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I'm shocked, shocked to learn that New York Governor Eliot Spitzer was caught doing something illegal.
Prostitution, of course, ought to be legal. (He says as if that's not controversial at all.) While ordinarily I would lament someone's career being ruined by doing things that should be legal, in Eliot Spitzer's case I am happy to see this thug who has done great damage get a dose of his own medicine. Also, it seems that he will actually be charged for some kind of payment structuring intended to obscure how he was paying his prostitute(s) rather than for the fact of hiring them.
In my opinion Eliot Spitzer was among the most abusive politicians on the national stage and I am relieved that he's on his way out.
Also, a reader points me to this story noting "the most highly ranked prostitutes cost $5,500 an hour". Wow!
That price is likely much higher than a market equilibrium price would be. The fact that prostitution is illegal severely limits the supply, driving up the price. (The same argument applies to illegal recreational drugs.)
P.S., I can't resist captioning the following photo from the first link in my article. (I can't give proper attribution because ABC News didn't, either…)
Disgraced New York Governor Eliot Spitzer reveals his encounter with a prostitute and demonstrates his "O Face" to a horrified press corps.
[Or his "uh-oh face"? -ed]