I was wrong about Amazon
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- Опубліковано 19 тра 2024
- • Amazon's latest FTC la...
www.bloomberg.com/news/articl...
• Lina Khan pushes to pr...
• US President asks FTC ...
• Lobbying at legislature.
• Is FTC management demo...
• The FTC FAILS at their...
• Amazon accuses custome...
• Amazon cancelled my ac...
• Interview w/ ex-Amazon...
• Apple & Amazon fined 2...
www.bloomberg.com/news/articl...
www.bloomberg.com/news/articl...
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6:20 is evidence that Louis Rossman murders people just as often as Amazon engages in illegal business practices.
It was Clinton the cat!
@@spiderpig1736 Like Gotham. And some of the law enforcement are the criminals.
As a typical New York Business Owner(tm) he has probably worked several people to death while suing the survivors for evidently not working hard enough.
To paraphrase an anonymous mayor of London, "such things are part and parlour of big city life".
Human life, is a waste product of the crime engine of The Metropolis.
you are free to guess which parts of this are satire, and which are true
He's from NY that's the least you have to do to even get a business license.
@@Posichronic Naturally, the generous 150$ per m^2 rent ain't gonna pay itself!
I love that louis always admits when he is wrong and has no problem owning up to it. It's a rare trait.
incredibly rare on the level of chansey in generation 1 pokemon games.
This is one reason why I like Louis. I'm retired now, but my boss used to say I was too honest, so I really relate to his philosophical values. Being honest served me well but it did hold me back somewhat in advancements, while others passed by me with their dishonest claims.
@sheilaolfieway1885 oh we are from different generations. But I think I get it. It is as rare as surviving your first attempt ever in Adventure on the board with the red dragon on a modern TV with the low latency turned off.
Integrity dead unless it comes down to a common man. ❤💪mad respect
@@davidabrintonand I hate that this how we've decided to make the world work. I am as honest as I can be every time I have the chance, and people seem to regularly be against someone that is open enough to not want silly complications in his life. Like why is it that we complain when people are not truthful and these dishonest people take positions better people should have, yet we complain about and hold back people who are just simply honest?
Until the dust settles, I do not trust that the FTC is going to do anything meaningful.
Yeah my first words after hearing this were
"I'll believe it when I see it"
I can see them funding Epstein before they'll do any justice against monopoly corporations
I don't trust the FTC at all. The MS/Sony case is a perfect example of this. They are attempting to claim that the Activision deal would hurt consumers, but then spent the majority of the time in court explaining how it would hurt Sony. To the point where the judge actually had to ask them "okay, but how does this hurt consumers?".
@@CaliMeatWagon
Fk Microsoft as well.
How many generations are they in and they still don't make their own games.
All they've ever done is buying multiplatform games and huge publishers ffs
@@CaliMeatWagonftc is correct on that, how can you let 2.5 trillion dollars ms buy up all the gaming industry.
"FTC plans on filing......" yup, plans like these rarely come to anything.
You're right to be salty. The regulatory bodies are weak. You know these companies weigh the consequences of their actions to how much they'll be fined and willfully violate the law.
They are not weak. They are powerfully corrupt. The big players know which palms to grease.
...or they just do the sums on how much it will cost to eventually win. It's purely a business decision.
CEO: "If we rip off this little guy's patent, how long will it take him to go broke trying to sue us?"
LAWYER: "Up to 5 years in court and he'll be down 3.2 million bucks before he caves, on average."
CEO: "OK - I'll give you a budget of 8 mill. Do it."
Almost all the regulatory agencies are staffed in large part by personel with active and/or historical ties to the companies they are regulating. Some staff even drop out of the private world into these agencies and after their stretch making a lower wage in government are rewarded for their public service getting high wage board jobs and such back into the sectors they were regulating. It seems apparent that these folks even understand that if they play the game right they will be taken care of later on. Very ugly and not a very good return for the American people.
If it's illegal & the punishment is a fine, then it's legal for a price.
In fairness he does live in a state that loves to gut regulatory bodies.
So if they settle for peanuts will we get a video titled, "I was wrong, about being wrong."
I trust you because even when you're wrong you own it. I can't say the same thing about our government.
If nothing else I certainly hope this case puts more of their practices in the light.
Yes. I hope that isn't coming. But, yes
"Corporate Totalitarianism" that goes beyond classical communist totalitarianism?
Louis for president! He'd be the shittiest politician ever.
funny how large corporations worth nearly a trillion get fined a couple of millions because "oh yeah, we gotta be reasonable, just because they're worth a lot of money doesn't mean that we can just rob the crap out of them, this ain't venezuela!"
but when it comes to private individuals like alex jones, they can file lawsuits for billions, and even when they get like 1 billion here and another 500 millions there, they're still not happy and want the judge to get 2.75 trillions from him because apparently each violation is supposed to be up to 5 grand and his sandy hook qonspiracy theory crap had collected a combined total of like 500 million something views over the years.
so when they don't like what someone is doing and that individual is a private citizen that has harmed a handful of people in indirect ways, it's totally fine to absolutely crush him with ridiculous punitive damages, and the judges have zero issues with entertaining that stuff.
how about applying that shit to stuff that actually matters like massive corporations that are screwing people over? how about take that 30 grand or whatever buddy here said the number was, and apply that to every single person that has bought a product from them over the years when they were screwing customers and preventing them from repairing their own crap without some parasites trying to charge them more than the product is worth? 30 grand times the number of products that they sold in the last decade or two or however long they have been messing around for.
but nah, those are beloved woke leftist companies. no way that you can go after the dear beloved greedy ESG-rated companies. the little alexa will have sent some artificially intelligent wifi bluetooth signal through the super-cloud to beep that "smart" toaster of the executives so that they an quickly warn the judge and have him preemptively dismiss the lawsuit through telepathy before you are even done typing up the lawsuit. the judge would never even entertain the idea of a fine that reaches anywhere above a couple of millions, or maybe a handful of billions if they were shown to have killed tens of thousands of people knowingly and covered it up for decades or something crazy like that. but never would they ever go like "oh yeah? here's a fine of a hundred billion dollars or ten percent of the market cap of your trillion something dollar company, now go cry about it"
gotta crush the little people that don't conform to the woke "enlightened" radical leftist agenda instead.
Even when I am not particularly interested or don't have much time for a youtube video I tend to click on all Louis's videos. We are what we consume. There are a few people I watch because of their character. It rubs off and helps me act like an adult. Fake it til you make it!
It's time to break Amazon up. In the past companies have been punished for far less.
It's probably a $$$ factor.,..... They can just just do whatever they want when they get "in trouble"
Thats what his lawyer meant by lack of engagement. I really think things changed about when DRM was passed. Suddenly it was incumbent on the hosts to settle disputes, which the largest concentration of offenders found the system easily manipulated...and the fyc did nothing, and now it's mainly up to states and individuals to bring suits that are well within the the regulatory authority of the FTC to intervene...but they just wag their finger.
Anyone remember ticketmaster being found guilty of corporate espionage, sabotage, and tortious interference? They hired a guy that worked for there only real competitor that knew the system and, used his knowledge to bankrupt that company. Ticketmaster got fined a few mil, but they are still the dominant power in the market and that company is still out of business.
As Brett Weinstein would say "they have been captured" meaning there's likely some handshake deals with profound conflicts of interest driving their decisions.
@@HH-ru4bj Good points made, but I recall Arthur Anderson the auditors were run out of business by the government, appealed in court, and years later, after AA was already bankrupt, the appeals court said 'yeah, the government should not have been that harsh on AA' (it was related to the Enron auditing). So the government is not always the good guys.
@@B-RaDD Not if they face monthly fines until they fix whatever they got sued for, with some percent increase. Idk what the legal term is :(
If Amazon will terminate his affiliate program for something so petty as his coverage of this Ring doorbell incident, what is next? Cancel MINE for this post?! Clearly Amazon has gotten way to big and high on it's horse. Amazon has PROVEN the point themselves the original video sought to make. A company being operated this way will ONLY get even more petty and vindictive with the increasing power it amasses.
There aren't many content creators that go out of their way to admit they are wrong about something. thanks for the honesty
Only thing that would've made this video even better would be a minute of Oreo's hot take on the FTC
I watched the whole video and couldn't figure out what he was owning up to or being wrong about?
@@iamperplexed4695 He was wrong about the FTC only giving Amazon a slap on the wrist , it seems like the FTC wil be going heavy handed towards Amazon.
@@mynameisprivate158 what ever they get, is just going to be tax write off, form there books, if actually was high enough, to give Amazon some pain, they will just set team of high cost/fly lawyers at it, saying legal mumbo - jumbo, amazon does not have the money to pay the fine, and get it reduced to $1 the have to pay 🙂
well in two weeks it will be sorry for being sorry.
Amazon: Makes 3rd party sellers of (like new) refurbished goods list them as "used."
Also Amazon: Lists scratched up used smartphones as "renewed", "excellent condition", and "climate pledge friendly."
thats a good one :D
no its not used or in bad condition.. its climate pledge friendly
(greenwashing intensifies)
Or more recently: "Renewed Premium", a.k.a, "let's jack up the prices of good used units and sell the beaters for the current amount". Too bad, because my last two phones were both Amazon Renewed products and were both flawless. Looks like I'll have look look elsewhere next time.
I won't buy a phone from anywhere but Swappa. It's done me well.
@@IanBPPK I got a tablet on swappa once. The seller wiped all his accounts and personal info but left a bunch of tranny porn on the internal memory. I'm still not sure if it was accidental or intentional.
This really affects older people who aren't as Internet aware. My mom was signed up without her knowledge and with her lack of vision she didn't know
I wish all websites would get a $10,000 fine for automatically enrolling people or re-enrolling people with hidden, obscure boxes you have to check to op out. It is one of the most CS unethical ways to do business that is commonly used by almost all big internet companies. Wrong is wrong. I have the same issue going with my elderly mother subscribing to things she sez she never intended or didn't think through. Had to take her credit cards away, get new numbers and make her ask my wife and I to review anything she wants on line as the internet is so crooked and misleading.
Wdym?
@@Reiman33 Hey Alex.. If nothing happened, then why is Amazon being investigated?
@@Reiman33"scam from third-party that siged her up to amazon prime". Lol.
@@Reiman33 For someone that claims to be a free speech zealot, you sure do a lot of shilling for major international corporations that love shutting down free speech. Perhaps you should change your name to the antifreespeachzealotandcorporatebootlicker 😂
Our good values in America are falling apart. Too much reward for bad behavior, while holding those with good behavior responsible for those with bad.
those values were always part of american exceptionalism propaganda and not true
There is a lack of human decency, respect, integrity.
Well a large portion of America nowadays see capitalism as *the* foundational value of the country. Ahead of Democracy, Freedom, and even God for some supposedly "Christian" people.
It was literally only a matter of time before the people, the country, the environment, and the government were sold to the highest bidder.
Very true, and I would also say that for things to change, we as individuals need to change as well. It starts simple, like cooperating with each other in traffic, for example. Learning to pay attention to those around us instead of focusing solely on our own convenience.
It is the focusing on our own convenience as the priority that has strongly contributed to taking us down this path in my opinion.
This comment is not directed specifically at you. I dont know you at all, and so im simply sharing what came to mind when reading your comment.
Also, if anyone dissagrees with what i've just said, please, feel free to express your perspective and what you are basing it on.
If by good values you mean pillage, rape, burn, enslave no they are not falling apart.
For my seller account interview with Amazon, the interviewer made me hold my passport up for 10 minutes, flicking through every page, asking me to spin it, bend it, show the edges, move it back and forth over and over again. It was the most bizarre thing I have ever been put through and at no point did Amazon even ask what I was intending to sell. It was all about wanting all my identity documents. In the end, they said the passport had expired and I'd need to get a new one if I wanted to sell on Amazon. They are a loathsome company.
Do you realize the scary situation you put yourself in? Regardless of the fact that it was expired, it still had correct information, which an underpaid rep can see. That's how your identity gets stolen.
That's why I hate facebook. They want you to display real information which scammers scrape and use. Facebook is a scammer's dream come true.
You'd think asking to see the expiration date would be the First thing to do with a passport, followed by checking that the picture actually matched the person (simply because doing it in that order is quicker and easier and you need to check both anyway.)
I wonder what the process is like for all of the Chinese sellers that have flooded the site with dozens of identical products sold under gibberish brand names.
@@laurencefraser It seems she only noticed it right at the end. To me it felt like she had an identity theft scheme on the side. Asked to see my driving license and rejected that too because it doesn't have my photo on it.
wtf man? I'd have told him to just F off!
The FTC is a commission. It was designed that way by the legislature. Who, also, could fix this entire problem with the passage of a _single law_. Lina Kahn is doing her best, but we need to be pressuring legislators to clear the path for her.
The USA has a strange way of letting politics handle companies instead of bureaucrats.
Imho bureacrats would do this much better. They like rules after all. While politicians prefer to get re-elected.
Absolutely. Especially in the wake of legal challenges, direct and otherwise, to the FTC's overall authority.
The FCC is a commission but they will come down on you hard if you operate a pirate radio station. The FTC just doesn't want to do its job.
@@Robbedem The problem will persist, on all sides, so long as capitalism continues to incentivize profits over people ...
@@Robbedemthe problem is not who in US handles companies, but how much attention being paid and broken causality between being good and getting re-elected.
I wish amazon would give the full price of an item including tax and shipping before getting to the second to last payment screen.
I agree, that would be nice
they wont do that until they are legally obligated because it makes people spend more money if the price is not fully shown
@@chiefpanda7040yet somehow other places like Ebay do it easily. And people wonder why I dont buy from Amazon often.
They do that for the uk, but that's standard over here (including in shops)
sounds european, are you a socialist or something???you commy 🤣😜
I closed my amazon account 3 years ago. All it took was being duped into signing up for an unwanted prime trial while I was buying a new laptop, to make me delete my account with them.
Amazon signed me up for every service they have without my knowledge just because I was previously a customer, and they had my card numbers on file. They signed me up for things I've never even used before, including "Amazon digital", which is Showtime, something we already get with our cable provider. They also signed me up for Amazon Music, and I payed for it for 6 months without ever using it. I never signed any auto-renew agreements or anything. I was paying for Amazon Prime for even though there was an enormous red banner across the top of all of my Amazon pages that said I didn't have Amazon Prime. My packages from Amazon came in red and white envelopes, and/or boxes with red tape which I thought denoted a non-prime membership even though I was technically paying for it. I had no way of knowing. The Amazon charges on my bank account I assumed were purchases because I made so many. I think it's blatant criminality.
How? DOnt you get notification on your phone for every payment from you card? Dont you have montly spending breakdown in your bank app?
@@robertnomok9750 No phone service here, and I never got any emails from them confirming I was getting these services.
Always makes me wonder how in the world one doesn't keep track of their money. Must be a first world thing 😂
@@korakora59 it's usually people who check every "agree" checkbox they see without actually reading anything. It's a first world thing but more specifically it's a LAZY/Ignorant first world thing
@@PutsOnSneakers You seriously read every word of every EULA?
Nothing will happen till people start refusing to shop on Amazon. It's a huge pain and makes my existence more difficult but I go out of my way to buy the things I need to run my business anywhere that isn't Amazon.
If you read about Lina Khan she's known for the article: Amazon's Antitrust Paradox as well as other companies in Big Tech. Apparently when she was appointed as FTC Chairwoman in 2021, both Amazon and Facebook filed petitions for her recusal from investigating them, because they though she'd wouldn't be impartial enough given her past criticism about them. Didn't go through of course, but the fact that they see her as a threat says a lot about her determination.
Great news. Finally someone with balls. ( metaphorical )
Problem is because she hasn't recused herself, they will get to appeal using her bias as a valid excuse (it would hold up in court), were they will basically get to pick a court that likes them (any court that dislikes them has the same conflict of interest argument), and have any fines or punishments neutered. Remember they are capable and content to keep any case against them held up for potentially decades, before finding a single friendly person to strike it all down or reduce it to a slap on the wrist.
Meanwhile in 2023, "Ethics Official Owned Meta Stock While Recommending FTC Chair Recuse Herself From Meta Case." 😂
@@spiderpig1736 in fairness they have the means to pick the president should they want to, they just don't want to because its not a good investment and buying Congress is cheaper.
First step is making it illegal for lobbyists to walk the halls of the house during votes.
They're gonna continue to get political backing when they keep throwing money at these politicians during voting time.
lobbying should be illegal anyway. It's daylight corruption
You might be surprised how many individuals have lobbyists representing them. Just a few. For people over 65 Aarp, amac. Gun owners...NRA, GOA, 2NS AMND. FOUNDATION. workers....most unions. Those call themselves environmentalists.... small business owners. Tax payers.
Welcome to capitalism! Profits over People!
@@fredbecker607system needs reform. lobbying is good in theory but money cant be the currency exchanged for time and an open ear.
@@3nertia capitalism doesnt have monopol on greed. capitalism may worship the power of money, but that also means that in capitalism if you got something with money, you own it.
greed is part of human nature and is not restricted to money or capitalism.
It's rare for a content creator to admit they won't stop murdering with a nickel for a penalty.
The FTC needs to fine them a percentage of their gross revenue. If they are forced to pay large percentages of the money they take in before any business expenses that forces actual consequences. It’s like for class actions they should have to repay the consumer the cost of the item that affected them.
Why are we not dealing with percentages? This country is mentally bankrupt.
If Amazon is forced to raise its prices, millions of people may no longer be able to afford certain items. But they do need to be broken up, because they have so much money they can influence the government.
Fine the officer class and pull from percentage of profits.
@@jong2359 No, capitalism is just morally bankrupt ;)
AFAIK GDPR in Europe work same way. Fine 300k€ but not less than 30% of gross revenue
I learned at the start of my carrer in 1997 I quickly realised that admitting something was your fault was the best way to operate. I got popular for doing that as people would ask me a question knowing that they'd get the truth, even if it was a mistake. You get respect and friends from work by operating in your honest self.
Great video sir.
doesn't FTC receives their budget from Congress, the very same Congress that receives lobby money from big corporations? 🤔
Amazon's power and the lenient fines they receive for mistreating customers are concerning. Big companies like Amazon have too much influence over our government. These minor fines are insignificant compared to the harm they cause. We need stronger actions to hold them accountable and protect consumer rights.
They have far too much impact and control over the economy in general, and not just in the USA (though the USA is particularly affected, in part because that's their main base, but also because other flaws in the way the US Works just make it especially vulnerable). They'd be dangerous and need breaking up even if they weren't influencing the government, abusing the workers, and manipulating their customers. And unlike a number of other entities that get that massive and really shoudl be regulated, there's no good reason NOT to break amazon up. Because the arguments for allowing such behemoths to continue to exist Don't Apply. (It is not doing a job so dependent on the network effect in order to be able to function that breaking it up into smaller entities would actually make things Worse for all involved, nor is it major infrastructure (infrastructure generally benefits from central planning, funding, and control*. Consumer goods Do Not.)
*in the absense of the delusion that such things are supposed to be Individually and Directly Profitable rather than an awareness of the reality that they facilitate Other entities being more profitable and thus returning profit to the government by way of Increased Tax Take (without increasing the tax Rate). Because trying to opperate such things based on such delusions just results in a degredation of service, and thus the loss of the benefits they provided, thus reduced profitability for the businesses that they served (note that this may mean 'made things cheaper for the consumer who thus had more spare money and spent it at those businesses'), which reduces the tax take at a given rate... which necessitates raising taxes, or cutting services, or just borrowing more money (that last one works just fine so long as your economy is expanding faster than you're borrowing... too bad you're borrowing to cover for your economy Contracting...)
@@laurencefrasernice mental gymnastics. You must have a gold medal, trouble is you need a chest to pin it on
Amazon is basically a part of the govt the type of service they offer is basically a public utility and in our new socialist hellhole the govt will do anything to keep them happy because they make out country run but nothing's stopping someone else from getting some investors and making a competitor unless their price fixing and a competitor can't make a profit at that point they would have to be broken up which is highly unlikely since their already so tight with the govt
I'll believe that the FTC is going to do something significant when I see it happen and not one instant before that.
And they actually pay instead of sending a barrage of countersuits in an attempt to gum up the works.
A man uses and abuses his employees to become one of the richest men in the world.He then uses the money to buy a 500m yacht. He then finds a plastic women that he thinks will make a great wife. And yet we put him on a pedestal. Insane world I live in.
Don't forget this yacht was so big, we had to dismantle a 70yo bridge for it to pass
Yeah, I was wondering this too, why do so many tech billionaires date down?
maybe that was also our fault a little:D
...I think it has a support yacht too 🤦♂️🤷♂️👍
😂 on the plastic woman! I thought I was the only one calling these "overhauled" aging women that.
Louis, I can't believe that you're able to keep such a calm demeanor even when it's clear you're furious at these shitty companies and their vile practices. I hope one day to be able to keep my composure like that when under severe duress. You're an absolute legend.
I am so happy that this is finally happening, i had a $10million turnover business running on Amazon which was finally killed off by Amazon in 2016, a business we built over 10 years.
I found out through a consultant I knew who did a some work at Amazon and told me that our business was put through a “Stress Test” to see how we would react/survive when they would randomly remove our buy box.
That sounds so illegal! What did you do afterwards?
Gross, did you end up going after them?
For some reason, I would have expected a lot more from a company who gets staff in trouble if they don’t walk in a straight enough line when they’re going for a piss.
The system of fining companies is completely bogus. That's just another government extortion racket. Company abuses consumers, government fines them, company pays fine, government gets more money...how does this help consumers?
The theory is that the company will probably then change their policy. I also think that government getting the money is not the solution, there should be some other non-partisan group that has to get the money and give it back to the public.
The fines aren't punishing. They are "slap on the wrist, publicity stunt get-out-jail-free cards".
No one questions the amount of these fines with regards to the damages caused by the offending corp. It's a bit like taxes. More fines and red tape for the middle and lower class, less for the Board/Execs and corporate entities at the highest level. The greatest corporations commit the greatest crimes at the greatest scale and pay the fines at pennies worth relative to the negative impacts.
Multi-billion or trillion dollar fines by a government would essentially sever the respinsible politicians re-election funds. That's not to mention an incredible amount of economic, social, and other factors at play. As long as folks are voting with their TVs and "reputable" News media....the elections will inevitably go wherever the marketing is.
Your phone makes a poor substitute for Mr. Clinton.
I will call Greenpeace to tell them that you want to watch Clinton the cat on screen without his consent. |
STOP CAT CALLING !!!! IT IS SPAXUAL HABASHMENT mmmkay?
considering the revenue that amazon generates in Italy alone , $225m is pretty good. It is about 2,57% of their revenue in 2021. Although I don't live in the USA but I'm pretty happy to see someone who fights for justice. I watch your videos regularly. Keep the hard work !
When shopping on Amazon, there's a button to sort by lowest price. I don't know why this even exists, because it apparently does nothing. Occasionally, it will sort items ON THE CURRENT PAGE, but there may be lower prices on another page that aren't sorted in. Even then, sponsored items get priority, which I'm honestly okay with if there's one row of paid ad items at the top of the page that I can scroll past. But they're instead randomly shuffled into the other results. and WTF when I filter by "Under $25" and I'm still shown multiple sponsored items at $300+?
I just tried amazon the other day for the first time in my life and had that same experience! The search results are also crap by not showing you a lot of things that you have to search a few times for , perhaps with slightly different search terms to show up, despite the fact they also matched the first search terms you used. I was blown away at how bad it is. How did amazon get so big like that? I guess it wasn't always that bad. Like google search has gotten way worse in recent times too.
When returning broken tech to Amazon, ALWAYS make sure to write in all-caps BROKEN/NON-FUNCTIONAL on the article‘s box.
Else they’ll just put it back in the shelves and ship it out again. This was/is a big problem with f.e. the Kindle….
Hope amazon loses everything
I think that once enough money is exchanged with the right people, the FTC will have a sudden change of heart.
That will be informative and unfortunate
What's wrong with you????? Don't you know that there's never "enough money" within the "right people" circle?
@@PutsOnSneakers oh shit, you're right. If these types of people knew when enough is enough we'd likely not have so many issues in our economy.
Your transparency and your integrity are refreshing these days. Thank you for staying true to your core values Louis.
Back when I would look over contracts, customers would list things like one hour on site, having the part with you, etc. My VP would say one thing - what are the penalties listed in the contract? None - sign it then! If there are no ramifications for bad behavior then why would it ever stop?
Comment for algorithm! Thanks Louis for the content as always.
You'd failed if you never have tried! You brought and keep bringing light to this issues so that is huge win!
We need this, we need some one to repeat this issues over and over so the corporations cant just make them disappear in their greedy BS.
Louis, thank you for everything you have been doing bringing all of these things to the forefront. I use your videos to learn about whats happening in IT around me. Thank you for everything you do, I really appreciate it!
"But i'm still salty" flippin love this stuff!
Keep it up mate! Much respect!
Fines for corporations is great and all, but what prevents them from transferring those costs to us, the consumers?
If you are willing to support a company with rising prices due to recurring fines, I'm not sure how to help you
They will already be raising prices as high as they can to maximize profits. Raising them higher reduces market share. So that would leave them with the choice of raising prices further and losing volume or eating the fines.
in my opinion, an Antitrust lawsuit should not fine companies a specific amount of money if the lawsuit is successful. instead, the fine should be *proportional* in terms of a percentage of that company or corporation's yearly profits based on the average of multiple years (ex: 5-year average so the company can't simply reduce their yearly profit with the magic of Dubai if a lawsuit were to occur). so rather than make amazon pay 18 million dollars, amazon would instead now have to pay, for example, 18% of their 5-year average annual income to the FTC if the lawsuit were to succeed, with that percentage increasing every time an antitrust lawsuit is filed against them in the future. not only would this be an *actual*, painful hit to large corporations, but any small or struggling business getting in trouble with the FTC would not have to worry about a crippling fine but still be enough to hurt as well as discourage them from doing anything anti-consumer thanks to the threat of an even bigger fine.
Make it from the gross income, not taxable income. Then it will truly hit. If its on taxable income, and the've been utilizing loopholes, the impact will be affected.
@nate2838 optimistic, but it's a pretty good idea! can't hide gross income overseas
Fines should be proportional to egregiousness. Penalties should be the entire estimated profit derived from the violating behavior.
Loius, I've been a long time watcher and nowhere near any poster, please dont ever stop being a monumental role model, you tell us all the time to never lose hope in doing the right thing and please I hope you never lose your motivation to do the right thing, and even if you did we'd understand completely, you're a beacon of truth and rationality in our age, and not to mention you crack me up along the way, you do an amazing job bro!
Man! I wish more people in my country would be as intelectually honest as you are. Thank you for your honesty and care. Greetings from Colombia.
admiting beeing wrong is one of the reasons why i watch the channel since 2015 or something like that
Title should be: I was wrong about the =FTC=
Being salty, taking everything with a grain of salt and being skeptic about everything - I think those are the qualities we love you for.
You have by far my most favorite channel on UA-cam. I'm waiting for the day that I could honestly disagree with a point you make, but that hasn't happened once in the last - I don't even know how many years now. Thank you for all the amazing shit you do, Louis! I wish more people were as realistic, humble and honest as you are.
As someone that has canceled Prime multiple times because I basically get it once every six months because I order everything I want at once, I never had an issue canceling prime. However, everything else you are speaking on, I'm with you.
i don't know much about the drama involving Amazon, but i also never had any issue canceling prime.
What advantage to you get with prime for ordering things?
@@linsqopiring6816free delivery and some nice deals, i believe
While I agree with you Louis, surely the first thing that needs to be corrected is to stop businesses from running the politicians who (claim to) run the country ... put back the limits on donations and stop dark-money & pacs.
The freedom of speech argument is real and valid. The fantasy that limits help is not. Were labor unions ever limited? Government is so evil that it's pretty much impossible for any good to come from it.
I singed up for the Prime trial. Canceled few days before, didn't go through. Contacted them and they admitted it was their fault, still didn't give me the full price back, because of exchanging the currency twice, lost 10$. Screw them
Thank you for framing pessimism as a win/win proposition... people have been trying to talk me out of this mindset for years, and I finally have some words to express myself.
Yeah, pessimism has a bright side. They shouldn't punish the companies. Land a CEO in prison for twenty years and things will change.
20 years of federal pound-me-in-the-ass prison... not the usual white-color resort prison.
That's not really a solution either. Especially because they could easily use a scapegoat CEO to take the fall *coughs in Disney*
the ceo is not realy in charge, this is just the public face.
some ceo's have alot of shares and thats why they have any power at all.
No it won't. You clearly don't follow wall street news. It happens quite often.
They make enough money to take the fall on behalf of the company. Lock 'em up.
Amazon should be divested of the logistics part of its business.
Problem is you can't really. Best you can do is force it to be a seperate entity, but it would be owned by the same parent company.
Forcing a business to split up doesn't really hurt them, if anything it let's them find new and unique ways to get tax breaks, screw over employees and raise customer costs.
Amazon screwed me recently. They bricked my Fire stick. Spent hours on the phone with them only for them to tell me that I would have to buy a new fire stick.
Offered me a $10 credit towards the purchase of a new fire stick.
And did not honor even that!
Have spoken with them twice about it and they repeatedly promise it's coming, then rush me off of the phone.
Heck yeah, awesome. Been long reported the FTC was slowly moving away from settlements and moving towards much firmer outcomes. Looking forward to the next in this series! ☺️
You sound like a classic radio host voice...
Louis admitted he was wrong multiple times, guess I have to trust him more. Shame on you Louis!
My life philosophies that I keep trying to impart to people:
For a pessimist, life is full of pleasant surprises as well as bad times that we have had the opportunity to prepare for. For an optimist, life is full of horrible situations they're not prepared for and good things they take for granted.
As a pessimist, it is my pleasure to be proven wrong.
It's a rare form of integrity nowadays when a person admits they were wrong in front of millions. All y'all better like this video.
thanks for the update.
Thejoys and rewards of Pessimism 😂😂😂😂
Hey I did the math to Amazon 30mil is .000022
To an average American that makes around 60k annually that is $1.32 to them. That was some great napkin math Louis!
Thanks for your persistence. The politicians have to know that if they don't force the oligarchs to behave the public will!
Louis the person we didn't deserve but the person we needed.
(No this is not being a fanboy, it's just appreciation.)
show me your kitties
This is why I respect you. You have integrity, I wish it was more widespread. I would have fought my Medboard from the Army harder if half my leadership had your integrity.
Love this channel. Never stop Louis your channel is absolutely necessary!!
0:13 "One of the greates thing about being a pessimist..."
I swear to god that is something I say often to my friends. And I am usually known for having a wholehearted and fun personality. They say the only part that sucks with me is my pessimistic approach.
Love this line, and you, Louis.
Admitting being wrong what majority of influencers won't nor so many won't do. it's crazy how far many will go to not just simple say "i was wrong" and that's rather sad.
much love louis!
I worked in a company that sold on Amazon for a time. There is so much wrong with how they conduct business - it is awful. Can't say enough how bad they are. 3 things: They would occasionally make sellers show proof of purchase invoices to prove the authenticity of the products and then went to the sellers and asked to cut out the middle level sellers and sell direct to Amazon. For mixed storage (can't remember the term) they used to accept X amount and then retroactively change the record when they lost items, add back if you complained (no doubt taking from other sellers) and sometimes taking it back again. They froze the company's seller account based on spurious reasons and would not return the balance, kept interest free for many months until they paid an expert, and agreed to stop doing something they hadn't been doing. But then there were minor things like not giving back 100% of selling fees for returns, etc.
Being salty is what tends to prevent us from accepting give-and-takes and anchoring. Being salty is our instinctual defense against what is presented as logical and reasonable, even though it isn't once you apply a bit of contextual awareness. It's what allows us to not settle for less than what is just.
Be aware of when you're salty, but treat it objectively rather than dismiss it.
Sometimes I wonder who the 50 or so people that cast dislike votes are.. who would back Amazon and all of its shady practices and disagree.. do they lack a rudimentary education or actually believe in the ideals of corporate monopolies.
Then I remember that UA-cam really doesn't care who casts a vote and it's probably some 5 year old who literally doesn't understand what's going on when Louis gives a genuine commentary about corporate America.
All that is to say, you definitely have a 100% positivity rating on the vast majority of your videos. Keep up the good work. We need more people like you to help the world become a better place. Ignorant people will let the world burn around until we're left in a dystopian nightmare if they remain uneducated on these issues. I know that it sounds like a bit of a reach, but all members of society need to start caring more. I appreciate all the time you put into broadcasting messages about these topics. I'd love to see people with your outlook running for office one day.
this right here is why you are awesome. integrity.
thank you for all of your videos
♥️🙏♥️
So honored to digitally know you 🙌 keep up the hard work
We have big pharma, big food, military & industrial complex, big tech, and now big trade.
Untouchables badly needed.
The ultimate perfidy in the actions of *all* government agencies that hand out fines is that no real consumer or marketplace seller gets a single dollar or euro out of these settlements or fines. All of it goes into the agency's budget and at the end of they year they use it to pay themselves huge bonuses for "good work".
Hope you’re healing up well from the surgery
Thanks for letting us know! But I truly doubt it’s going anywhere!
Amazon used to charge my credit card for Prime, even though, at the time they were disallowing shipping from the states at the time. They never told me! It kind of pissed me off at the time, but I got over it. Back in those days, I could order from Amazon US, OR amazon Canada, and just pick the best price. There were always huge differences in prices, but shipping was still free.
Thank you for using your platform to inform people about this. I doubt I might have known otherwise.
“Who gives a shit about scrutiny”. Exactly.
Let’s see some real action against Amazon anti-competitive practices.
When CEOs, Directors, Presidents, and VP start seeing jail time, then you will see change.
You seen so incredibly confy every single video!
If I remember correctly it is Sweden that has fines based on income and not based on flat amounts... as a result there was a news story about some rich man who got a few hundred thousand speeding ticket lol... imagine if they did that in the US, I am sure a 5% fine to amazon would get their attention.
Finally a win for Louis and the consumers, Amazon Prime is such a scam
At last someone who gets my philosophy. People always call me negative. I always reply "A pessimist is never disappointed"
You're absolutely right, all the good is a slap on the wrist and suffer no real consequences! As the owner of an electronic repair service in South Florida I've experienced firsthand what's your commenting about.
I love how someone else gets how being a pessimist is a win win.
I'm a subscriber of Prime, but I'm always kind of mad every time Amazon auto renews my subscription and doesn't notify me of it. Of course, I have it to auto renew on purpose, but they should still send an email or something. I shouldn't have to find out I've been charged whenever I decide to check my balance. I'm glad the FTC is saying they will crack down on this. Hopefully they aren't just farting into the wind.
What gets me about Amazon being shitty to refurbishers is that Amazon sells refurbished phones and sells them with a "bill of health" that in my experience has been utter bullshit, such as "we inspected the camera", only to receive a camera that's absolutely busted. Or a "replaced screen" that's scratched to hell.
Can you imagine if the FTC got 80,000 new armed agents instead of the IRS?
For a parts that costs $1-$10 dollars, it makes sense for the customer to purchase on Amazon because of shipping ($5-$9.95). For the seller for a part that costs 1 dollar other places, they can sell the same part at 4 dollars, and still make a profit, and the customer still buys it, even if Amazon takes a 50% cut. Shipping is a major concern with cost. Small parts that could go in an envelope aren't shipped that way for some reason.
"We have investigated ourselves and found no wrongdoing." Anyone find a similarity between corporations and police departments conducting self-investigations?
It's cathartic to hear someone as effin pissed as I am about this shit!
The amount of times Amazon has turned on prime for my account is ridiculous. I'll just be looking through my statements and see tons of recurring Amazon in there. Finally did what you suggested about 3 years ago and put it on a privacy card. They no longer sign me up for prime. Lol
I love Amazon warehouse deals especially this year as all my 15 and 20 year old appliances have died. Vacuum, microwave coffee maker hairdryer all 50% off or more and never used just damaged packaging. Also a refurbished computer to replace an old windows 7 laptop for 225 dollars. Free shipping free returns. When used properly Amazon is awesome. And I do comparison shop. P.S. my car is 21 years old no subscription required for anything 2002 Camaro Z28 bought Oct 27 2001.
Lately, Amazon Prime deliveries to me are scheduled for a day or two after my order. Amazon lists a tracking number and lots of times will have a delivery time window. Amazon then sends me a message after my delivery time window closes that the delivery was delayed but will still arrive in the next day or two. IF I knew Amazon was not going to make their delivery window, I would have driven to a local store or Walmart and picked up the same day.
From what I remember, even the service cancelatuon problems just got fixed (after a while), but no one got reembursed, so they need to pay some people back + get fined for bad practises. And this should go for every bad practise.