Price-gouging after natural disasters (gas price, government, New York, medical)

[pch1013]

A friend is reporting that flashlights (cheap ones) are being sold for $30 in lower Manhattan, where power is expected to be out for several days. Apparently the airlines were also profiteering on the last flights out of New York.

Should the government have the right to restrict price-gouging (which is just a kinder, gentler form of looting IMHO) or is this just the free market doing its job?

[Oldhag1]

I can't wait for the gas price hike myself.

[HappyTexan]

If you weren't smart enough to buy a flashlight before the storm for $2 then you deserve the $30 tab AFTER the storm.

[car54]

Greed is a basic human trait.

[GregW]

Them that has - gets. Them that has more - gets more. Price gouging is just another business tactic to maximize profits at the expense of customers.

A decent person does not sell an extra flashlight after a storm they give it to someone that need it.

[Cavaturaccioli]

There is no such thing as price gouging. This is simply supply and demand.

[vamos]

Capitalism: I got something that you desperately want. I will charge accordingly.

Doesn't matter if it's a flashlight, food, gas, or a Picasso.

[Frank DeForrest]

Raising prices on products in the face of increased demand helps to conserve them.

If prices of flashlights, milk, gas etc. are kept artificially low, supplies will rapidly diminish and those in need may have to go without.

[pch1013]

So in other words it's perfectly OK for businesses to make huge extra profits off of the suffering of others.

Would the MTA be justified in raising bus fares to $20 to control demand while the subways are out?

[joebaldknobber]

This comment describes the Medical Industry.

Originally Posted by pch1013

So in other words it's perfectly OK for businesses to make huge extra profits off of the suffering of others.