[Congressman Billybob]

It was appalling to watch a reporter, who was dumb as a hoe handle on economics, question this Democrat House leader, who was dumb as a box of rocks on economics. Blazingly stupid things were said by the Congressman, which the reporter never challenged. And a fog of ignorance went out over the airwaves.

John / Billybob

[Red Badger]

This gentleman thought that additional taxes on the oil industry would somehow lower the cost of gasoline.

Then let's tax it till it's free!.............

[billva]

I agree with everything you said John.

I'm sorry you didn't win the Primary in North Carolina, I think you would have been a good Congressman.

[mbynack]

That “Supply and Demand” thing is an Urban Legend. /S

[RogerD]

It's not that hard a problem to understand. We've all heard about supply and demand. If we just demand cheap oil, regulate the oil companies so they can't drill for more oil or refine the oil they find, and raise taxes on companies that produce or refine oil, there isn't a Democrat in office who can imagine why the oil companies wouldn't supply more oil at a lower price.

[Rummyfan]

Bump!

[tcostell]

I’d like to nominate this post for best title of 1998.

[junkman_106]

I maintain...Stupid people should not be allowed to vote; they just elect more stupid people. I have never in my life, all 63 years of it, met or heard anyone so consistently stupid as our elected officials. Present company (possibly) excepted. You do seem to get to the center of the ideas. Unfortunately, I have no idea of my own as to how to correct this malfunction other than previous military training. Humpf!

[newheart]

I have long thought that freshman congress-critters ought to be required to take a good intro level college econ course. Even one from Fr. Guido Sarducci (In five years all you will remember about college economics is “supply and demand”) would significantly raise the level of understanding.

[Walmartian]

According to Hamilton’s Federalist Paper no. 10 these factions will always be kept in check by a republic rather than a true democracy. It seems history may prove him wrong in his assuptions because he failed to include:

1. Stupid people?
2. Media bias propoganda?
3. Soros types?
4. Political correctness?

Does anybody know the answer? I’m thinking it might be the stupid people.

[NonValueAdded]

Thnak you, John. It is astonishing how many in Congress haven’t got a clue.

[MileHi]

bump

[LeGrande]

The only way to force the price down is to subsidize it.

No that just changes who pays for it.

The opposite rule to taxes, concerns subsidies. If you subsidize anything, you get more of it. Witness “free” health care.

No you actually get less of whatever is subsidized. Bad money chases out good money. Health care availability actually decreases.

Whenever something is free, or close to it, demand will go through the roof.

Correct and that is also why the above points are also incorrect.

[RightWhale]

There are laws of nature and laws of economics which are absolutes.

That would be too easy and put scientists and politicians out of business. You want them unemployed and getting in the way at home?

[The Great RJ]

It seems like our civilization has gone back to a time before the Enlightenment. In those times all types of natural calamities were blamed on witches ...now it’s global warming. Magic and alchemy were thought to turn base metals to gold ...now it’s higher taxes will magically reduce prices. We seem to have abandoned the science and reasoning of the Enlightenment that brought us out of those times.

[kevkrom]

It was appalling to watch a reporter, who was dumb as a hoe handle on economics, question this Democrat House leader, who was dumb as a box of rocks on economics.

Republicans, as a whole, seem to have a fairly faint grip on reality vis a vis economics, and the Democrats live in an alternate universe on the subject.

How hard is to find simple competence these days?

[griswold3]

If I didn’t know better I’d say the Dems have a ‘master plan’ to fix overpopulation by limiting our access to energy.

[BufordP]

Congressman, if you ever get around to creating a ping list put me on it.

[adversarial]

The only way to force the price down is to subsidize it.

The way to force the price down is to increase the supply.

[Jimmy Valentine's brother]

Steny Hoyer has never held a real job in his life! He almost starved to death when he had to practice law full time after he lost his bid with Blair Lee to be Governor of Maryland. He was fortunate that Gladys Noon Spellman passed so that he could run for her seat.

[arthurus]

We have had two presidents since 1900 who actually understood economics, Reagan and Coolidge. And Kennedy was talked into significant tax cuts by people who understood the subject. It is truly a dismal science and dynamic people, those who aspire to government leadership, do not normally study it. Dynamic “leaders” want to know how to manipulate the economy because they think they are capable of that and must do it and thus almost all are disciples of Lord Keynes who did not write on Economics but rather on the plausible excuses for government to control the economy. His theories were, of course, wildly popular with the political class. Were there no John M. Keynes there might well be private mineral extraction operations on the Moon and Mars by now, with tourist accommodations.