FTX, Ticketmaster, and the Good People Hurt by Greed
ROBERT REICH for robertreich.substack.com
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| Taylor Swift performs onstage during the Z100's iHeartRadio Jingle Ball 2019 at Madison Square Garden in New York on December 13, 2019. (Photo: Angela Weiss/AFP via Getty Images) |
Friends,
I’m
not going to talk about Twitter today. I want to focus on two other outrages.
Over
the past week, both Ticketmaster and FTX crashed.
This
is what unregulated monopolies do, eventually – taking lots of angry consumers
with them.
Which
is why we need to either regulate or to bust up corporations that corner
markets. But to do so, we need to stop big money.
Taylor
Swift is the most popular artist in America; she hadn’t done live shows for
four years. Ticketmaster was her ticketing agent. But because Ticketmaster had
under-invested in its platform, its site and app couldn’t handle the demand
(not before scalpers managed to get plenty of tickets and put them on sale for
multiples of the original list price).













