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This is why Economics makes no sense

By Quigley   2014 Nov 11, 12:07am   2 links   28,766 views   80 comments   watch (1)   quote      

In America, at least.
http://mashable.com/2014/11/10/wealth-inequality-united-states/?utm_cid=mash-com-fb-main-link

The chart shows the wealth of the top 0.1% and the bottom 90% being entirely equal as of now. That means that the top dogs can and do manipulate markets and asset prices with their concentrated buying power. It no longer has much to do with economic forces like supply and demand. The money chooses winners, the money chooses losers, and guess which category you are in? The uber wealthy aren't interested in an equal or egalitarian society. They want serfs, easily controlled peasants to serve gratefully. The myth that every American is just one good idea or a lot of hard work from wealth is losing traction as the wealthy consolidate assets. At some point, if you aren't already wealthy, the game is rigged against you such that you can never achieve that status.
In this situation, trying to understand our economy with traditional models is useless. You need insider information or very good luck to win, as every deal becomes an insider deal.

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41   tatupu70   2014 Nov 11, 7:17am     ↑ like   ↓ dislike (2)   quote    

Heraclitusstudent says

The entire scheme doesn't make sense. You can't distort economics. Once you place yourself into a workers pool that includes China, India, Brazil and others, you just can't force employers to pay more.

Are folks in China competing for waitressing jobs?

Regardless, if you are saying that increasing minimum wage will raise restaurant prices, then you are basically saying that restaurants aren't smart enough to maximize revenue.

Remember--price is not a function of cost. That is why corporate profits have risen so dramatically as labor costs have decreased. Those reduced costs have NOT translated to reduced prices, just as increased costs will NOT translate to higher prices.

42   indigenous   2014 Nov 11, 7:17am     ↑ like (1)   ↓ dislike (3)   quote    

Heraclitusstudent says

Then indigenous will show us a caricature about democrats and go to vote for bribed republicans.

Excellent

43   Bellingham Bill   2014 Nov 11, 8:48am     ↑ like (1)   ↓ dislike (1)   quote    

Heraclitusstudent says

What part of the voting system prevents a third party?

The part where if you split the left vote the right wins more handily.

cf Canada for how that works.

Then the line between the 2 needs to move. You think conservatives like cronyism?

By nature they're told what to think so what they think at any given point in time really doesn't enter into it.

"Cronyism" is just another thought-terminating cliche, too. Conservatives love our $800B/yr military and want more of it, even though it's the height of waste and insider-dealing in our mixed economy.

44   Bellingham Bill   2014 Nov 11, 8:53am     ↑ like   ↓ dislike (1)   quote    

Heraclitusstudent says

If you want my vote you need to address the issues.

LOL. Let's not bullshit everyone. If you're happy with the GOP taking over, just say so. It'll save all of us a lot of time.

45   Bellingham Bill   2014 Nov 11, 8:58am     ↑ like (2)   ↓ dislike (2)   quote    

Heraclitusstudent says

If you think I will get a raise because the minimum wage is raised, you must be crazy.

And that's not what I wrote at all. The study I linked listed the bottom 30% of the workforce, not everyone.

The entire scheme doesn't make sense. You can't distort economics.

Rightwing religion -- not fact. Your very loaded words -- "scheme " -- "history" -- are warping your thinking here.

I will get a better deal from my employer because of teachers? Uh... NO.

Sure. The more fields pull qualified competitors from your particular labor pool, the more bargaining power you have with your employer.

This is an indirect effect, but the obvious direct effect is that if teaching pays more than your current software industry job, you have the power to tell your boss to stuff it if he doesn't raise your wages, provided you can secure one of those cushy teaching jobs.

Labor has to hang together or we will be defeated in detail. This isn't rocket science.

All that does is make me pay more for bad teachers, screwing me and my kids.

You've successfully conflated protecting teachers with seniority with bad teachers. Wonderful parroting of rightwing talking points. Congrats.

46   Reality   2014 Nov 11, 9:23am     ↑ like   ↓ dislike (4)   quote    

tatupu70 says

Regardless, if you are saying that increasing minimum wage will raise restaurant prices, then you are basically saying that restaurants aren't smart enough to maximize revenue.

It is not a theory, but a fact: restaurants have been tacking on extra fees due to rising cost of mandatory labor cost. Restaurants do not compete on the portion of the bill that every competitor has to pay equally. Mandatory higher labor cost (whether in hourly wage or mandatory healthcare) works like tax and rent. Businesses pass tax and rent to the consumers because they do not have to compete with their neighbors on those.

Remember--price is not a function of cost. That is why corporate profits have risen so dramatically as labor costs have decreased. Those reduced costs have NOT translated to reduced prices, just as increased costs will NOT translate to higher prices.

Corporate profits have risen because competition has been restrained by the myriads of government regulations.

47   Reality   2014 Nov 11, 9:29am     ↑ like   ↓ dislike (4)   quote    

Bellingham Bill says

Sure. The more fields pull qualified competitors from your particular labor pool, the more bargaining power you have with your employer.

This is an indirect effect, but the obvious direct effect is that if teaching pays more than your current software industry job, you have the power to tell your boss to stuff it if he doesn't raise your wages, provided you can secure one of those cushy teaching jobs.

Labor has to hang together or we will be defeated in detail. This isn't rocket science.

All that does is make me pay more for bad teachers, screwing me and my kids.

You've successfully conflated protecting teachers with seniority with bad teachers. Wonderful parroting of rightwing talking points. Congrats.

LOL. So if robbery becomes a more profitable job, your standards of living would improve? How about a bunch of robbers voting to increase their own per heist legal take?

There is no such thing as "hanging together." Everyone's take-home pay is expense to everyone else. The market is where buyers decide how much to pay a seller, and vice versa. Political machination to interfere in the market place and increase tax-funded pay is little different from robbery.

Calling raising minimum wage "hanging together" is even more absurd: it is literally higher paid union workers forcing lower-paid workers into unemployment, as a way of preserving union jobs.

48   iwog   2014 Nov 11, 9:31am     ↑ like (3)   ↓ dislike (3)   quote    

Reality says

LOL. So if robbery becomes a more profitable job, your standards of living would improve? How about a bunch of robbers voting to increase their own per heist legal take?

Right. We all know that criminal activities and working a honorable job are total equivalents that both share the exact same economic reality.

Nominated.

49   iwog   2014 Nov 11, 9:32am     ↑ like (3)   ↓ dislike (4)   quote    

Reality says

Corporate profits have risen because competition has been restrained by the myriads of government regulations.

Also nominated. It's hard to see how this much ignorance exists in the world but there you go.

50   Reality   2014 Nov 11, 9:34am     ↑ like (1)   ↓ dislike (4)   quote    

iwog says

Reality says

LOL. So if robbery becomes a more profitable job, your standards of living would improve? How about a bunch of robbers voting to increase their own per heist legal take?

Right. We all know that criminal activities and working a honorable job are total equivalents that both share the exact same economic reality.

Nominated.

What is crime is definitional, just like insider-trading is a crime unless it is insider-trading by members of Congress. If a pay has to be sustained by coercion (i.e. any tax-funded job), the mechanism for securing that pay is legalized theft.

51   Reality   2014 Nov 11, 9:35am     ↑ like   ↓ dislike (4)   quote    

iwog says

Reality says

Corporate profits have risen because competition has been restrained by the myriads of government regulations.

Also nominated. It's hard to see how this much ignorance exists in the world but there you go.

You are showing your ignorance of basic supply and demand.

52   iwog   2014 Nov 11, 9:40am     ↑ like (3)   ↓ dislike (4)   quote    

Reality says

What is crime is definitional, just like insider-trading is a crime unless it is insider-trading by members of Congress. If a pay has to be sustained by coercion (i.e. any tax-funded job), the mechanism for securing that pay is legalized theft.

Ohhhhhh.....I see! So the economic reality of having no restrictions, no taxes, and no oversight is EXACTLY the same of having taxes, audits, shareholders, regulations, reputation to worry about, employees with rights, and everything else.

Nice work! I'm sure everyone will respect your brilliance now.

53   iwog   2014 Nov 11, 9:44am     ↑ like (2)   ↓ dislike (4)   quote    

Reality says

You are showing your ignorance of basic supply and demand.

Nothing I said has any relevance to supply and demand. I was just ripping a giant hole in your stupid argument and calling you an idiot. (well deserved)

Anything else?

54   BoomAndBustCycle   2014 Nov 11, 10:02am     ↑ like   ↓ dislike   quote    

iwog says

You mean the fuck America bill? You want the Democrats to embrace something that will make wealth disparity far far worse?

At this point... I kind of want the democrats just to roll over and say.. Ok, Republicans you win... You get your way for 8 years... Have fun with this ticking time bomb of an economy and let's see how much better off we are as a country under 8 years of Republican power.

I mean, roll over and pass every Republican notion in the world. But hold their feet to the fire when it all blows up in their face.

55   iwog   2014 Nov 11, 10:17am     ↑ like (4)   ↓ dislike (3)   quote    

Call it Crazy says

The Dems have had their way for the last 8 years in the Senate. How has that worked out for you?

This is the kind of uninformed idiocy that you're famous for.

56   Heraclitusstudent   2014 Nov 11, 10:29am     ↑ like   ↓ dislike   quote    

Bellingham Bill says

The part where if you split the left vote the right wins more handily.

Who says the right will not also split? You are confusing 2 issues: Having parties to represent ideas and winning elections. If you represent the right ideas you will win elections. The alternative is to have fake choices like who want gay marriage while you have no choice on the real issues. Basically no one represents economic interests of 90% of the population in Washington.

Bellingham Bill says

"Cronyism" is just another thought-terminating cliche, too. Conservatives love our $800B/yr military and want more of it

The main reason why there was a tea-party was precisely because conservatives didn't like the way the gov interacted with WS and other industries. Ask Indigenous here.

Bellingham Bill says

Sure. The more fields pull qualified competitors from your particular labor pool, the more bargaining power you have with your employer.

So you think tenures for teachers pull anyone from the labor pool?
You understand that tenure doesn't increase the number of teachers?
Believe me it doesn't remove ANYONE from my labor pool, certainly not in a way that matters, considering my labor pool includes people from around the planet.

Bellingham Bill says

Labor has to hang together or we will be defeated in detail. This isn't rocket science.

You need to understand this very basic fact: As long as corporations can send money, technologies and jobs overseas, labor here can stand together all you want, YOU HAVE NO POWER. You have already been worked around. All you have is competing for low paying jobs like waiters and picking strawberries, and oh, yes, I know, we do have a few well protected professions: real-estate, education, healthcare, and finance, who are allowed to pray on everyone else. But this will never be an entire economy.

57   Heraclitusstudent   2014 Nov 11, 10:37am     ↑ like   ↓ dislike   quote    

Bellingham Bill says

Heraclitusstudent says

If you want my vote you need to address the issues.

LOL. Let's not bullshit everyone. If you're happy with the GOP taking over, just say so. It'll save all of us a lot of time.

I'm not happy, I just don't have a choice, either way.
And apparently I'm not the only one:
http://www.nytimes.com/2014/11/11/upshot/the-great-wage-slowdown-looming-over-politics.html?ref=business

58   Heraclitusstudent   2014 Nov 11, 10:50am     ↑ like   ↓ dislike   quote    

tatupu70 says

Regardless, if you are saying that increasing minimum wage will raise restaurant prices, then you are basically saying that restaurants aren't smart enough to maximize revenue.

Remember--price is not a function of cost. That is why corporate profits have risen so dramatically as labor costs have decreased.

You have to distinguish multinational corporations that profit from globalization and the local joint struggling to survive. For them it is a question of costs.
Reality says

Corporate profits have risen because competition has been restrained by the myriads of government regulations.

Lol. So corporate profits go down it's because of regulations, they go up, it's because of regulations.

Leave it to conservatives to impose their cult narratives on any situation.
Putting 2 and 2 together: low wages, rising productivity, is too hard for them.

59   iwog   2014 Nov 11, 10:54am     ↑ like (2)   ↓ dislike (3)   quote    

Call it Crazy says

sbh says

Do a google search of how many filibusters have occurred in the Senate since Obama took the WH

Who said anything about filibusters? Who's been the majority party in the Senate the last 8 years. Oh FYI, that was 2 years BEFORE Obama took the WH...

Go have another drink and STFU!!!!####****????

The funny thing, I mean the REALLY funny thing, is that you actually think you're making a point instead of displaying your ignorance to the world.

60   Heraclitusstudent   2014 Nov 11, 10:59am     ↑ like   ↓ dislike   quote    

Folks, this stuff is simple. You can't exist on a level playing field with billions of poor people and have a wage structure that allows growth.

Even if somehow you manage to force it, either you allow one part of the economy to cannibalize other parts, or it will again lead to growing private debts in the US, high risk finance, growing trade deficit (things that are starting to develop once more) ultimately followed by a bust.

As long as you have these fluid trade flows, then you need to converge with other countries and wait 2030 (earliest) until China and India develop enough of a middle class to consume stuff you produce. By then most of Americans will be as poor as Chinese people or Brazilians.

61   Quigley   2014 Nov 11, 11:22am     ↑ like (1)   ↓ dislike   quote    

We need more worker protections, less H1B visas, and more equal trade. Europe has negotiated such a deal ten years ago, and is doing better than we are the with megalithic producer China. Basically the deal goes: they buy as much as China buys from them. This translates directly into Euro parts incorporated into Chinese products. This raises quality (and price), but also guarantees Europeans keep good jobs in their own countries.
Why we don't have a similar system is because our politicians are bought and paid for by corporatist lobbyists.

Instead we get corporate stooges complaining about a lack of talent here in america and petitioning to bring in "more qualified" people from asia. And the low skill jobs will be wage undercut by importing poor Latins. So workers get screwed on both ends. The only way to win is to get into a specialty occupation that can't be outsourced.

62   errc   2014 Nov 11, 11:22am     ↑ like (2)   ↓ dislike   quote    

While it's good for a tiny chuckle to watch call it crazy make a complete ass of himself, it's beyond sad how many people allow the retard to troll the fuck out of them. Taking his bait, enabling the simple Simon motherfucker to troll the rest of us, by proxy.

Thanks

63   TwoScoopsMcGee   2014 Nov 11, 11:36am     ↑ like (3)   ↓ dislike   quote    

There is a way. You slap tariffs on imports.

A country can not sustain near trillion-dollar annual trade deficits if it does not have the dominant reserve currency.

Our current lifestyle utterly depends on the ability to import virtually unlimited goods without the necessity of exporting nearly the same amount or more to pay for those imports.

Because of our currency reserve status, the trade deficit can exist, because we don't need to sell to buy. Because we don't need to sell in order to buy, we can have unsustainably weak and shitty job creation.

America looks increasingly like a third world economy dependent on tourism and raw resource exploitation: we create nothing but low end service and coal mining jobs.

Neoliberalism has made it this way.

Supporting East and South East Asian low-end manufacturing made sense in the Cold War to employ mass numbers of people and make Communism less attractive.

It makes no sense now. It continues because our Industry was pushed overseas by Banksters, and there is no division among the elites - they are united on seeking arbitrage from everything, all the time, and there is no immediate pressure on them to do otherwise.

When that pressure does eventually arrive - guess who will be the bagholders?

64   Reality   2014 Nov 11, 12:14pm     ↑ like (2)   ↓ dislike   quote    

iwog says

Reality says

What is crime is definitional, just like insider-trading is a crime unless it is insider-trading by members of Congress. If a pay has to be sustained by coercion (i.e. any tax-funded job), the mechanism for securing that pay is legalized theft.

Ohhhhhh.....I see! So the economic reality of having no restrictions, no taxes, and no oversight is EXACTLY the same of having taxes, audits, shareholders, regulations, reputation to worry about, employees with rights, and everything else.

Nice work! I'm sure everyone will respect your brilliance now.

Well, why don't you just address the specifics I raised, and tell me exactly why is "insider trading" a crime for everyone else but perfectly legal for members of Congress?

65   Reality   2014 Nov 11, 12:16pm     ↑ like (1)   ↓ dislike (1)   quote    

iwog says

Reality says

You are showing your ignorance of basic supply and demand.

Nothing I said has any relevance to supply and demand. I was just ripping a giant hole in your stupid argument and calling you an idiot. (well deserved)

Anything else?

Of course you fail to see your own idiocy and falsely accuse others of being stupid instead of recognizing your own folly. You do that every day! Corporate profit being high (if that is factually true) is simply due to lack of competition. Competition whittles away profit. Basic Economics 101 stuff, which you never learned either!

66   indigenous   2014 Nov 11, 12:50pm     ↑ like (1)   ↓ dislike (2)   quote    

Call it Crazy says

Ready to admit you're an asshole yet?

Ok I will admit it, Iwog is an asshole.

67   bob2356   2014 Nov 11, 5:52pm     ↑ like   ↓ dislike (1)   quote    

Call it Crazy says

BoomAndBustCycle says

I kind of want the democrats just to roll over and say.. Ok, Republicans you win... You get your way for 8 years

The Dems have had their way for the last 8 years in the Senate. How has that worked out for you?

51 to 47 with 2 independents is having their way? I always like to think the best of people, but if you actually believe that then you really are stupid.

68   tatupu70   2014 Nov 11, 8:21pm     ↑ like   ↓ dislike (2)   quote    

Reality says

It is not a theory, but a fact: restaurants have been tacking on extra fees due to rising cost of mandatory labor cost.

Here's a tip for you--companies sometimes say things that aren't true!! I know that's hard to believe... It's much easier to tell customers that they are raising prices due to Obamacare or rising labor cost than it is to tell them they are raising prices because the market can bear it and the owners want to maximize revenue.

Reality says

Mandatory higher labor cost (whether in hourly wage or mandatory healthcare) works like tax and rent. Businesses pass tax and rent to the consumers because they do not have to compete with their neighbors on those.

So, you disagree that price is unrelated to cost then?

Reality says

Corporate profits have risen because competition has been restrained by the myriads of government regulations.

Don't you agree that companies will do everything in their power to restrict competition?

69   tatupu70   2014 Nov 11, 8:26pm     ↑ like   ↓ dislike (1)   quote    

Heraclitusstudent says

You have to distinguish multinational corporations that profit from globalization and the local joint struggling to survive. For them it is a question of costs.

There are local joints that are struggling to survive just as there are local joints making huge profits. Same with multi-nationals. I don't believe it's a size thing. There will always be a spectrum of profitability among manufacturers and service providers. That doesn't change the point--price (except in the extremely long run which we probably never reach) is unrelated to cost.

70   iwog   2014 Nov 11, 11:38pm     ↑ like (2)   ↓ dislike (3)   quote    

The Professor says

Wasn't he the one that was going to close Gitmo and end the wars?

He attempted to close Gitmo and was shredded by Republicans and the right wing propaganda machine.

71   Dan8267   2014 Nov 12, 12:08am     ↑ like (3)   ↓ dislike   quote    

iwog says

He attempted to close Gitmo and was shredded by Republicans and the right wing propaganda machine.

Obama could have closed Gitmo on executive order alone. He did not need Congressional approval to continue the torture chamber any more than Bush did to open it.

Obama does not get a free pass on this one, especially if it was just that he didn't have the balls to do the right thing.

72   iwog   2014 Nov 12, 12:13am     ↑ like   ↓ dislike (1)   quote    

Dan8267 says

Obama could have closed Gitmo on executive order alone. He did not need Congressional approval to continue the torture chamber any more than Bush did to open it.

Obama does not get a free pass on this one, especially if it was just that he didn't have the balls to do the right thing.

Obama is subject to political realities just like anyone else.

The problem is that during the time he was attempting to close gitmo, a massive propaganda attack occurred which changed public opinion in the same way it was used against Obamacare. It went from 53% against to 65% against.

Propaganda is what created Nazi Germany. Propaganda works. Propaganda is what is killing this country. Obama might have forced the issue and closed Gitmo anyway, but he probably wouldn't have survived re-election had he done so.

73   indigenous   2014 Nov 12, 12:13am     ↑ like (1)   ↓ dislike   quote    

Let me get this straight both Dan and the Wogster are saying that O does not have any balls?

74   iwog   2014 Nov 12, 12:15am     ↑ like   ↓ dislike (1)   quote    

Sometimes doing the right thing is the wrong thing. I'm afraid Justice Ginsburg is about to discover this truth the hard way.

75   indigenous   2014 Nov 12, 12:20am     ↑ like   ↓ dislike (1)   quote    

iwog says

Sometimes doing the right thing is the wrong thing.

Yes they are confusing... like up or down, in or out, left or right...

76   Dan8267   2014 Nov 12, 2:00am     ↑ like (1)   ↓ dislike   quote    

iwog says

Obama is subject to political realities just like anyone else.

None of those "political realities" would have been able to stop Obama from closing Gitmo.

If a president has to choose between keeping open a torture chamber and being re-elected, any decent president -- hell, any human being who isn't a psycho -- would choose to close the torture chamber.

There is no valid excuse for keeping Gitmo open. None.

Quite frankly, there is no point in being president if you can't make the decisions you want to. Being recorded in a history book isn't important, not to a real man. Making history is.

77   Dan8267   2014 Nov 12, 2:03am     ↑ like (1)   ↓ dislike   quote    

indigenous says

Let me get this straight both Dan and the Wogster are saying that O does not have any balls?

Honey, I've been saying that since January of 2008 when Obama failed to shut down Gitmo.

I've also gone on the record as stating that Obama is the worst president ever, having surpassed Bush II on that.

The difference between me and idiot conservatives like you, is that I have real reasons for judging Obama a bad president, which I have listed in details in several threads on this site. In contrast, you conservatives don't like him because he's black and he's a Democrat.

There's a concept that partisan hacks like you cannot understand. Conclusions aren't that important. What really matters is the reasons behind the conclusions.

78   iwog   2014 Nov 12, 2:33am     ↑ like   ↓ dislike (2)   quote    

Dan8267 says

None of those "political realities" would have been able to stop Obama from closing Gitmo.

I disagree completely. I think going against 2/3rds of a brainwashed country is setting you up for defeat.

Dan8267 says

If a president has to choose between keeping open a torture chamber and being re-elected, any decent president -- hell, any human being who isn't a psycho -- would choose to close the torture chamber.

Gitmo is not a torture chamber. It may have been under Bush, however under Obama it is nothing more than a prison. While I'm 100% against keeping people locked up forever without charge, overstating the reality doesn't help your case.

79   Reality   2014 Nov 12, 3:05am     ↑ like   ↓ dislike   quote    

tatupu70 says

It is not a theory, but a fact: restaurants have been tacking on extra fees due to rising cost of mandatory labor cost.

Here's a tip for you--companies sometimes say things that aren't true!! I know that's hard to believe... It's much easier to tell customers that they are raising prices due to Obamacare or rising labor cost than it is to tell them they are raising prices because the market can bear it and the owners want to maximize revenue.

They did not raise price before Obamacare came along. They tagged on the Obamacare cost because of Obamacare.

You'd have to be a moron to think small businesses try to maximize revenue instead of maximizing profit. Tagging on Obamacare cost is profit-neutral compared to before Obamacare.

tatupu70 says

Reality says

Mandatory higher labor cost (whether in hourly wage or mandatory healthcare) works like tax and rent. Businesses pass tax and rent to the consumers because they do not have to compete with their neighbors on those.

So, you disagree that price is unrelated to cost then?

What does the price of tea in China have to do with this? Restaurants can add on Obamacare cost to the bill because the neighbors are adding on the same. That's why raising taxes to punish businesses is a dumbest way of "soaking the rich."

tatupu70 says

Reality says

Corporate profits have risen because competition has been restrained by the myriads of government regulations.

Don't you agree that companies will do everything in their power to restrict competition?

Companies in a free market place have very little means of restricting competition; it is the government that they can lobby into helping them restricting competition.

BTW, if you really want to get down to it, both corporations and government are artificial constructs that some individuals use in order to have a leg up on other individuals. Corporations are entirely government created/sanctioned entities.

80   tatupu70   2014 Nov 12, 3:16am     ↑ like (1)   ↓ dislike (1)   quote    

Reality says

They did not raise price before Obamacare came along.

They didn't?? So prices haven't been raised in restaurants for 50 years? 100 years?

Reality says

You'd have to be a moron to think small businesses try to maximize revenue instead of maximizing profit. Tagging on Obamacare cost is profit-neutral compared to before Obamacare.

Correct--profit. Tagging on Obamacare is NOT profit neutral.
Raising prices will cause demand to go down so profits will go down as well. The profit maximizing price is the same before and after Obamacare. That profit maximizing price is INDEPENDENT of cost.

Reality says

What does the price of tea in China have to do with this? Restaurants can add on Obamacare cost to the bill because the neighbors are adding on the same. That's why raising taxes to punish businesses is a dumbest way of "soaking the rich."

So you're saying there is no competition in the restaurant business? They're all in collusion?? None of them want to maximize profits? Have you ever taken Econ 101?

Reality says

Companies in a free market place have very little means of restricting competition

Funny--you just said restaurants are all in collusion. Basically restricting competition on price.

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