Re: Paul D. on this year's Nobel--especially V. Smith

["Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>]

Smith's article showed complete ignorance on the California energy crisis. He
forgot the de-regulation was sold to Calipfornia by the promise of low cost to
soncumers.  When the public doubted the claim, de-regulators agreed to accept a
price ceiling.  The de-regulators forgot the same thing LTCM forgot, that one
can lose money as fast as one can make a windfall in speculation, if fraud is
not permitted.  His proposed solution is so simplistic that is laughable.  By
making the poor do their laundray at 3 a.m. will bring price stability?

paul davidson wrote:

> .  If Gary Mongovi still believes that Nobel prize winner Vernon Smith is a
> gift horse for heterodox views he should read Vernon Smith's op-ed Wall
> Street Journal piece in today's (October 16) issue -- where Smith argues
> that all the electrical energy problems in California are the result of
> government regulation and if there was only a free market in electrical
> energy the optimal result would occur.
>
> With gifts like that who needs suicide bombers?
>
> Paul