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News & Current Events Discuss He Has 17,700 Bottles of Hand Sanitizer and Nowhere to Sell Them at the General Forum; https://thehill.com/policy/healthcar...-58-cent-masks Hospital CEO: $7 being charged for 58-cent masks A CEO of a Georgia-based hospital on Wednesday said the supplier ...

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  #61 (permalink)  
Old 03-24-2020, 05:16 PM
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Default Re: He Has 17,700 Bottles of Hand Sanitizer and Nowhere to Sell Them

https://thehill.com/policy/healthcar...-58-cent-masks
Hospital CEO: $7 being charged for 58-cent masks
A CEO of a Georgia-based hospital on Wednesday said the supplier of a protective mask critical for health care workers treating COVID-19 patients is charging $7 for the masks that typically cost 58 cents.
“We were just looking at sourcing these at a company out of Mexico,” Scott Steiner, CEO of Phoebe Putney Health System, said in an appearance on CNN’s “At This Hour with Kate Bouldan,” referring to the N95 masks.
“They want $7 per mask, they've got a million of them on hand. And this is a mask that would normally cost us 58 cents.”
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“But I would tell you, we’re probably going to go ahead and take them for $7 each because we're that desperate,” Steiner said.
..........

Amazon warns face-mask sellers about price gouging amid coronavirus fears
https://thehill.com/policy/technolog...onavirus-fears

https://www.click2houston.com/news/l...or-the-future/
...Overwhelming demand leads to price gouging
Demand for the masks is the highest its been in months. According to data provided to CNN by Helium 10, a software company that assists Amazon retailers, ...The top-selling mask product, a 100-pack of Universal 4533 sanitary dust masks, started selling at $8. The price eventually rose over $200, Helium 10 said.
And even at that price, the product is selling. Or it was -- it's out of stock as of Friday.
Some products don't display a box where users can click to purchase it. Helium 10 said this means Amazon removed the sellers because they'd rapidly increased their prices.
In a statement to CNN, an Amazon spokesperson said removal is part of its company policy to discourage price-gouging sellers.
"Sellers set their own product prices in our store and we have policies to help ensure sellers are pricing products competitively," the spokesperson said. "We actively monitor our stores and remove offers that violate our policies."
But that doesn't stop people from buying them at elevated prices anyway....
SUPPLY and overwhelming DEMAND (a leg of capitalism) leads to price gouging...if folks only follow the economics of capitalism.
If morals are above capitalism then the sellers, or parties Outside the transaction can override/edit the raw Profit Motive economics of capitalism to better serve the wider community.

Not socialism but Capitalism with a moral check.
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Old 03-24-2020, 05:26 PM
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Default Re: He Has 17,700 Bottles of Hand Sanitizer and Nowhere to Sell Them

A $220 bottle of Lysol? Coronavirus leads to price-gouging on Amazon
https://www.cbsnews.com/news/coronav...price-gouging/
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Old 03-24-2020, 11:14 PM
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Default Re: He Has 17,700 Bottles of Hand Sanitizer and Nowhere to Sell Them

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Originally Posted by mr wonder View Post
A $220 bottle of Lysol? Coronavirus leads to price-gouging on Amazon
https://www.cbsnews.com/news/coronav...price-gouging/
And Amazon "says" they are cracking sown on this, but it looks like they're way behind the 8-ball and finally stop sites long after the gouging is done...
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Old 03-25-2020, 06:50 AM
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Default Re: He Has 17,700 Bottles of Hand Sanitizer and Nowhere to Sell Them

Quote:
Originally Posted by mr wonder View Post
https://thehill.com/policy/healthcar...-58-cent-masks
Hospital CEO: $7 being charged for 58-cent masks
A CEO of a Georgia-based hospital on Wednesday said the supplier of a protective mask critical for health care workers treating COVID-19 patients is charging $7 for the masks that typically cost 58 cents.
“We were just looking at sourcing these at a company out of Mexico,” Scott Steiner, CEO of Phoebe Putney Health System, said in an appearance on CNN’s “At This Hour with Kate Bouldan,” referring to the N95 masks.
“They want $7 per mask, they've got a million of them on hand. And this is a mask that would normally cost us 58 cents.”
ADVERTISEMENT
“But I would tell you, we’re probably going to go ahead and take them for $7 each because we're that desperate,” Steiner said.
..........

Amazon warns face-mask sellers about price gouging amid coronavirus fears
https://thehill.com/policy/technolog...onavirus-fears

https://www.click2houston.com/news/l...or-the-future/
...Overwhelming demand leads to price gouging
Demand for the masks is the highest its been in months. According to data provided to CNN by Helium 10, a software company that assists Amazon retailers, ...The top-selling mask product, a 100-pack of Universal 4533 sanitary dust masks, started selling at $8. The price eventually rose over $200, Helium 10 said.
And even at that price, the product is selling. Or it was -- it's out of stock as of Friday.
Some products don't display a box where users can click to purchase it. Helium 10 said this means Amazon removed the sellers because they'd rapidly increased their prices.
In a statement to CNN, an Amazon spokesperson said removal is part of its company policy to discourage price-gouging sellers.
"Sellers set their own product prices in our store and we have policies to help ensure sellers are pricing products competitively," the spokesperson said. "We actively monitor our stores and remove offers that violate our policies."
But that doesn't stop people from buying them at elevated prices anyway....
SUPPLY and overwhelming DEMAND (a leg of capitalism) leads to price gouging...if folks only follow the economics of capitalism.
If morals are above capitalism then the sellers, or parties Outside the transaction can override/edit the raw Profit Motive economics of capitalism to better serve the wider community.

Not socialism but Capitalism with a moral check.
They used to cost 58 cents... which means they used to cost the supplier about 25 cents...what do they cost the supplier now? When you run down the supply chain, there are a multitude of suppliers involved in the end product.

Just as with the chant for a $15 an hour minimum wage, the smallest rise in costs, will funnel UP. The end price rising in relation to those increases is one thing. When someone goes and buys an item, adds no relative value to it and increases the sales price not related to the investment, you have gouging.
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  #65 (permalink)  
Old 03-25-2020, 08:33 AM
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Default Re: He Has 17,700 Bottles of Hand Sanitizer and Nowhere to Sell Them

Quote:
Originally Posted by mr wonder View Post
https://thehill.com/policy/healthcar...-58-cent-masks
Hospital CEO: $7 being charged for 58-cent masks
A CEO of a Georgia-based hospital on Wednesday said the supplier of a protective mask critical for health care workers treating COVID-19 patients is charging $7 for the masks that typically cost 58 cents.
“We were just looking at sourcing these at a company out of Mexico,” Scott Steiner, CEO of Phoebe Putney Health System, said in an appearance on CNN’s “At This Hour with Kate Bouldan,” referring to the N95 masks.
“They want $7 per mask, they've got a million of them on hand. And this is a mask that would normally cost us 58 cents.”
ADVERTISEMENT
“But I would tell you, we’re probably going to go ahead and take them for $7 each because we're that desperate,” Steiner said.
..........

Amazon warns face-mask sellers about price gouging amid coronavirus fears
https://thehill.com/policy/technolog...onavirus-fears

https://www.click2houston.com/news/l...or-the-future/
...Overwhelming demand leads to price gouging
Demand for the masks is the highest its been in months. According to data provided to CNN by Helium 10, a software company that assists Amazon retailers, ...The top-selling mask product, a 100-pack of Universal 4533 sanitary dust masks, started selling at $8. The price eventually rose over $200, Helium 10 said.
And even at that price, the product is selling. Or it was -- it's out of stock as of Friday.
Some products don't display a box where users can click to purchase it. Helium 10 said this means Amazon removed the sellers because they'd rapidly increased their prices.
In a statement to CNN, an Amazon spokesperson said removal is part of its company policy to discourage price-gouging sellers.
"Sellers set their own product prices in our store and we have policies to help ensure sellers are pricing products competitively," the spokesperson said. "We actively monitor our stores and remove offers that violate our policies."
But that doesn't stop people from buying them at elevated prices anyway....
SUPPLY and overwhelming DEMAND (a leg of capitalism) leads to price gouging...if folks only follow the economics of capitalism.
If morals are above capitalism then the sellers, or parties Outside the transaction can override/edit the raw Profit Motive economics of capitalism to better serve the wider community.

Not socialism but Capitalism with a moral check
.
Once again, you are assigning fault to capitalism that should be directed at the people that are abusing the system.

But even then, capitalism allows for a correction to this all by itself. If there is a profit to be made then other suppliers will be enticed to enter the market place. And one sure way to set themselves apart from their contemporaries, is to beat the price of their competitors. This will continue until the price accurately reflects the true cost + acceptable profit margin of the product in question.

You just need to allow time for the system to correct. The bad actors will be exposed and most likely be driven out of business by the honest brokers.
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  #66 (permalink)  
Old 03-25-2020, 08:42 PM
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Default Re: He Has 17,700 Bottles of Hand Sanitizer and Nowhere to Sell Them

Quote:
Originally Posted by GottaGo View Post
They used to cost 58 cents... which means they used to cost the supplier about 25 cents...what do they cost the supplier now? .... ..
In expanded versions of that story it was mentioned that the supplier had MILLIONS of mask in inventory at their warehouse when they suddenly changed the price to $7.00 each. So it cost them the same (25cents or less) as the weeks or moths ago when they 1st got them.
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For there is hope of a tree, if it be cut down, that it will sprout again, and that the tender branch thereof will not cease.
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