Sunday, April 30, 2006

Meet the Press hilarity on economics.

Media: This shouldn't surprise me but it did anyway.

MR. RUSSERT: Mr. Secretary, if, if demand is up but supply is down, why are the profits so high? MR. BODMAN: For that reason. MR. RUSSERT: No, think about that. MR. BODMAN: You know? MR. RUSSERT: Play it out. MR. BODMAN: Demand is up. MR. RUSSERT: Correct. MR. BODMAN: Right? MR. RUSSERT: Right. MR. BODMAN: So you’ve got more demand, you’re going to force price up. You’ve got, you’ve got limited supply, and you’re going to have... MR. RUSSERT: But that’s a decision by the oil companies.
I am hoping he was playing devil's advocate though I know Durbin wasn't with this quip.
SEN. DURBIN: Am I the only one of your guests here that think that profit taking is a problem? I mean, I understand the basic laws of supply and demand. I understand that if the input costs have gone up, it’s going to reduce your, your profitability. But here we have the most enormous profits in the history of the United States of America in business.
Just you and communists Dick.

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