Is there anything it won’t sell?
Amazon has come out with yet another way to take your money. This time it’s through its new Amazon Home Services with over 700 home improvement service providers services at your fingertip, with verified reviews for added peace of mind. Plumbing problems? Too tired to assemble that new gym equipment? Don’t feel like vacuuming? No problem. Just log on and Amazon will make sure it all gets taken care of. Services are paid for via your Amazon account only after the project is completed. So why is Amazon’s home service offerings different from all others, like Angie’s List, Yelp etc.? Perhaps it the comprehensive vetting process it conducts, including making sure service professionals are licensed, insured and have had their backgrounds thoroughly checked. But Amazon also offers a money-back guarantee charmingly called a “happiness guarantee.” Apparently, consumers also trust Amazon, giving an added incentive to use the ever-powerful e-commerce giant. To be fair, however, I too, once trusted Amazon. But then last month one of its vendors sent me a completely different set of fairy wings than the ones I ordered. Just sayin’.
The blogosphere just got a bit more crowded now that Former Federal Reserve Chairman Ben Bernanke joined the mix with his own blog for the Brookings Institute. He is, after all, its latest Distinguished Fellow in Residence of the Economic Studies Program. It’s very pish posh, indeed. The position, I mean. Not the blog. “Now that I’m a civilian again, I can once more comment on economic and financial issues without my words being put under the microscope by Fed watchers.” Which means he doesn’t have to be polite anymore and gets to say whatever he wants. For instance, Mr. Bernanke can use his blog for, among other purposes, striking back at the many critics he’s had over the years who took issue with his policies. Janet Yellen, who took over for him last year, does not get to have that kind of fun. At least for now. In today’s post, Mr. Bernanke graciously explains the reasons behind the low interest rates. By the way, he’d like you to know that it’s not necessarily because the Fed is keeping it that way – though there is some truth to that.
Whaddya mean there’s no ginseng in there?
This time it is not a bank that has reached a deal with New York Attorney General Eric Schneiderman. GNC Holdings Inc. begrudgingly settled a lawsuit over its Herbal Plus products found at GNC, of course, but also at Target, Walmart and Walgreens. Apparently, it wasn’t at all clear that the ingredients listed on the outside of the bottles of the dietary supplements were actually present on the inside. Who would have thunk it? The presence of things like echinacea, ginkgo biloba, ginseng and St. John’s wort couldn’t be verified when the AG used DNA barcoding methods to test for them. That’s kind of a huge embarrassing problem in the $33 billion a year dietary supplement industry. Of course, GNC disagrees vehemently with the AG’s testing methods saying the “lawsuits are without merit.” GNC, however, used its own internal test methods, in addition to third party independent test methods which, naturally yielded different results. Despite all that, the supplement company will now be using bar-coding methods – just like the AG’s office – beginning in the next 18 months, so that consumers will know for sure if there really is echinacea in that bottle they’re holding, conveniently labeled “echinacea.”