Science Daily reports that gas prices in 5 states (California, Nevada, Illinois, Washington and Hawaii) have broken the $3 per gallon barrier. The SD quotes Jack Kyser, Chief Economist for the LA County Economic Development Corporation, and find Mr. Kyser once again baffled by the avarice of the modern consumer.
[Kyser] told the newspaper he's baffled consumers are still snapping up gas-guzzling vehicles as fuel costs soar.
"They complain about the cost of gasoline, but when GM, Ford and Chrysler had their employee-discount programs, guess what they bought?" Kyser said. "You're watching this and scratching your head."
Readers may recall Mr. Kyser was quoted in the Daily News last week as alluding to a head scratching moment when asked about the non-stop escalation in home prices.
"I think everyone is asking, how long can this keep going? They are scratching their heads," said Jack Kyser, chief economist at the Los Angeles County Economic Development Corp. "If anything is affordability-priced, people will jump on it."
We advise Mr. Kyser to shake things up by occassionally shrugging his shoulders, wracking his brain, twisting a nipple, or squinting incredulously. People are greedy dumb-shits. You don't need Milton Friedman to tell you that.
· Five U.S. states see $3 per gallon gas [Science Daily]