I recall getting quite angry a couple of years after the California electricity crisis of 2000-2001, when news reports would come out describing the crisis as the result of environmental regulation — which it wasn’t — and saying nothing about market manipulation. And this wasn’t a debatable issue –we actually had the tapes of Enron traders telling power plants to shut down to drive up prices. But that wasn’t the right story, and so reporting gave us something quite different. NYT
Paul is a master of the hidden information, off hand twisting of the facts, he even does it, knowingly, in an opinion piece critical of just such actions.
The California energy crisis came about because of both price and supply control by the California legislature. Enron went bankrupt, as did California's Gray Davis and the state, under the artificial market created by a bunch of California legislatures. Enron cheated, and so did the politicians.
Jerry Brown, by the way, is repeating exactly the same problem, setting both price and supply controls on energy.
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