ran 3.4 miles
Here is a rare story about a unique rock star we all know. In the world of celebrities it is not often that we hear a man or woman with this sort of elite notoriety, which they by all means have earned and have not had handed to them in any way, condemn the alternatives to something as natural and effective as simple free enterprise. So, thank you, Jack White, for simply acknowledging and praising the simple logic behind unrestrained capitalism, which happens to be counter-intuitive to so many ideas our own president and those who think like him hold as the bedrock of so many of their alternative economic beliefs.
It comes down to the argument of whether hard work and the revenue it generates should be rewarded to those who earned it are if it should be redistributed to those who did nothing to earn it. Jack White, of "White Stripes", owns a record label (Third Man Records), which specializes in "rare an interesting vinyl". In a market where individuals collect rare and interesting items, market prices are inevitably higher than one where individuals collect common and uninteresting items. What White discovered was that artificially pricing items of high worth at a low cost to make it available to all (leveling the playing field; giving everyone their fair shot---sound familiar?) only led to people buying his products in bulk and then reselling them at higher prices, at the cost it is actually worth in its appropriate market. Jack White found that he was working very hard to make a lot of money for record flippers who did nothing to earn what he had worked so hard for, other than to follow the simple tenets of cost and demand better than he had. White was attempting to be charitable and to allow anyone, regardless of circumstance, to enjoy and to be able to afford something rare and interesting that he was selling. The market simply would not allow it, though, and White was left in a position where his good intentions were being swooped up and resold by individuals who did understand the market and the unwavering concept of cost and demand.
White found that "if customers want rare and valuable albums they will be expensive,
the market price will be reached no matter what they sell them for
initially, and if someone is going to profit it might as well be the
creators."
Now, White auctions his records and lets the market dictate their worth. Something he once sold for $20 he now can make $300 on. Previously, his product was bought up in bulk and resold at a much higher rate. He has cut out the middle men, who did nothing to earn what they were auctioning the records off for, and stayed true to the market earning exactly what he deserves.
Thought that was interesting and here is a completely unrelated video put out by FOX News looking back at 4 years of "Hope and Change":
95.9 miles to go.
