Yeah, Price Controls Have a Way of Creating Shortages

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Lest anyone think that people in the media actually know something about economics, this story from Connecticut lays out the utter ignorance of the MSM. The story tells about long lines up to a half-mile long at Connecticut gas stations following the big snowstorm.

There is also this gem, which the reporter puts in without understanding what is happening:

Attorney General George Jepsen put pricing controls in effect Monday to keep people from being gouged at the pump, according to Malloy. The price controls will remain in effect until Nov. 7.

Yeah, one might think that these people could put two and two together, but apparently that is not a possibility, not in the USA. Years of teaching economics has not done a whit of good, as politicians always do what they want, and the media always acts in utter ignorance.

8:24 pm on October 31, 2011