Liquor Licensing, Off-label Drugs and Fannie & Freddie
A new proposal in New York to set up a “medallion” system of liquor-licensing will serve as a compromise between wine retailers and grocery store owners.
Abbot Laboratories is under investigation for marketing the off-label use of their drug products in violation of FDA regulations.
Fannie Mae and Freddie Mac are finally called to testify at the Financial Crisis Inquiry Commission.
1. CONSUMER
A new proposal in New York to set up a “medallion” system of liquor-licensing will serve as a compromise between wine retailers and grocery store owners.
CEI Expert Available to Comment: Director of Risk and Environmental Policy Angela Logomasini on the compromise.
“Existing retailers will continue to lobby for such protection as long as they can. But in the end, competition would be good for many of them too. They could become part of a robust and growing market like the one we have in Virginia. I suspect that some might go out of business but many will change their strategies to provide a better product and others are likely to spring up to fill new niches, such as the boutique wine shops here. In fact, if wine is sold in supermarkets more consumers will likely try it, and there will be a growing wine appreciation market as a result.”
2. HEALTH
Abbot Laboratories is under investigation for marketing the off-label use of their drug products in violation of FDA regulations.
CEI Expert Available to Comment: Senior Fellow Gregory Conko on the value of off-label marketing.
“Off-label prescribing is not just useful, but essential to the proper provision of necessary medical care. Doctors and their patients both reap tremendous benefits from the distribution of truthful and non-misleading information about off-label uses. It is long past time for Congress and the FDA to loosen these restrictions.”
3. FINANCE
Fannie Mae and Freddie Mac are finally called to testify at the Financial Crisis Inquiry Commission.
CEI Expert Available to Comment: Director of the Center for Investors and Entrepreneurs John Berlau on why Fannie and Freddie bear so much blame for the crisis.
“[Former New Century Financial Vice President Patricia] Lindsey confirmed that Fannie directly bought many of New Century’s bad mortgages all through the last decade. This is one more piece of evidence that directly refutes the notion that Fannie and Freddie were late to the subprime party, and pushed there by private sector competitor. One the contrary, it shows that the GSEs were important drivers of the subprime party.”