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Title: (Jewish) Brooklyn Man Baruch Feldheim Accused of Hoarding N95 Masks, Selling Them at 700% Markup, Coughing On FBI Agents
Source: [None]
URL Source: http://www.informationliberation.com/?id=61338
Published: Mar 31, 2020
Author: Dan Lyman
Post Date: 2020-03-31 10:20:03 by Horse
Keywords: None
Views: 4248
Comments: 24

Baruch Feldheim, 43, was arrested on Monday for allegedly hording desperately needed medical supplies including 80,000 N95 masks which he was selling at a 700% markup.

When the FBI came to arrest him, he coughed on them and claimed he had the coronavirus.

According to a Department of Justice press release, Feldheim was hording enough medical supplies "to outfit an entire hospital."

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Begin Trace Mode for Comment # 5.

#4. To: Horse, Ada, Anthem (#0)

Arrested by the same government that routinely allows Big Pharma to mark up medicines -- some desperately needed -- by 5000% or more.

That said, "price gouging" in general is good. It drives products into the market where and when they're needed, and prices quickly normalize. If masks are selling at 8x normal price, you can bet that mask manufacturers are going to ramp up production. Fast.

For another example, if after a hurricane water is selling for $6.00/bottle, every beverage distributor within 500 miles is going to divert trucks to the hurricane area, and the victims will get the water they need. (And the price will quickly drop.) However, if gov decrees that water can be sold for no more than $1.00/bottle, all the local supplies will be gone in a day, and suppliers won't have any incentive to go out of their way to re-supply the area.

Price gouging is generally beneficial on a more micro level also: it ensures that the people who need an item the most are the ones most likely to get it -- because the man who needs it most will be willing to pay a higher price for it. If my child desperately needed some medicine, I'd gladly pay 8x for it. I would rather pay 8x for it than to find that it's unavailable because people who needed it less my child does bought it all and used it all because it was inexpensive -- because gov mandated the low price.

If I could find the steering wheel cap from my old '67 Bel Air around here, I wouldn't sell it for $3.00. I'd sell it for $200.00. That way I'd get more for it, and the person who really wanted it -- say, for the classic car he was meticulously restoring -- would be sure to get it. Win-win.

If the N95 masks were truly needed to save lives right NOW -- and gov really cared -- then gov should have just bought them from the owner at a fair price. What's fair? I know.

StraitGate  posted on  2020-03-31   15:39:37 ET  Reply   Untrace   Trace   Private Reply  

However, if gov decrees that water can be sold for no more than $1.00/bottle, all the local supplies will be gone in a day, and suppliers won't have any incentive to go out of their way to re-supply the area.

There's the flaw in your argument, right there. If the shelves are emptied, then that alone is an incentive to get more product there pronto, because demand is high.

I'm not saying that a reasonable price increase due to the cost of expediting production or delivery should be interdicted. I'm saying that a middleman who raises prices by 700% during a shortage is a rent seeker, which deserves condemnation and social punishment via the law.

Anthem  posted on  2020-03-31   16:11:00 ET  Reply   Untrace   Trace   Private Reply  

#6. To: Anthem (#5)

won't have any incentive to go out of their way to re-supply the area

To go out of their way, like 500 miles out of their way, as they would if the price were $6.00/bottle -- and wouldn't if the price was $1.00. The incentive to re-supply is strongly a function of the expected profit margin.

StraitGate  posted on  2020-03-31 16:23:34 ET  Reply   Untrace   Trace   Private Reply  

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