Jeffrey Scharf noted in his August 22 column “Everybody’s Business” that during the recent wave of global inflation, companies had lost sight of the forest for the trees when it came to price gouging.
Although he focused on grocery stores, he didn’t mention the supply: Just four companies process nearly all of America’s beef, pork and poultry, and they use high-tech pricing tools to collude on price increases. Not coincidentally, the Justice Department filed an antitrust lawsuit against real estate software company RealPage on Friday, accusing it of an illegal scheme to let corporate landlords coordinate rent increases.
Who is to blame for gas prices? In 2022, the five largest oil companies doubled their profits from the previous year to nearly $200 billion, and the FTC is investigating collusion between oil companies and OPEC to keep prices high.
The real irony is that Mr. Scharf is targeting a claim made by Kamala Harris while her opponent spouts false claims with every breath he takes, and no newspaper has the printing capacity to record all of his nonsense. Mr. Scharf could try.
— John Hunt, La Selva Beach
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