Finally, another look at the Wall Street Journal article on Texans paying too much for their free market energy

Some time ago I did a post that talked about how the Wall Street Journal, the epitome of capitalism, declared that the energy free market in Texas actually costed Texas consumers 28 billion in extra cost. Talk about market failure. And yet, I did not see any other articles discussing this kind of market failure: not only did the energy market failed to prepare for the deep freeze that occurred in February, it failed to actually reduce cost for the consumers.

Typically, when a newspaper or journal such as Wall Street Journal makes such a report, other news will report on the WSJ’s finding. There will be a cluster of such articles, but this time, nary a peep. I thought that was strange that I saw nothing which made me wonder if I dreamed of reading such an article.

Well, about two weeks ago, I finally saw a video that referenced the WSJ article so somebody did pick up on it. However, I’m still wondering why no one picks up on the massive failure: failure not on just providing energy at an acute time of need and failure to prepare for extreme cold weather has advised back in 2011, but also a general market failure to reduce cost. The avatars of capital have been glorifying the wonders of free market for decades now, and WSJ just wrote, “nope, it didn’t succeed in this free market”.