Regulatory Madness

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In researching my new bulletin, Milk Madness, the weirdest document I came across was this 2003 note from then New York Attorney General, Eliot Spitzer.

Spitzer was going after retailers of milk for “price gouging,” or charging prices that were “excessive.”

Talk about regulatory chutzpah. The federal government runs a milk cartel system, called “marketing orders,” which has the direct goal of raising prices. A federal price support program and import barriers are designed to raise milk prices. It has been federal policy for 70 years to screw milk consumers for the benefit of milk producers.

And the government of New York is going after retailers for overcharging?