Maybe all those boiled eggs???

[quote=no idea]Maybe all those boiled eggs???[/quote]

He DID win the bet though!

[quote=babbling looney]

your little theory about people getting laid off

Well, I'm flattered, I suppose, that you equate "my little theory" with the historical proof and validation of studies from the Cato Institute.  However, since you have an obvious reading comprehension problem, it is most likely futile to continue to debate with you.   It is also incomprehensible that someone who is "supposed" to be in the financial advisory industry is so completely ignorant of basic economic theory, principle and historical evidence.  I pity your clients.

And don't give me that MENSA crap.  I qualify too.... if I cared to join.  It is evident that your political persuasions have blinded you to the ability to rationally evaluate data.

"There are none so blind as those who will not see.

[/quote]

Babbling Looney is absolutely correct, junior.  Here's the way it works.  When you set a price floor above market equilibrium price (in this case, the price of labor), you wind up with inefficiency because now the price floor strikes the supply and demand curves at different places, not their equilbrium crossing point.  So, what happens is employers are forced to pay above market wage, therefore the quantity demanded of labor decreases (this is the inefficiency).  The markets can correct everything themselves, we don't need Ralph Nader telling us what the "real market wage" should be. 

Check out anything you can from the Cato Institute.  Also, writings by Ludwig van Mises, Murray Rothbard, and even Steve Forbes will greatly help your understanding of free markets and their functions.

Government’s mandate is to keep the field level by making all players play by the rules.  I’ve often wondered why government feels it’s function is to tell others how and where to spend their money.