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I could walk into WalMart, Best Buy, and/or most retailers, change their price label (or make a hand-written paper one), take a picture with the new price label, then start circulating it around. Doesn't make the picture legit.
That's ridiculous. While I'm sure it probably isn't illegal, I would definitely say it's something only an ******* would do.
Quote:
Originally Posted by shiftymh
Obvious price gouging but I don't know about illegal since a stadium can charge 4 bucks for water.
Quote:
Originally Posted by Calvinist
When the looting hits they won't get anything for it. If they can get that now, so be it. People should be prepared well enough that they don't have to go buy water the day before a hurricane hits.
In the state of New Jersey, it is illegal to purposely hike up the price of commodities (like water) when there is a declared State of Emergency.
Quote:
Originally Posted by summers73
It's a conspiracy!
Nah. I am more inclined to think it was a joke than a conspiracy.
If it is proven to be real, that store will face some pretty serious repercussions.
I personally find it disgusting for a business to take advantage of people - if this picture is even legit.
I think we need more information.
!. What is the NORMAL cost of these bottled water products in new Jersey?
2. Does best Buy normally carry this product, and if so, at what cost?
3. If not, and they bought and had it express shipped, it's cost may not be so out of line, as overnight shipping of product such as this from another state, may be fairly costly.
Quote:
What this means is that a retailer is allowed to raise their prices by up to 10 percent during a time of emergency, without it being considered price gouging. However, once those price increases are more than 10 percent higher than the prices before the State of Emergency, that retailer is breaking the law!
If the retailer had to increase their prices more than 10% due to the prices of their supplies increasing, or due to other “logistical concerns” because of the State of Emergency, they will also take into account.
Basically, if it now costs 50% more to ship food to that area, then the grocery stores most likely won’t be punished for raising their prices by more than 10%.
How do you know it's purposeful? What if it is the supply/demand curve shifting due to scarcity?
Scarcity is not a valid reason to raise prices during a State of Emergency:
As Darkatt posted:
Quote:
What this means is that a retailer is allowed to raise their prices by up to 10 percent during a time of emergency, without it being considered price gouging. However, once those price increases are more than 10 percent higher than the prices before the State of Emergency, that retailer is breaking the law!
If the retailer had to increase their prices more than 10% due to the prices of their supplies increasing, or due to other “logistical concerns” because of the State of Emergency, they will also take into account.
Basically, if it now costs 50% more to ship food to that area, then the grocery stores most likely won’t be punished for raising their prices by more than 10%.
Increase due to:
Transportation costs? Yes.
Scarcity because people need it? No.
Price Gouging laws exist to prevent companies from taking advantage of short-term demand increases of things like bottled water, house repair items, etc.
Edit to add:
They're not price gouging.
They are ringing up each bottle individually at the cost of $1.69/bottle for the Dasani and $1.99/bottle for the Smart Water.
Last edited by gallowsCalibrator; 08-30-2011 at 09:08 AM..
Scarcity is not a valid reason to raise prices during a State of Emergency:
As Darkatt posted:
Increase due to:
Transportation costs? Yes.
Scarcity because people need it? No.
Price Gouging laws exist to prevent companies from taking advantage of short-term demand increases of things like bottled water, house repair items, etc.
The argument would make sense if BB was in the water profit making business. These remaining items would contribute very little to its bottom line.
Fortunately, LEO are too busy saving lives to enforce this fictional "price gouging" nonsense. Unenforceable laws are my favorite kind of laws.
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I think -
