Number 18 - Bank of America (BOA)
One of the reasons the Business Insider (BI) authors offered for the BOA rating was their $5 charge for using certain debit cards. The Liberal BI cited Senator Dick Durbin’s rant over that charge on the floor of the Senate. What the BI failed to tell its readers was that Mr. Durbin’s own additions to the Dodd-Frank Frankenstein-esque financial services legislation set price controls on the banks in other areas; dictating what arrangements had to be between banks and retailers over charges retailers had been charged for credit and debit card transactions.
So Banks are told to increase their capital (preserve capital) to new higher standards, and Congress says let’s cut some of their revenue (looking for campaign finance contributions from the consumer retailers industry). In response, the banks, quite appropriately, looked for ways to offset the revenue loss dictated by Federal fiat.
Now, I am not letting BOA off the hook for its part in the mortgage business failures. BUT, Mr. Durbin (and Mr. Obama) have made the BOA a populist whipping boy and in part unjustly; in part due to the results of conditions their own legislative reach helped create.
Number 16 - Cox Communications
In their comments about Cox communications they mention that cable-TV companies in general are “less liked than satellite” TV companies; while satellite TV supplier Dish Network was ranked at 17, and one step worse than Cox. Go figure.
Number 15 - Pacific Gas and Electric
The major complaints given were increased rates and so-called “smart-meters”. Left out is any mention of legislative & regulatory issues and legislative mandates that in California are significant factors in both of those issues. Again, a case where the politicians cause some of the problems that result in issues that the private concerns are left shouldering all the public blame for.
I gave up reviewing their list.
I am not writing to defend in a general sense any one of the companies listed.
But the fact is that in many cases very unscientific and populist notions reign, when it comes to SOME (not all) of the perceived “problems” with some companies, and often SOME of their problems have been fostered by what politicians have done in the process of “regulating” the industries involved.
And, in spite of how many Airline companies are on the list, the fact is that average airfares, including the many new fees, and adjusted for inflation has maybe never been cheaper since deregulation began. Everybody has wanted to fly cheaper, since deregulation, and everyone still wants to fly cheaper, while all the certain costs, fuel and labor have continued to climb. The profit margins of most U.S. airlines have not been great, and yet they are one of the most capital-needy industries there is. It will be a wonder if all the aging planes of U.S. airlines will be replaced when they should be, over the next decade. And people wonder why added weight to a flight (that extra bag) has become more expensive.
Americans have been addicted to “cheap” and very much expecting champaign taste on a beer pocketbook. Our highly over-borrowed society has done that.
That’s over.
In many industries (not all) if you want “better” something, you are going to have to actually pay for it; and that will be with an outfit that offers it; and they will most likely offer it at a price that you most likely are not now paying. In some cases you won’t get “better quality” by just complaining. Complaining won’t restaff some hollowed out companies that striving for “cheaper” everywhere has produced.
There is a lot to complain about with some companies. There is a lot more looking-in-the-mirror that the whole society has to do.
‘Americans have been addicted to “cheap” and very much expecting champaign(sic) taste on a beer pocketbook. Our highly over-borrowed society has done that.’
You are so right. We are spoiled - and rotten, I might add.
Look at the complaints about Best Buy (I agree) - more “big box” stores; i.e., “warehouse” stores. There is no good service in those places.
You get what you pay for - cheap means no service. But it seems Americans are FIRST addicted to “cheap” - Southwest (has anyone really compared the costs? Are food/baggage fees good because you don’t pay if you don’t want it whereas SW just plain doesn’t offer it? I’ve never known anyone to love them except here on FR), BestBuy, Wal-Mart, CostCo, Home Despot. They seem to care nothing except “I got it cheaper there” - even when they’re treated like criminals with “assistants” checking over your bags.
Gee, I wonder how they made money before debit cards were invented.