"Doubts grow over ethanol"
My wife saw this article and said it would make a good test question for my students: "What happens to the price of corn when Congress passes a law mandating increased usage of it?"
I replied that it was too easy for my students. Too easy for introductory economics students, but too difficult for Congress.
Scott Faber, vice president for federal affairs at the Grocery Manufacturers Association (GMA), compared lawmakers to late-night revelers who are just beginning to understand the consequences of their actions.
“A lot of lawmakers are wondering who the hell they woke up with,” Faber said.
Why is oil so expensive? Because Congress won't let the oil companies drill for more.
Posted by: jorod | May 06, 2008 at 05:12 PM