Thursday, November 10, 2005
Idiot of the day: Today's idiot is Sen. Ron Wyden, D-Ore., showing his utter ignorance of basic economics at yesterday's hearings on "Big Oil."
"While no consumers like price increases, in fact, price increases lower demand and help make the shortage shorter-lived than it otherwise would have been," FTC Chairman Deborah Platt Majoras told the hearing.
"That's an astounding theory of consumer protection," replied Sen. Ron Wyden, D-Ore.
Thank you Sen. Wyden for demonstrating that idiocy is no barrier to success in this great nation.