Remember that before the break up it was 10 dollars a month to Rent a Princess phone, you could never own one - so 120 a year for that phone.
Before the break up long distance was outrageous
my family still had a party line just a few years before, it was considered a big break through when they finally had enough lines that we got our own.
How did they make money and why did things cost so much - it was not just technology.
I was a consultant in corporate and did statistical studies, one thing I learned was that it was very important for them to waste money, the more they wasted money the more they could charge for things, so there was a tremendous amount of waste, no competition, but a lot of waste. They were regulated, so that their profit was a percentage of the money they spent/wasted. You would be amazed at what they paid me so they could waste money. so many free courses for everyone, free food, just a lot of waste.
I also worked for Mellon when it stopped being a bank and became an investment house to make more money. You need brick and mortar houses for banks (although not as much today since I do almost all my banking on line, just drop in for occasional cash.) They then merged with bank of NY.
I banked with Chase as my first bank as an adult and I hated them with a passion. I put in a change of address form when I moved, but they kept delivering my balance to the old address. Thankfully I was only a few blocks away and my roommate lived there for 6 more months so I could still get it, but I could not get them to change the address, so I closed the account and opened one with a smaller bank. they recently bought one of my small local banks, I almost have all my money out of that bank, waiting for a long term CD to mature, they lie to me all the time about investments, fooled me once, that is it, they just want to rip off the little person. will never deal with them again if possible. Normally when I walk into a local bank it is like being Norm on Cheers, everyone knows me, but in Chase, one day I walked in and everyone I knew was replaced,
I find the best service in smaller local banks. I seem to be in a credit union vacuum, so the smaller banks make up in service what they lack in better rates. One bank, the manager calls me when the rates improve because, when you are over 55 1/2 , you can reinvest a long term CD before it's time once a year. So I come in close out my old account open a newer one at a better rate. Another bank adjusted a rate up for me for a year because a deposit slip got credited to the wrong person, they fixed it and all immediately, and then wanted to make it up to me, a good customer. Big banks only do that for their rich customers
break those suckers up.
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