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A little noted decision by the Supreme Court has overturned a precedent on anti-trust law regulating retail pricing dating back to 1911.
The court ruled that manufacturers may fix the retail costs of goods. Prior to today the retailer fixed the price, leading to the famed “manufacturers suggested retail price” sticker in car windows. The Supreme Court (in a 5-4 split decision featuring the same Roberts/Scalia/Alito/Thomas/Kennedy majority that combined so often to swerve the court rightward this term) ruled that the precedent setting retail pricing for this nation since 1911 was outdated, and out of step with modern economics.
Believe you me, I don’t make any pretense at being an economic wizard, but frankly this opinion is baffling. The forces of economics guiding this nations entire financial engine since early last century are what have brought us to where we are today. Surely one of those basic forces is the mechanism by which prices paid by consumers for every day common retail goods is set. The Supreme Court is meddling with the fundamentals here. As the famous line from Mr. Beale goes: YOU have meddled with the primal forces of nature, and YOU WILL ATONE!
