I still wouldn't characterize this as a "free market failure", implying there is no room for competition, or everything needs to be the same as the rest of the country.
I paid a lot of attention to the following from the grandparent's linked texasmonthly.com article: "You essentially pay up front for peace of mind. But because neither regulators nor state lawmakers ordered anybody to pay, nothing was done." (regarding winterizing, costs to keep the grid robust, etc)
I assume that the regulators and the politicians weren't smart enough to do their part. Free markets can be great, can be better than too much regulation, but need to be tempered by the people's interests. The politicians involved failed big time. Didn't they think past their next reelection? Hopefully they make adjustments, both in their current regulations, and in the processes around reviewing and maintaining those regulations. I'm disgusted at the oversights that led to this. They had regulators who were responsible for this stuff! I'm curious how this will play out.
On a related note, it's not a free market if the customers don't know when the price increases a hundred fold or more.
I still wouldn't characterize this as a "free market failure", implying there is no room for competition, or everything needs to be the same as the rest of the country.
I paid a lot of attention to the following from the grandparent's linked texasmonthly.com article: "You essentially pay up front for peace of mind. But because neither regulators nor state lawmakers ordered anybody to pay, nothing was done." (regarding winterizing, costs to keep the grid robust, etc)
I assume that the regulators and the politicians weren't smart enough to do their part. Free markets can be great, can be better than too much regulation, but need to be tempered by the people's interests. The politicians involved failed big time. Didn't they think past their next reelection? Hopefully they make adjustments, both in their current regulations, and in the processes around reviewing and maintaining those regulations. I'm disgusted at the oversights that led to this. They had regulators who were responsible for this stuff! I'm curious how this will play out.
On a related note, it's not a free market if the customers don't know when the price increases a hundred fold or more.