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Welcome to You’re Probably Getting Screwed, a weekly newsletter and video series from J.D. Scholten and Justin Stofferahn about the Second Gilded Age and the ways economic concentration is putting politics and profits over working people.
You're Probably Getting Screwed by the Illusion of Choice
How monopolists deceive consumers in addition to ripping them off
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Welcome to You’re Probably Getting Screwed, a weekly newsletter and video series from J.D. Scholten and Justin Stofferahn about the Second Gilded Age and the ways economic concentration is putting politics and profits over working people.
When you walk into the grocery store it can seem like there are endless options available to you as a consumer, but behind many of those brands are a small handful of companies. This “Illusion of Choice” helps to mask from the public the extreme consolidation that dominates every corner of our economy.
From the video:
Congressman Deluzio’s tweet about the various travel websites owned by Expedia.
Cory Doctorow’s piece on how we cannot shop our way out of monopoly.
You’re Probably Also Getting Screwed by:
Fertilizer Monopoly
We’ve mentioned before the attempt by Koch Industries to further corner the fertilizer market. More Perfect Union has released a new video on the issue that includes coverage of FTC Chair Lina Khan’s visit to Iowa that JD helped organize.
Government Wasting Money
So New York City paid $4 million to McKinsey, a consulting giant, about their trash situation. The solution… trash cans. Impressive work…
PBMs
The FTC has released an important study finding what readers of this newsletter already know, that pharmacy benefit managers (monopoly middleman in our healthcare system) are driving up the cost of medicine and killing off local pharmacies.
“The FTC’s interim report lays out how dominant pharmacy benefit managers can hike the cost of drugs—including overcharging patients for cancer drugs,” said FTC Chair Lina M. Khan. “The report also details how PBMs can squeeze independent pharmacies that many Americans—especially those in rural communities—depend on for essential care.”
Climate Change
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Congressional Insider Trading
Will Congress do something about banning stock trading for members? It’s long overdue.
Wall Street
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Big Tech
The New Yorker has a new piece covering drama within the New York Times newsroom, but what really stood out to me in the story is that nearly seven percent of ALL reporters in the United States now work for the Times, which in part underscores how devastating Big Tech has been to local newspapers.
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Some Good News (sorta…)
Noncompete ban only partially blocked
A court in Texas that has struck down 13 other Biden Administration rules sort of blocked the FTC’s ban on noncompetes. The judge issued a temporary injunction but that only applies to the plaintiffs (Ryan Inc, US Chamber of Commerce, Business Roundtable, etc.) and will make a final ruling in August.
Chevron should not limit USDA antitrust authority
Some REALLY Good News
Just an opportunity to brag about my co-author who has had a wild week living out a sports story fit for Hollywood. On three hours notice JD returned to professional baseball this past weekend and in the sport’s parlance, he absolutely SHOVED. So much so that as this newsletter is hitting your inbox, he’s on the mound in Fargo for his second start with the Sioux City Explorers.
But to keep myself from going off the rails and turning this into a baseball newsletter please check out the stories below.
JD’s interview with the Minor League Sports Report
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BEFORE YOU GO
Before you go, I need two things from you: 1) if you like something, please share it on social media or the next time you have coffee with a friend. 2) Ideas, if you have any ideas for future newsletter content please comment below. Thank you.
Break Em Up,
Justin Stofferahn
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