official gets called in to say a few words in front of Congress. Nobody goes to…

Luigi Inc.

Re: It's not a crime if we do it with an app

#302
post #31

Earlier quoted context omitted.

The current administration, however, plans to let M&A run wild. Oligopolies don’t need an app for uncoordinated price fixing. The fact that there’s a cartel that controls 97% of the frozen potato market is wild . This will only get worse without breakups.

> cartel that controls 97% of the frozen potato market This is a weird and emotionally loaded statement. Properly stated, the top four frozen potato producers have 97% of the market share . That doesn't sound odd? In a mature market with very little technology innovation (potatoes) and very little geographic specificity (frozen), how many companies would you expect? How many laundry detergent companies are there? How…

It doesn't matter how the cartel came to be, if it's a cartel fixing prices, it's illegal. You are doing a lot of water carrying for criminals here, ever consider how that makes you look?

Re: It's not a crime if we do it with an app

#303

Earlier quoted context omitted.

A real world example: wage theft in the US is bigger than all other forms of theft combined. How often do you hear about it? We hear endlessly about shoplifting rings and lax enforcement by lefty prosecutors. When was the last time you saw coverage of workers not being paid what they’re owed? When was the last time somebody went to jail for not paying their workers what they’re owed?

That's not actually true. Wage theft is maybe third: https://truthnotoutrage.com/2023/12/05/retail-theft-dwarfs-w... By all indicia, shoplifting is a much bigger problem. I know this myth and wage theft in general are really popular on social media. I think its lacking of representation in traditional media and prosecution is a mix of how much more clear-cut shoplifting is and just the victims report it more.

Thanks. I suppose the “more than all others combined” would be “except shoplifting,” which is a big “except.”

I still maintain that wage theft is covered and enforced far less than it should be given the scale, precisely because of who the victims and perpetrators are. Your link lays it out nicely: “ While wage theft is a horrible crime against workers, retail theft also directly causes higher costs for consumers and arguably hurts workers even more than wage theft does.” Don’t worry about what we’re stealing from you, peons, the real problem is what you’re stealing from us.

Re: It's not a crime if we do it with an app

#304
post #277
post #268

Earlier quoted context omitted.

>Currently it shields nearly everyone from everything in nearly all cases from run-of-the-mill business failure all the way up to straight-up fraud. Tell that to Bill Hwang or Sam Bankman-Fried.

The problem is that only 0.01% of the people who need to be held accountable are. The number isn’t zero, clearly, but how many of the people who caused the 2008 disaster ended up in prison? My point exactly. I also think it’s clear that SBF was jailed for his effects on the rich rather than on average people. Worse than fleecing billionaires, he made them look bad. Clearly he’s a scumbag who deserves prison time, but…

>but how many of the people who caused the 2008 disaster ended up in prison? My point exactly.

>I also think it’s clear that SBF was jailed for his effects on the rich rather than on average people. Worse than fleecing billionaires, he made them look bad.

"The rich" was upset enough at SBF losing $32 billion to throw the book at him, but are totally fine with the GFC causing $2 trillion in damage to the global economy?

Re: It's not a crime if we do it with an app

#305
post #253

Earlier quoted context omitted.

It's possible to save pension by investing without pension funds. However the trick is that most pension funds are underfunded and run like a Ponzi, thus constantly need larger and larger group of young people to fund them. If and when this system collapses is going to hurt the government and that's why the encounrage to keep the Ponzi going.

The whole concept of "retirement" where old people are allowed to relax and be supported by young people, compared to the old days when people just worked until they died, requires enough surplus productivity from young people to look after old people as well as themselves. If the population pyramid inverts and there are too few young people, the whole concept of "retirement" becomes unsustainable, unless AI advances…

Setting aside that 'too few young people' is by definition when there's a problem, thus making it a tautology, there's a lot we can do by changing our views of what retirement means.

Retirement should not mean a life of air travel and cruises, achieved by pension savings.

Retirement should not mean continuing to live in your 2,500 sq. ft. ranch house in the suburbs with only car access.

John Maynard Keynes famously predicted we would be working 15 hours a week due because of increasing productivity. Where did all that productivity go?

If it's because we believed we needed ('deserved') more, then change those beliefs. If it's because of the concentration of wealth into the 0.01% then AI productivity improvements won't fix things.

The AI-mongers sell the false and unsustainable promise that AI will magically solve things so people don't need to change their habits.

Yet we can achieve a lot of savings by building more compact areas to live which don't require a car, and by building mass transit with the needs of the elderly in mind (no steps, low-frequency lines which run through neighborhoods, for those with limited mobility, etc.)

We can save money and get better health outcomes with a tried-and-true single-payer health care system done in every other developed country (eg, "Medicare For All".)

That can all be done now.

Yet we aren't. Because it's easier, and more profitable to those with money, to ignore the festering problem, with the fig leaf of 'AI' or some other future technology, and let someone else deal with it,

Re: It's not a crime if we do it with an app

#306
What I find terrifying with the system is that it's not enough to earn a living. You have to get rich. There will be no stopping until the complete market domination and then the line needs to continue going up significantly somehow. Dominate, then exploit.

Take Netflix's incessant price gouging. Or all the examples in this article. It's always funny seeing telco operators complaining about regulation and pleading that they'll self regulate and be good citizens.

Re: It's not a crime if we do it with an app

#307
post #59
post #42

Earlier quoted context omitted.

This. The entire point of corporations is to shield individuals from penalties, but they don’t work. Business failure in good faith, where the shielding makes sense, is not really protected because bank loans require personal liability and because it’s impossible these days to recover from a damaged reputation unless you come from a family rich enough to hire its own PR firm. On the other hand, when it comes to letti…

I get the feeling this was the plan from begining.

IIRC the modern corporation as a legal entity was created in response to the high capital and high risk requirements embodied in early western shipping ventures. The first stock exchange ("bourse") for this was actually French(?) (hazy here, possibly Belgian or Dutch, and probably roots in Hanseatic League financing if not beyond). FWIW there's a whole subset of the antiques world which deals in share notes - promissory notes issued to people funding capital intensive ventures like new railway lines, often beautifully decorated and serial numbered for nominal security against forgery.

AFAIK the follow-on concern of manipulation of the modern legal environment as a tool for unencumbered multinational greed really began with entities like the East India Company being empowered by pontificating rulers back home granting because-I-said-so immunity for arbitrary actions outside their borders, thus establishing the ground work for industrial scale opium trading, piracy, slavery, and banana republics. We're in a period of relative reckoning now where the cash-piles thus accrued are facing some popular scrutiny, but there'll never be recompense. As we've reached the ends of the earth and new wealth to seize has become scarce, we've turned to speculation and beyond earth to mars, the metaverse, and media in general. Stock markets are largely society's greed temples and in some cases designed for money laundering (eg. Singapore stock market for the Burmese junta). Even small companies on the public markets are worth orders of magnitude more than you can earn in a lifetime, leading to an intellectual drain toward speculative systemic value extraction instead of productive ventures.

IMHO a naive hope of crypto was a reckoning, instead we received the opposite: increased speculation, libertarian multinational economics and now abject political profiteering. No action on critical issues like climate. Less international trust and diplomatic potential than we've had since WWII - truly, we are lost. But it's less a conspiracy than a back-scratching piggy trough of reverent greed-inertia, in which all pigs are created equal but a cabal of investment bankers are more equal than others. Meanwhile everyone else slave for their locally dangled currency carrot, backed primarily by golden handcuffs of mortgages, an inertia of ignorance, a charade of democratic process, increasing global population dependence on multinational trade to meet quality of life expectations, and conveniently captured choke points like identity (The End of the Nation State: The Rise of Regional Economies), food (Stuffed and Starved: The Hidden Battle for the World Food System), regulation (Preventing Regulatory Capture: Special Interest Influence and How to Limit It), international logistics (The Outlaw Ocean, International Shipping Cartels), energy (Energy Revolutions: Profiteering versus Democracy), education (Privatizing the Public University), media (Selective Control: The Political Economy of Censorship) and weaponized finance (Confessions of an Economic Hit Man, Mortgaged Democracy).

It is perhaps not overly hyperbolic to state that the challenge of our era is to determine a mode of capturing the power of emergent technology to undo this situation, and nothing less than the fate of the planet rests on doing so.

Re: It's not a crime if we do it with an app

#308

More like "not a crime if a cartel of corporations does it" - not so sure it has much to do with an "app". Useful analysis of consolidation and resulting price increases due to "inflation", even if the title could use re-wording. Interesting that -- especially in an election cycle -- the government is blamed for "inflation", whereas a large contributing factor -- and the main one in this case -- are companies which c…

To an extent costs did rise. All sorts of materials are costlier. Rent is higher. Labor is paid more. Pre pandemic was what 6-7 years ago at this point, thats a long time for prices to stay flat. If companies like trek were making appreciable more profit margin today than 7 years ago, it should be apparent in their quarterly reports no?

Re: It's not a crime if we do it with an app

#309

Earlier quoted context omitted.

sherman act in usa

how many companies - lifetime - have actually been charged, convicted and significantly impacted by the sherman act?

Here is a page DOJ publishes on that (at least for fines). https://www.justice.gov/atr/sherman-act-violations-yielding-...

I also found this for criminal prosecutions under section 2 which is the section covering illegal monopolies. Pages 12 and 14 have some quick summary charts and tables.

https://www.americanbar.org/content/dam/aba/publications/ant...

Re: It's not a crime if we do it with an app

#310

Earlier quoted context omitted.

>Crimes are only “easy” or “difficult” to prosecute because of the laws as they’re written. Yes and no. Yes in the sense that you can make crimes very easy to prosecute, no in the sense that doing so usually makes unobjectionable or even good behavior illegal in the process. Take insider trading for example. It would be very easy to simply make selling the stock of a company you work for, or are in any other way part…

You could just say employees get a blackout period each year where they can’t buy or sell company stock.

That's basically what SEC Form 144 is.
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