While people are losing their minds in the endorphin filled cryptocurrency mania, the mania that can be seen and heard “in real life” is Amazon’s expansion into just about any business venture of their liking. Recently, it’s been buying out Whole Foods and opening their own Amazon grocery stores. What makes Amazon’s grocery stores different from any other store? No standing in line at check out. But in true American god fashion, Amazon lovers are willing to stand in line for a store that doesn’t have lines….
Here’s Reformed Broker on his take on companies growing so big, they become the new American gods:
Rather, they are institutions that have earned the trust and devotion of millions of customers, shareholders, employees and managers. We believe in their products and services, we have faith in their durability, their competitive advantages, their vision of what the future looks like and how they’ll fit into it.
More business ventures, more profits, the higher the stock price, and the more and more people buy in. It may be the reason ICE started their own FANG+ Index Futures contract. But maybe we’re looking at this whole people love Amazon thing wrong. Maybe, it’s that Amazon is on the fore-front of automation, something people can’t get enough of. 63% of Americans say Automation has made life easier, but 56% also say it destroys more jobs than it creates, according to an Ipsos Public Affairs study. Here’s a nice chart looking at people’s favorability and familiarity of everyday automation:
Some of these things will affect jobs and some of them won’t. But according to a new study from NPR, 94% of respondents say they don’t believe they will lose their job to automation. We’ll have to wait and see, but in the meantime, the satirical publication The Onion seems to think Amazon is more about automation oh people then they are to providing people service.
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