Today is Juneteenth. One hundred fifty-nine years ago, on June 19, 1865, Major General Gordon Granger arrived in Texas and declared that all slaves in the state were free. The following year, in 1866, residents of the town where Granger had issued the order celebrated the anniversary as “Jubilee Day.” Eventually, the name changed to Juneteenth, and in 1979, it became a Texas state holiday.

When something valuable is mispriced at say zero, speculators appear to grease the wheels of commerce while earning a little something for themselves. This is all well and good until the government steps in to put a stop to the speculator’s arbitrage. The real issue is, “There were just too many diners for too few restaurants,” Appointment Trader founder Jonas Frey told Bloomberg. “I believe we’re serving a need.