Yeah, he was literally bragging about it on the quarterly earnings calls as it was happening. They’ve only paused the price gouging now that it’s a hot topic, don’t think for a minute prices will go back down or that this won’t resume in a year or so when there’s some other distraction available.
We need regulations to stop this predatory behavior, and we desperately need to break up monopolies like Kroger, if this problem is to be mitigated.
dual_sport_dork@lemmy.world 2 months ago
Anakin and Padmé meme: So we’re going to fine them that amount, or force them to refund it to their customers, right?
Right?
borth@sh.itjust.works 2 months ago
Consequences!!?? No, we’re just telling you about this shit we found.
cybervseas@lemmy.world 2 months ago
To be pedantic, in the meme format (as in the original movie), Padmé asks the same question twice. The second question is not just “Right?” knowyourmeme.com/memes/for-the-better-right
SpaceNoodle@lemmy.world 2 months ago
I have altered the meme. Pray I don’t alter it more.
octopus_ink@lemmy.ml 2 months ago
I’m not usually a stickler for adhering closely to meme “rules” but this one drives me batty. I never have the courage to correct folks though, so have your lemmy gold!
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Worx@lemmynsfw.com 2 months ago
Why though, what did they do wrong? They’re allowed to set their prices how they like as long as they’re not coluding with competitors.
(I’m not saying it doesn’t suck, obviously, but they are just doing a capitalism)
SpaceNoodle@lemmy.world 2 months ago
When you say “wrong,” what do you mean? Are you arguing that their actions are morally just, or merely not too illegal?
beebarfbadger@lemmy.world 2 months ago
Were this capitalism, the competition would simply win by offering lower prices, but Kroger was allowed to grow to monopolistic proportions so that they’ve either bought up any and all serious competition already, muscled rivals out of business or settled on quasi-gerrymandered spheres of influence with their equally monopolistic competitors, so that nobody undercuts them when they abuse their status to not offer the best deals, but instead price-gouge the people stuck in their sphere of influence.
theneverfox@pawb.social 2 months ago
First, I’d argue this was doing business in bad faith - they took advantage of a crisis to jack up profit on staple foods. That’s extremely unethical
Second, they effectively did collude. McKinley is a consultant hired by Kroger (which owns many different regional chains) as well as their largest competitors and suppliers. They coordinated the price gouging - it doesn’t matter if an algorithm does it or a third party does it, it’s still collusion. Adding a degree of separation doesn’t change the nature of the act
Kalysta@lemm.ee 2 months ago
Price gouging is immoral and illegal in many states. Especially for needed things like food.
Saying this is fine is cheering for the poor to starve.