Economics and the mid-life crisis have much in common: Both dwell on foregone opportunities

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. . . . . . . . . . .Richard Posner should be awarded the next Nobel Prize in Economics . . . . . . . . . . . .

Wednesday, March 02, 2005

U.S. Judge Grants Temporary Injunction Barring Canadian Beef from the U.S.

No one should be surprised that it happened, given the strong vested interests among U.S. beef producers. They have launched a suit against the USDA decision to reopen the border, and now they have won a temporary injunction banning the shipment of beef from Canada to the U.S. while awaiting the trial of their case.
The group argued that the government department's proposal ran contrary to the USDA's responsibility to “protect the U.S. food supply and the U.S. cattle industry from the BSE risk presented by Canada.”

The cattle group wanted the judge to keep the department from implementing its plan until a lawsuit over the matter is heard. Judge Cebull ordered lawyers for both sides to prepare for a trial in that case.
Cattle futures moved up slightly during the day, but for the most part the expectation of this injunction had already been capitalized into live cattle futures.

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