So who do you think knows more about business?

It seems these days City Councils around the country have come to believe that they know best on how to run a business. Location, labor, pricing, they know it all. At this rate City Councils will soon be demanding that they get a seat on every board.

With that theme in mind, NY’s City Council overrode Mayor Bloomberg on a bill that he vetoed the day before. The City Council bill stated how often NY gas stations could raise prices. The Mayor knowing how business works vetoed the bill because frankly he understands the invisible hand of capitalism and what happens when you start implementing price controls.

So who do you think knows best in this situation? Mayor Bloomberg, a man who started a business in a one-room office and turned it into a multi-billion dollar empire? Or a City Council that couldn’t run a lemonade stand?