wanna say that corpos making decisions like this indicate a lack of oversight/sensibility but honestly it seems to be fucking working.
I think it's more of a sign that we've reached a natural demarcation point of capitalism. There's not a lot of ways for these service industries to achieve growth year over year, and a lot of them are dependent year over year growth to remain in solvency.
You can't lower production cost anymore, you're already paying people as little as possible. You've already run off any competition you could, except for maybe the one or two that would lead to destructive competition if you tried. The government won't let you conglomerate with your remaining competitors, because even they realize there needs to be at least an illusion of competition...... after all that, who's left to squeeze? Well we can't screw over the investors, that's the only crime we can actually be prosecuted for.
I guess it's time to fuck the consumer!
Huh, I didn't know there was a specific term for it. I just know similar things happened with the early rail and oil industries. When there's so much competition in a market the only way you can corner it by offering more than your competitors for less. Once you box out your competition, buy them out, or out last them you, can actually start making returns.