Anyone here listen to Tom Sullivan?

[Kern Dog]

He is a pretty smart financial guy, he has an AM radio talk show that is syndicated.
I usually agree with the guy, his politics are similar to mine, he is also pretty reasonable in terms of common sense.
A few days ago though...
Some caller came on to discuss the price gouging that occurs when there is a sudden increase in demand whether it be a disaster, a sporting event, holidays, etc.
Mr Sullivan defended the practice of increasing prices, citing that it was in line with traditional "supply and demand" economic practices. He went on to say that price controls and price fixing fails because it leads to shortages.
I'll step back to inform you that Mr Sullivan is not short on cash by any stretch. He is doing quite well. I have no problem with that. I wish him well.
Still, to argue that it is okay to triple the price of an item in demand makes you look like an unsympathetic assclown. People have lost everything and places like Best Western Motels jack their room rates from $70 a night to $300 ? Really?
Tom Sullivan said that price fixing leads to shortages. How ? Is it because when prices are allowed to be tripled, few people can afford to buy and stuff is still available for people with a LOT more money? How does this help the average Joe?
I understand that the "market" dictates what people will pay for a product or a service. If a widget is priced too high, it will not sell. If the Widget company wants to move the product, they will lower the price. I am fine with that for items NOT needed for basic human survival.
It is horrible to see people that have just lost everything they own, only to get reamed everywhere they turn by unscrupulous businesses.

 

[ws23jrt]

IMO "price gouging" happens naturally when **** hits fans. Or in this case the fan hit and spread the ****. It's individuals looking for a buck more so than company policies of the chain of motels (for example).

In a situation like this one I see price gouging as being much like looting. It is-- shame on those-- that see a few short lasting dollars taken from their neighbors as a comfortable way to smile and help out.--Greed is ugly.

Another example of price gouging I saw in my state had to do with the eclipse event. Many local motels jacked prices and actually canceled reservations to accommodate an expected flood of money tossers. As it turned out many rooms went empty because the need was incorrectly estimated for that one day.

 

[Fran Blacker]

Price gouging during natural disasters is wrong.
Price controls in normal times leads to shortages, try to rent an apartment in cities with rent control.
President Nixon in the early 70's tried wage and price controls, it worked like crap.

 

[Kern Dog]

See Fran, that is right along the lines of what I was thinking.

 

[69Coronetrt]

was he defending the ethics or explaining how the supply and demand concept works and using this as an abnormal market event for an example?

 

[BeeKool]

First come first serve
Cover your own ***

 

[Kern Dog]

was he defending the ethics or explaining how the supply and demand concept works and using this as an abnormal market event for an example?

I am not sure...He seemed steadfast in favor of free market forces despite how skyrocketing prices put things too far out of reach for some people.

 

[beanhead]

I agree that the free market must be left alone to work..but, it relies on people "behaving" properly, i.e. ethics and a moral compass, wherever you derive it from be it your religion, upbringing, etc...it's kind of a portrait of a free society in general, isn't it...freedom doesn't mean a free-for-all where anyone can do whatever they want if it impacts others in a bad way. A free society will only remain intact if people have a moral baseline by which they live..without it we see the decay of society which inevitably leads to more and more governmental control.."you people need us to control you because you can't control yourselves!" Oh boy sorry now I'm ramblin!....

 

[ws23jrt]

.

 

[Auggie56]

He is a pretty smart financial guy, he has an AM radio talk show that is syndicated.
I usually agree with the guy, his politics are similar to mine, he is also pretty reasonable in terms of common sense.
A few days ago though...
Some caller came on to discuss the price gouging that occurs when there is a sudden increase in demand whether it be a disaster, a sporting event, holidays, etc.
Mr Sullivan defended the practice of increasing prices, citing that it was in line with traditional "supply and demand" economic practices. He went on to say that price controls and price fixing fails because it leads to shortages.
I'll step back to inform you that Mr Sullivan is not short on cash by any stretch. He is doing quite well. I have no problem with that. I wish him well.
Still, to argue that it is okay to triple the price of an item in demand makes you look like an unsympathetic assclown. People have lost everything and places like Best Western Motels jack their room rates from $70 a night to $300 ? Really?
Tom Sullivan said that price fixing leads to shortages. How ? Is it because when prices are allowed to be tripled, few people can afford to buy and stuff is still available for people with a LOT more money? How does this help the average Joe?
I understand that the "market" dictates what people will pay for a product or a service. If a widget is priced too high, it will not sell. If the Widget company wants to move the product, they will lower the price. I am fine with that for items NOT needed for basic human survival.
It is horrible to see people that have just lost everything they own, only to get reamed everywhere they turn by unscrupulous businesses.

I took the time to correct your two punctuation errors and the one spelling error. (See below) No need to thank me I'm here to help.

He is a pretty smart financial guy, he has an AM radio talk show that is syndicated.
I usually agree with the guy, his politics are similar to mine, he is also pretty reasonable in terms of common sense.
A few days ago though...
Some caller came on to discuss the price gouging that occurs when there is a sudden increase in demand whether it be a disaster, a sporting event, holidays, etc.
Mr. Sullivan defended the practice of increasing prices, citing that it was in line with traditional "supply and demand" economic practices. He went on to say that price controls and price fixing fail because it leads to shortages.
I'll step back to inform you that Mr.Sullivan is not short on cash by any stretch. He is doing quite well. I have no problem with that. I wish him well.
Still, to argue that it is okay to triple the price of an item in demand makes you look like an unsympathetic assclown. People have lost everything and places like Best Western Motels jack their room rates from $70 a night to $300? Really?
Tom Sullivan said that price fixing leads to shortages. How ? Is it because when prices are allowed to be tripled, few people can afford to buy and stuff is still available for people with a LOT more money? How does this help the average Joe?
I understand that the "market" dictates what people will pay for a product or a service. If a widget is priced too high, it will not sell. If the Widget company wants to move the product, they will lower the price. I am fine with that for items NOT needed for basic human survival.
It is horrible to see people that have just lost everything they own, only to get reamed everywhere they turn by unscrupulous businesses.