I’m Shocked — Shocked! — to Find Cartels Going on in Here

I want to be shocked by AngelGate, really I do, but I’m not coming up with the goods. It’s partly that the entire subject bores me, and partly that I live by Adam Smith’s dictum:

People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary.

Related posts:

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  2. links: stiglitz, dimon, nand, cartels, etc.
  3. Short-Term Consumer Surprise Ahead?
  4. California Foreclosures Find a New Normal
  5. Quote du Jour: A Good Currency is Hard to Find