Political Quotes

Gilbert Gutknecht: “It would be over $100. The same steak that you could get in Grand Rapids, Michigan, for $15 or the same steak that I…”

On the recordJune 12, 2003
It would be over $100. The same steak that you could get in Grand Rapids, Michigan, for $15 or the same steak that I could get in Rochester, Minnesota, for $15, you would pay over $100 in Tokyo. Another example is blue jeans in the former Soviet Union. The Soviets decided that people did not need blue jeans, did not want blue jeans, and therefore they were not going to produce blue jeans in the former Soviet Union. So a black market started to develop for blue jeans. The price reached over $100 a pair for blue jeans. The example is analogous because any time you have a captive market, as they have in Japan with beef or they had in the Soviet Union with blue jeans, you will find that market forces will just go amuck because you are a captive market. Americans are being held captive not so much by the big pharmaceutical companies, but by our own FDA.
Said by
Gilbert Gutknecht
Republican · Minnesota
Source
govinfo.gov

Editor's note · Context

Discussing the impact of market forces on prices in captive markets.

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