Three Cheers For "Price Gougers"

TechCentralStation ^ | September 2, 205 | Rand Simberg

[NonZeroSum]

Hear, hear.

[flashbunny]

I changed my sig line because of endless 'debates' with freepers on this.

They weren't really debates, though. It was more like trying to argue economic laws and detailed history against emotion and hatred for 'big oil' and gas station owners. Heck, I even got a few biblical versus thrown at me, and found out Jesus wanted a socialistic society!

Ultimately, when confronted by these people, the question you have to ask them is this:

Would you rather be able to buy gas at $3.50 a gallon, or not be able to buy gas at $2.50 a gallon?

Most of them slink away and fail to answer that one.

[konaice]

I posted this same sentiment days ago. Gouging is the Free Markets way of stopping irrational hording in its tracks.

Doing anything against gouging is like taking only a small step - over the cliff. Its not even a slippery slope, its a straight drop to total price controls and the resultant massive shortages.

We've been there, we've watched the Communist societies fall apart and we've had plenty of time to learn. LEAVE THE MARKET ALONE.It will level the playing field all by itself.

[FreedomCalls]

Thanks for your effort by the way.

[Moonman62]

Would you rather be able to buy gas at $3.50 a gallon, or not be able to buy gas at $2.50 a gallon?

I think there is a difference between a market increase in prices such as $3.50 a gallon gas and price gouging. The state law in Florida says a price increase has to be unconscionable. It's rare for a case to be prosecuted, but it does happen.

[FreedomNeocon]

I just laughed earlier today when I saw people RUSHING and lining up to by $3.22 regular gas this afternoon in DC.

Seriously... people that usually only get 10 or 15 dollars worth were waiting in line to 'fill up' at the higher prices.

I laughed, and joked with a friend of mine at the ninnies that get suckerd into actually going out of their way to pay more for something they don't really need.

I put $10 in (which was like 3.2gal) and told the cashier I'd be back in a week or so when they hysteria had faded.

[Moonman62]

Doing anything against gouging is like taking only a small step - over the cliff. Its not even a slippery slope, its a straight drop to total price controls and the resultant massive shortages.

Florida has had an anti-gouging law since Andrew and we haven't seen the slippery slope you're talking about. There does seem to be a decrease in scum of the earth who show up to take advantage of people, though.

[flashbunny]

"The state law in Florida says a price increase has to be unconscionable"

Which is pretty moronic, since it leaves "unconscionable" up to the AG and whatever jury they can rip into a frenzy.

As long as it's private enterprise doing the selling, the state should keep their incompetent hands off. As much as people want to think they're forced to buy things, they can walk away if they choose - or plan ahead to have emergency supplies of fuel.

But as we're seeing in new orleans, when you expect people to show some foresight for themselves, you get called names.

[Lurker]

I don't know if you realize it or not, but your post is arguing in favor of something your tagline argues against.

L

[Gabz]

AMEN

[Gabz]

OUCH - the truth can hurt, can't it?

[kublia khan]

Surely it is worth mentioning that the market is already being influenced by some unnatural forces. The market left to it's own has dictated for years that additional refining capacity and shipping options were dictated however the environmentalist and their willing wh**es in the halls of politics have not permitted these issues to be addressed. To some degree you may say that a pseudo socialism has already influenced our energy market.

[Moonman62]

Which is pretty moronic, since it leaves "unconscionable" up to the AG and whatever jury they can rip into a frenzy.

Have you ever been on a jury? Unconscionable is a very high hurdle, plus there are time limits before or after a disaster. There have been very few prosecutions. I'm very pro market and I follow them closely and have researched their history. They work very well most of the time, but during a big crisis is the exception, whether the disaster is natural or manmade, such as a large default or currency crisis.

[Moonman62]

The tagline is from Reagan, and even he stepped in when things got out of hand.

[FreedomCalls]

The state law in Florida says a price increase has to be unconscionable.

An "unconscionable price" would be negotiating with a drowning person the price of a life ring prior to tossing it to him. It's not simply raising the price of gas to $5.00 a gallon to stop the line of cars from backing up the off ramp onto the interstate.

[flashbunny]

" Have you ever been on a jury?"

No.

Have you paid ANY attention to ANY jury verdicts lately? Michael Jackson and robert blake going free? Outrageous lawsuits against companies for millions of dollars, when the verdict is in direct contradiction to scientific evidence?

"They work very well most of the time, but during a big crisis is the exception, whether the disaster is natural or manmade, such as a large default or currency crisis."

Yes, because as we've seen in this disaster, having the government control things works wonders.

You need to do a little research. Walter E williams has written several articles on 'gouging', and since with his doctorate of economics, he carries a little more weight on this subject than you or any politician that screams 'gouging' to appeal for votes.

[The Red Zone]

Raising prices sharply can have the opposite effect, however... "let's get this gas before it vanishes altogether." Same psychology that leads all too many to "buy high" in the stock market. Of course Economics 101 says zilch about this.

[Lurker]

When did Regean 'step in' to regulate prices exactly, and what exactly did he consider 'out of hand'?

Even if he did, it would only illustrate the fact that even RR made mistakes.

L

[Veritas et equitas ad Votum]

There is no such thing as price gouging.

It is an invented term by those who think they can alter reality with wishful thinking.

Price caps mean people will hoard goods.

There will be less incentive for rich and middle class people to cut back on their purchases, and there will be less goods left for the poor.

Consider this: is a person more likely to fill up their boat or motorcycle to go out for a ride if gas is 2.50 a gallon or 4 bucks?

More likely to go on vacation if hotel rooms are $100 a night or $250?