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Dear John,
Just in time for the holiday shopping season! Amazon brings you…
Project Nessie! A secretive pricing algorithm that’s resulted in customers being overcharged by an extra $1 billion dollars!
And that’s not the only allegation the Federal Trade Commission and 17 state attorneys general are bringing against Amazon in their historic anti-monopoly lawsuit.
Much of the government’s lawsuit concerns the harm done to consumers through restrictions placed on independent retailers who sell their products on Amazon. In order to access one of the biggest online marketplaces in America, third party sellers must acquiesce to Amazon’s anti-competitive pricing and stifling fees -- all of which get passed on to you!
If you’re going shopping on Amazon, hang on to your credit card and watch this first! Then, in the spirit of “sharing is caring,” feel free to send the link to your friends!
Amazon is a perfect example of what happens when a handful of companies come to dominate entire industries. Not only are we paying more for products than we would have spent in a truly competitive market, but a corporation the size of Amazon can bust unions, keep wages low, and distort our democracy by funneling lots of money into our political system.
The good news: Under the Biden administration, the government is making a strong effort to revive antitrust law and rein in big corporations that have grown too powerful.
We must stop the monopolization of America. This FTC lawsuit against Amazon is a great start.
Robert Reich
Inequality Media Civic Action
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