John Stossel, Hurricane Katrina and Compassionate Libertarianism

[BurtWorm]

If you're dirt poor, you must not really need anything.


http://mediamatters.org/items/printable/200509080021


Stossel: Price gouging ensures that scarce resources go only "to those who really need it"

In his September 7 syndicated column, ABC News 20/20 co-anchor John Stossel defended price gougers, writing that by charging $20 for a bottle of water to a person whose baby needed it to live, "the price gouger makes sure his water goes to those who really need it." Stossel added: "It was the price gouger's 'exploitation' that saved your child." He justified this claim because price gougers -- people and companies that charge exorbitant prices for scarce and necessary resources (such as water or oil) -- "save lives" because they dependably provide those necessary goods or services to those who need them, motivated by their own self-interest to make money.

A September 7 Wall Street Journal editorial (subscription required), titled "In Praise of 'Gouging,'" also defended high oil prices and criticized anti-gouging laws.

From Stossel's September 7 column:

Consider this scenario: You are thirsty -- worried that your baby is going to become dehydrated. You find a store that's open, and the storeowner thinks it's immoral to take advantage of your distress, so he won't charge you a dime more than he charged last week. But you can't buy water from him. It's sold out.

You continue on your quest, and finally find that dreaded monster, the price gouger. He offers a bottle of water that cost $1 last week at an "outrageous" price -- say $20. You pay it to survive the disaster.

You resent the price gouger. But if he hadn't demanded $20, he'd have been out of water. It was the price gouger's "exploitation" that saved your child.

It saved her because people look out for their own interests. Before you got to the water seller, other people did. At $1 a bottle, they stocked up. At $20 a bottle, they bought more cautiously. By charging $20, the price gouger makes sure his water goes to those who really need it...


(Emphases in the original)

[Be Brave]

1. John Stossel is a flake. n/t

[BurtWorm]

2. That's very kind of you to say so.

;)

[Why Syzygy]

3. WTF?

Is that called "drive-by economics"?

I have never heard this level of nonsense. Really.

Oh. Suppose you don't have $20 for a bottle of water and the baby dies. Didn't really need it? ???? WTF is that?

[PA Democrat]

5. Get with the program people! Rich white pigs like Rush Limbaugh

need that bottle of water more than a dying baby. I mean, what would Rush wash down all his Oxycontin with if he didn't have that water?

[tgnyc]

4. What a dick.

[FormerDittoHead]

6. This is what's wrong...

This guy should be considered a total loon, on the order of UFOs and Crystals.

Instead, his 'reports' are given some level of credence on "consumer news" etc.

On Jon Stewart, he flat out claimed that all the stories you've heard about Corporate fraud are false and that the best thing that would happen is if the gov't would get out of the 'regulation business' altogether and let the 'market' 'regulate' itself.

[Why Syzygy]

7. No such thing as corporate fraud?

Tell that to a bunch of laid off, ripped off ex-employees.

Then stand back.

[tonkatoy57]

13. Amen

"This guy should be considered a total loon, on the order of UFOs and Crystals."

You're right. He should be considered a loon, but then again, that's partly what is the problem with the entire country. Things and ideas that should be far outside the mainstream, that should make people go, "uh yeah, whatever", are embraced and are part of our national debate.

For God's sake, we shouldn't even be having a "debate" over Intelligent Design or Supply Side economics or if there were WMD's in Iraq. It makes me want to run screaming into the street.

The public political debate has been pushed so far to the right in the last 25 years I can't even see the center from where I'm standing, much left the Left.

[tex-wyo-dem]

8. Stossel seems to have an agenda...

http://outside.away.com/outside/features/200505/counter-enviroment-power-list-13.html

Competitive Enterprise Institute (conservative anti-enviro think tank) supported "Save John Stossel" petition to "save" him against attacks from "environmental activists."

http://www.cei.org/gencon/003,02543.cfm

John Stossel can go F*** himself.

[Cell Whitman]

9. Papantonio vs. Stossel

older show but quite the fireworks. Pap takes no prisoners.

http://www.ringoffireradio.com/show.asp?jid=2


IMHO, Libertarians are Republicans who smoke pot and don't want to take the blame for what Republicans do, so they snipe at both sides. In the long run I am not so sure they aren't much worse than Republicans.

Here's an open letter to Mr. Stossel:
http://greatscat.blogspot.com/2005/09/open-letter-to-john-stossel.html

[BurtWorm]

11. I'm not so sure of that either.

On the one hand, you've got heartless empowered assholes and on the other you have soulless disempowered assholes. Hard choice.

[Cell Whitman]

10. Really is astounding "the price gougers save lives"

Stossel from Burtworm's link: It's the price "gougers" who bring the water, ship the gasoline, fix the roof, and rebuild the cities. The price "gougers" save lives.

[yurbud]

12. this sounds like the anti-hybrid "you'll drive too much" argument

When I buy bottled water, I don't usually stock up no matter how cheap or expensive it is. I just buy enough for whatever I'm doing at the moment.

They made a similar argument against hybrid cars. They said they didn't conserve gas because the better mileage encouraged people to drive more (like I would drive 20 miles past my house after a 60 mile commute).

[EnfantTerrible]

14. Stossel is a fucking idiot.

n/t