Updated March 17: The Wall Street Journal picked up the idea of “Republicans for Price Controls” this morning in its lead editorial. They have a great idea: rename the Durbin Amendment the “Payday Lender Empowerment Act.” Price controls do not work. They distort markets and hurt consumers. Period. Unfortunately, the Beltway is attempting to deal with this by “delaying” the law for two years. As […]
John LaPlante
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Meet the Anti-price-fixing Senators
Proving that some sort of economic sense can still be found in both parties, nine senators have signed onto the Debit Interchange Fee Study Act, which would delay the price controls imposed on debit transactions for two years. Sen. Jon Tester (D-Mont.) has said, “The stakes are simply too high to move forward with this rule without a closer look at the impact on consumers, credit […]
Minnesota by the Numbers
How does Minnesota compare to the other states on key economic measures? The Tax Foundation’s 2011 Facts and Figures has some interesting numbers. The first number is Tax burden per capita, in which Minnesota ranks 7 ($4,651). The highest is Connecticut ($7,256). You might look at that number and say that government here spends too much. Or you might say we can spend so much because we […]
The Daily Grope: Displaying the Constitution is a Crime
A man was arrested at an airport on charges of disorderly conduct. His crime? Stripping down to his boxers, thus exposing to the world … the Fourth Amendment to the U.S. Constitution, written on his chest. Aaron Tobey is suing the TSA, proving that not all lawsuits are frivolous. Officials wanted to know “his affiliation with, or knowledge of, any terrorist organizations.” Yeah, I’m sure […]
Right hand, left hand, CFL edition
Congress has ruled: We must do away with most incandescent light bulbs in the pursuit of “green” living. Here’s yet another exhibit of the fact that federal energy policy is out of touch with reality: A county government in North Carolina (and most likely county governments across the country) is hectoring residents to make treks to official depositories of “potentially dangerous chemicals” — and their fluorescent […]
When Will They Ever Learn? Durbin Amendment Brings Price Controls, More Corruption
Doing a little more research into the Durbin Amendment, which causes the power of the U.S. Government to intervene in a commercial dispute between merchants and banks, I found something remarkable: even the New York Times admits that this measure is a price control. The website of Sen. Richard Durbin (D-Ill.) includes a reprint of an article from the New York Times, which reads in part: […]
Anti-human environmentalists
Henry Payne was spot-on in his observation that increased societal wealth brings about changes that help a country minimize the loss of life that comes from natural disasters such as earthquakes. Yet too often we hear disdain for policies that bring about economic growth. Usually these are phrased in terms of “protecting the environment.” A few years ago, there was an earthquake in western China. It […]
North to Alaska . . . for filming
If offering sweetheart deals to film makers is a permanent thing, is it worth the bother? Last week I spoke with some people with the Anchorage Convention and Visitor’s Bureau. Did you know there are 9 different reality shows based in or focusing on Alaska? The person I spoke to suggested that a film credit the state enacted a few years ago was at least partly […]
Price controls for consumer banking?
Can some good news come out of Washington DC? Yes. Key regulators at the Fed and FDIC have been signalling for weeks that they do not support price controls contained in the Durbin Amendment to the financial overhaul known as “Dodd-Frank.” This according to an article at the Star-Tribune, among other places. Under the draft of regulations proposed by Fed staff, the U.S. government “would cap the fees […]
Large Government Breeds Rent-seeking
Do you prefer to use credit or debit cards rather than write checks? If so, you should know that the federal government is taking steps that could mean you’ll be paying an increased or new annual fee for that card. “Plastic” forms of payment are incredibly useful, but there are costs associated with them, including the expenses of issuing the cards and maintaining accounts. To […]