Federal Ban on Price Gouging

[Txsteader]

Buy more food.


www.cnn.com/2024/08/15/politics/harris-price-gouging-ban-economic-policy-speech/index.html

[David!]

Nice to know any politicians are trying their best to save us from evil corporations so they can constantly bombard us for political contributions. Smooth move Ex-Lax.

[sunny225]

I think the term is "price controls". Socialism in action.

[David!]

There are grocery items that I no longer buy as they aren’t worth it to me. And I decided that without the help of the government. I didn’t need the government to tell me how much of a house I could afford and not go broke, I did that on my own. Wow. I continue to amaze myself.  Opps, it’s happy hour! Or in my case happy hour day.

[fordy]

.............Coke is now making a Cherry flavored version with NO Sugar ! It has artificial sweetener and tastes(to me) very good ! Last week it was $1.98 per liter , yesterday I picked up 2 liters and they cost $2.68 per liter ! I'll have to decide IF I will continue drinking Coke ! We'll see if there are any more price increases . 

.............I've been craving a Coke\Vanilla float so , I may buy a half gallon of Bluebell and make several "Floats" before Ice cream goes up as well , because I now know I'm protected by by my ever faithful government agency , AKA Kamala ! , fordy  

[daw]

Jill is very unhappy that the democrats forced Biden to
Leave office .
Now they can’t get all those paybacks.
A pity when a person can’t live on $100000.
That is me saying that. Maybe I shouldnt

[daw]

Prices are different from place to place. Three liters cost $2

[themotherhen]

I would love it if Congress would have to take an economics class before taking office. They seemingly don't understand the impact of their policies.

[Ozarks Tom]

I defy anyone to show me one instance where instituting price controls did anything but bring about shortages and price increases. Yet, it's the go-to answer for tyrants trying to act like the protectors of their subjects from the evil corporations.

With the exception of monopolies, which are illegal, the market place quickly weeds out any profit taking above the usual industry standards. Those standards are determined by competition, and collusion between competitors (price fixing) is illegal also.

Many things, like common commodities are influenced price wise by international markets. Oil, wheat, etc aren't arbitrarily priced in some boardroom in New York, they're influenced by supply and demand internationally. Expecting producers to take losses when producing their products is the fool's dream of people who think wishing makes it so.

Right after price controls comes nationalization of industries by governments, and we all know how much more efficient governments are than private companies. Harris's policy would have us looking like Venezuela or Cuba shortly.

[farmrbrown]

I can't find any specific proposal on this from VP Harris and only 2 current bills in congress (1 House, 1 Senate) on a Federal price gouging law. And yes, they are written and cosponsored by "liberal Democrats but I read the text of the bills anyway because I like to see for myself rather than accept what someone tells me it says.
They are pretty much the same as 37 states already have on the books regarding extreme and sudden price increases during a time of a declared emergency such as storm damage and power outages from hurricanes, tornadoes, floods, fires and earthquakes. It may also include civil unrest and/or martial law events but again, that's standard language in most states.

www.ncsl.org/financial-services/price-gouging-state-statutes

I had to remind people of that here in NC during Covid. Gov. Cooper was the last one to lift his emergency powers a year ago and only after several attempts. It took a change in the political make up of the legislature to get enough votes to override his veto.
That said, giving control over retail prices IS something to be wary of but if you've ever tried to get gas or lumber after a severe storm and saw how unscrupulous people can be in desperate times, price gouging - the legal definition - isn't something to proudly support.
Just my 2 cents.

[sunny225]

I don't think anyone here is supporting price gouging. But this stupid witch isn't really meaning that. This is her new way to deal with inflation, her "economic plan" when she becomes president that the speech is supposed to be about. I think she's supposed to have given it today or tonight. Not sure.

[BrewDaddy]

I always pay attention to what Dr, Sowell has to say...

"Thomas Sowell - The Folly of Price Controls"


bd

[farmrbrown]

Aug 16, 2024 23:32:39 GMT sunny225 said:

I don't think anyone here is supporting price gouging. But this stupid witch isn't really meaning that. This is her new way to deal with inflation, her "economic plan" that the speech is supposed to be about when she becomes president. I think she's supposed to have given it today or tonight. Not sure.

I think you're right, but a first reading of how the various articles on this were worded (price gouging ban) didn't indicate the specific difference between the two.
Eventually I found a link from CNN with more details although I'm not sure how anyone feels to be in agreement with CNN or Obama's former economic advisor, lol.

www.cnn.com/2024/08/16/business/harris-price-gouging-ban-inflation/index.html

Gavin Roberts studied anti-price gouging laws some states passed during the pandemic. One of the biggest effects he observed, especially at grocery stores, was that these laws motivated people “to go buy goods more than they would if prices had risen.”


Jason Furman, a top economist in the Obama administration, shared Roberts’ view that anti-price gouging laws could inadvertently harm consumers. “This is not sensible policy, and I think the biggest hope is that it ends up being a lot of rhetoric and no reality,” he told the New York Times. “There’s no upside here, and there is some downside.”

[sunny225]

www.msn.com/en-us/money/companies/baloney-in-aisle-seven-as-kamala-harris-takes-on-big-grocery/ar-AA1oWj3S?ocid=msedgdhp&pc=U531&cvid=dbdb28f9032a45049263777f3d6e8c16&ei=26

Baloney in aisle seven as Kamala Harris takes on ‘Big Grocery’

Vice President Kamala Harris, this week’s presidential front-runner, is doing her part to stop “price gouging” and “greedflation” in the grocery store.

By … er … dishing out some free baloney.

That would be the claim that a conspiracy of Big Food companies is artificially driving up the prices of groceries, taking advantage of consumers to boost their bottom line.

My question is: If this claim is true, why aren’t these companies doing better? Most of their stock performances stink. Their profit margins stink. Their net income stinks. Some conspiracy.

Shareholders in Tyson Foods — aka Big Chicken — have earned 3% total since the start of the COVID-19 crisis in March 2020. That’s including dividends.
Three percent. In four years. Booyah!

Campbell Soup shareholders, over the same period, have earned 25%, again including dividends. ConAgra Foods which makes everything from Chef Boyardee to Vlasic pickles: 33%. J.M. Smucker : 32%.

Meanwhile, the S&P 500 SPY is up 100%.

If there’s one thing I hate more than a greedy, profiteering, price-gouging conspiracy, it’s a greedy, profiteering, price-gouging conspiracy that doesn’t make any money.

more at link
*Remember that those entities who are telling us it is a ban on price gouging are the same ones who has been hollering about Russiagate, the vaccines are safe and effective and kamel is now for closing the borders.

[sunny225]

www.msn.com/en-us/news/politics/harris-price-control-proposal-risks-validating-communist-label-says-liberal-washington-post-columnist/ar-AA1oUS6L?ocid=msedgdhp&pc=U531&cvid=dc441ecad78e489ab578a7ec37e8db61&ei=9

Harris' price control proposal risks validating 'communist' label, says liberal Washington Post columnist

Washington Post columnist Catherine Rampell criticized Vice President Harris' proposal to implement federal price controls in order to stop "price gouging" on groceries.

"It’s hard to exaggerate how bad this policy is," Rampell wrote in an op-ed published on Thursday. "It is, in all but name, a sweeping set of government-enforced price controls across every industry, not only food. Supply and demand would no longer determine prices or profit levels. Far-off Washington bureaucrats would. The FTC would be able to tell, say, a Kroger in Ohio the acceptable price it can charge for milk."

The Harris campaign announced on Wednesday that she would institute a "federal ban on price gouging on food and groceries" as president in an attempt to stop "big corporations" from taking advantage of consumers.

"At best, this would lead to shortages, black markets and hoarding, among other distortions seen previous times countries tried to limit price growth by fiat," Rampell wrote. "(There’s a reason narrower ‘price gouging’ laws that exist in some U.S. states are rarely invoked.) At worst, it might accidentally raise prices."



"But more to the point: If your opponent claims you’re a ‘communist,’ maybe don’t start with an economic agenda that can (accurately) be labeled as federal price controls," she wrote. "We already have plenty of economic gibberish coming from the Republican presidential ticket. Do we really need more from the other side, too?"

more at link
*Even libs see through this bunch of power-grabbing tripe!