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May 29, 2007
Line Up! Nonprice Rationing is Better, I Guess
From a news story....your folks in DC are out to protect you from high prices, and sufficient supply. Responding to high costs at the pump, the House approved legislation Wednesday that would outlaw gasoline price gouging. Many lawmakers said that may be easier to say than to detect or enforce. The legislation would penalize individuals or companies for taking "unfair advantage" or charging "unconscionably excessive" prices for gasoline and other fuels. Opponents said the language was too vague and that the Federal Trade Commission, which would enforce the law, has not clearly defined price gouging. "I don't know what `unconscionably excessive' means," said Rep. Joe Barton, R-Texas. The bill's chief sponsor, Democratic Rep. Bart Stupak of Michigan, said he had no doubt the FTC would be able to determine price gouging once the agency had a law to uphold. The good Bart Stupak (really? Is that really his name? Sounds like a bad guy in one of Ayn Rand's novels. Too perfect) is probably correct. The FTC really COULD determine price gouging. And the judges in Salem really COULD identify witches. They could have used that cheap gas to burn those witches at the stake, I suppose. Are queues and gas-rationing cards in our future? Please tell us, Bart Stupak! We ourselves are too stupak to make choices. Posted by Michael Munger at 09:42 AM
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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