When discussing price gouging it is not stupid.
Are these the only economists that purport MMT principles?
Ugh
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As you have been told many times over, this is an actual crime with a legal definition. This means it requires a burden of proof. That burden has not been met in any court regarding your “evil oil companies”.
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And being brought up for prosecution, let alone convicted, by the very industry that essentially owns politicians is short-sighted to be nice. Is there any wonder there were no prosecutions of any big wigs in the 2008-09 real estate scandal? Another industry that has politicians under control.
And you believe this industrial control of politicians would be better under Marxism? You’re kidding right? Then it becomes the will of the few politicians at the top, no different than it is today except that in the US i won’t get sent to some work camp in Siberia.
Most lawyers/judges I know of actually believe in the judicial system and its abilities. Not perfect, of course, but that’s why its constantly changing.
Have you looked into if possibly those oil companies spent more on capital investments in Q1-Q3 (as companies tend to do. I work for a fortune 500 company, they almost never spend capital in Q4) thereby lowering their overall profit percentage? So, if you knock 8% off the top (conservatively) for inflation you already down to 23%, which is not an unreasonable profit margin for any company. Also say previous quarter profits were 5% each (net profit from 2021 per your reference above), than averaging over 4 quarters gives 38/4 = 9.5% profit for the year. If that’s a small business profit margin, they would be dead in the water.
So no, it is not price gouging and you still didn’t think it through.
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I would agree at the state level.
Federal level not so much. Not with what I have seen from the alphabet agencies and their political picking and choosing of enforcement.
But, Biden and his ilk don’t mind shitting on big oil, so going after them for price gouging is a no brainer (if they were actually doing it) and would bolster their numbers with most.
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Wouldn’t a gouging case against an oil company have to start at a state level somewhere? I remember something my wife said about companies availing themselves to jurisdictions they do business (I only speak math, not legalese).
Not necessarily with something that is a necessity to all states like fuel. State laws vary tremendously on price gouging.
Price gouging laws have traditionally been a state matter. Some states have specific price-gouging statutes on the books, effective once a state of emergency has been declared by executives. Others that lack such statutes can look to general laws prohibiting unfair and deceptive trade practices. Generally, all of these laws provide for civil penalties, and often grant law enforcement civil subpoena powers to investigate. Some also provide for criminal prosecution, and for civil actions by private parties.
At the federal level, there is no specific price-gouging law. However, the Defense Production Act of 1950 gives the President authority to issue regulations governing the supply and sale of essential goods, and President Trump has exercised that authority to issue an Executive Order prohibiting hoarding and price gouging of essential materials. Attorney General William Barr has since set up a federal task force to address COVID-19-related market manipulation and price gouging, making it clear that federal law enforcers are serious about the issue.
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More proof that it is the industries that run this country. Very little, if anything, will be done. We do not live in a democracy, we live in an oligarchy.
!
And what has capitalism done? If they’re weren’t any giant industrial conglomerates who would be buying off the politicians?
This would be much better if it actually happened. Then there would be a real deterrence.
I bet the people(the public) who are affected don’t.
Their record profits and CEO’s conversations on board calls say otherwise.
But yeah, keep believing in the system that has basically destroyed the middle class so that a few can be fucking incredibly wealthy. it has done a great job and it has done well to have an indoctrinated defender in you. i know you are proud.
@castoli just wondering if you know how many of these have been won by MMT proponents?
Judges and attorneys aren’t part of the public that are affected?
The world lives in an oligarchy and always has. Any illusion that the rich and powerful have not always controlled things is quite funny.
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Woooo…they are serious about the issue. So much so that no one in high places will be punished and there will be no deterrent.
As if the law matters to those who are above it. Man, you have swallowed so much propaganda!
Totally misses the point.
Glad you’re actually admitting this. Now what should we do about it?
And awards are how we know what is true and what is not.
Being recognized by academic peers and industry leaders is a pretty good indication that one has done good.
Have you ever received any accolades or recognition by your peers or area of academic study for your accomplishments?
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Please, show me where oil companies have risen to the bar of price-gouging by any state’s legal metric.
I will wait.
Where did you get your law degree again? And how much court room time do you have at the federal or even state level?
No, answer my question. Are attorneys and judges not part of the general public?
Nothing, because you can do nothing. You find a way to succeed in the system regardless. I have.
The rich. There always has been a rich class even in your beloved communist states.
Much better if political dissidents or just people those in power disagree with get sent to die? Wow, where did your altruism go?
You are privy to these or can even comprehend the scale of what a fortune 200 CEO has to deal with?
You mean like Kings, Ceasers, Emperors, lords, Chiefs and the Vatican that have existed for thousands of years? It’s the fucking reality of the world. It’s written since ancient Sumerians learned how to write. If it hasn’t changed by now, it won’t ever change in this regard.
You also completely disregarded the totally plausible case of oil companies spending capital which decreases total profits in that quarter. But, let’s just continue to go with your 
.
Again, life is suffering. Wrap your mind around that and come to terms with it.
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Zep, we get it.
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