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  #51  
Old 03-15-2020, 07:19 PM
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JollyGoodFCAS JollyGoodFCAS is offline
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Originally Posted by MathinTucson View Post
When I run out of toilet paper in a week, and would be more than happy to pay $10 for a roll, but can't because that would be "unethical," I'll ask one of you to explain that to me further.
Because poor people need to wipe their asses as well, and tougher for them to do so if rich suckers like you overpay. Perhaps they could make money as wipers of other people's bottoms, but that won't do much to check the spread of the virus.
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  #52  
Old 03-15-2020, 07:42 PM
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Serious advice for anybody who finds themselves out of TP.
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  #53  
Old 03-15-2020, 08:00 PM
Steve Grondin Steve Grondin is offline
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Originally Posted by d123454321 View Post
There is nothing to lose, since someone will use it eventually and it doesn't go bad.

Yes, if the price is a little higher it removes profit from selling it online in black market.
I disagree. TVOM, storage, transport costs on a bulk inexpensive item are not frictionless.

If you are talking panic buying, the price rise sufficient to reduce or eliminate "black market" sales will be closer to black market prices than regular prices.
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  #54  
Old 03-15-2020, 08:03 PM
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I'm fine with retail arbitrage, if you are actually moving stuff from low-value markets to high-value markets. I'm not fine with creating an artificial shortage by buying up all the stock in advance of an expected catastrophe. It's the difference between shipping plywood into Florida right before a hurricane to sell at a nice profit after, and buying up all the plywood you can find that's already in Florida, and then charging an extortionate price.

They did the latter.
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  #55  
Old 03-15-2020, 08:54 PM
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Originally Posted by MathinTucson View Post
When I run out of toilet paper in a week, and would be more than happy to pay $10 for a roll, but can't because that would be "unethical," I'll ask one of you to explain that to me further.
Because you paying $10 per roll to a retailer, or to some dude who bought up everything from a retailer, won't motivate all the relevant players along the supply chain to increase the short-term supply. See my post #47 above.
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  #56  
Old 03-16-2020, 11:05 AM
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Reminds me of an article I saw years ago, I forgot the name of the author but it was from one of those libertarian type websites (something like a Cato but not sure if it was that one specifically) in which the author basically argues that insider trading is a victimless crime. :homersimpsonbushes:
IIRC, the argument was for true insider trading (CEO, CFO, etc) and the gist of the argument is that modern trading is so fast that their actions would be immediately incorporated into the stock price.
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  #57  
Old 03-16-2020, 11:14 AM
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Follow up-story:

https://www.nytimes.com/2020/03/15/t...-donation.html

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A Tennessee man who became a subject of national scorn after stockpiling 17,700 bottles of hand sanitizer donated all of the supplies on Sunday just as the Tennessee attorney generalís office began investigating him for price gouging.

On Sunday morning, Matt Colvin, an Amazon seller outside Chattanooga, Tenn., helped volunteers from a local church load two-thirds of his stockpile of hand sanitizer and antibacterial wipes into a box truck for the church to distribute to people in need across Tennessee.

Officials from the Tennessee attorney generalís office on Sunday took the other third, which they plan to give to their counterparts in Kentucky for distribution. (Mr. Colvin and his brother Noah bought some of the supplies in Kentucky this month.)
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  #58  
Old 03-16-2020, 11:38 AM
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IIRC, the argument was for true insider trading (CEO, CFO, etc) and the gist of the argument is that modern trading is so fast that their actions would be immediately incorporated into the stock price.
insider trading is kind of like speeding

It's mostly used as a convenient way to charge somebody that you suspect of doing something way more heinous (that you have insufficient evidence for) by using a crime that almost everyone does (like speeding, which is very easy to get evidence for).

I've found that it's very hard to distinguish fraud from ridiculous incompetence. "Oops, I accidentally miscalculated that we had $5B more revenues than we actually did! But I hired the best accountants!" Uhhhh sure you did. But insider trading, that's something easier to prove so you can jail the exec for that instead.
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  #59  
Old 03-16-2020, 12:47 PM
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Good ending. The guy played on the edges of the rules IMO, and now the rules have been changed (for the better). There should be no charges, and his predictive mind should be put to better uses.
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  #60  
Old 03-16-2020, 03:32 PM
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A store manager was explaining to me that price gouging is wrong, but increasing the price to make people think twice about hoarding goods is in the best interest of everyone. He (rightly) said there was no real reason anyone needed multiple 24 packs of toilet paper or 6 cases of water bottles... so if they upped the price so that guy thought, "Hey, maybe I should get one pack of TP and 3 cases of water" then there would be more available for the rest of the community. Makes sense to me, quell the demand by increasing the price.

Although I agree that price gouging for profit is wrong, if it's moderate increases with spreading available resources to the greatest number of people, I think that's the right thing to do.
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