As you know from last night, Mayor Rob Ford has now taken a leave of absence from his reelection campaign to enter rehab after two new “tapes” emerged – one audio recording of him terribly drunk saying he wanted to bed one of his mayoral opponents and a new video of him smoking crack.
Indeed, the new crack video does not appear to be a single video. Journalists from the Globe and Mail were allowed to view the video and take screen shots. But they weren’t allowed to take possession of the video. Because it’s for sale. Indeed, the Globe report says it’s actually part of a package of three separate videos. So it’s not even clear at the moment how many Rob Ford Crack videos there are. There may be many more than two.
Now the key issue is that the new drug dealer, who surreptitiously took the videos and after providing Ford with the drugs, says his selling price is “at least six figures.”
Now here’s where we get to the intersection of scandal muckraking and basic microeconomics. This appears to be a similar price range to the original Rob Ford crack tape which was never actually purchased. But the question is, shouldn’t the growing number of Rob Ford crack tapes drive down the purchase value along a standard supply/demand curve?
For the moment, the Globe and Mail does not appear inclined to make the purchase. But that is likely because of journalistic scruples rather than the price itself. But in a climate where numerous Rob Ford crack videos may exist, what is the proper market price for any single one of them? Further, how will the price of other Rob Ford crack tapes be affected after the first sale and inevitable publication?
[Photo Credit: The Globe and Mail]