Def: Not prepared in advance; impromptu, a few unrehearsed comments, ad hoc, on the spur of the moment, an extemporary lecture, with little or no preparation or forethought : an off-the-cuff remark.
Ryan Moore
Ken Brockland
Michael Thomas 
It may sound noble to say, “Damn economics, let us build up a decent world” – but it is, in fact, merely irresponsible.
With our world as it is, with everyone convinced that the material conditions here or there must be improved, our only chance of building a decent world is that we can continue to improve the general level of wealth. The one thing modern democracy will not bear without cracking is the necessity of a substantial lowering of the standards of living in peacetime or even prolonged stationariness of its economic conditions.'
- F. A. Hayek
Bush received a business degree from Harvard, are you telling me that there are no econ courses in that degree? Yet he still will make statements like this:
http://money.cnn.com/2005/09/01/news/bush_gas.reut/index.htm?cnn=yes
No Price gouging? Americans should concerve gas? Which is it?
To make sure that gas goes to its highest use we would have to let the price reflect the scarcity of the underlying asset. The basic concept of supply and demand is ignored in any attempt to keep the price from going up in the wake of a disaster. This is so predictable that it is hardly worth talking about, but I expect more from someone with a degree in economics. It is sad really.
What possible argument could be swaying people to want to keep gas prices low, given they recognize price rationing? Is it just pure ignorance, or are low gas prices and scarcity more important tenants of some national faith than we give them credit for?
Another possible benefit of high gas prices: They spread out the costs among a larger pool of people. Higher transportation costs lead to higher prices on final goods. These will naturally diffuse the prices to a larger area than initially subject to pains of shortage in the presence of a cap on gas prices. It seems that even this little bit of diversity of costs would help in the long-run.
Also, If the major problem was that the levys collapsed, flooding the city, is it accurate to say that this is the worst "natural disaster?" That reminds me of one of my favorite jokes: "My friend died of natural causes, he was hit by a train, so NATURALLY he died." (Steven Wright)
There is more on this subject at: http://www.capitalfreedom.blogspot.com/ A great mind, and a fellow PhD student in Economics.
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