Updated March 17: The Wall Street Journal picked up the idea of “Republicans for Price Controls” this morning in its lead editorial. They have a great idea: rename the Durbin Amendment the “Payday Lender Empowerment Act.” Price controls do not work. They distort markets and hurt consumers. Period. Unfortunately, the Beltway is attempting to deal with this by “delaying” the law for two years. As the Journal said, “if the law is a bad idea, it won’t be a better idea in two years.” Amen to that.
Are Republican politicians favorably disposed to the free market and non-intervention on the part of the government? Not necessarily. Subsidies for ethanol, for example, are a staple of