Wednesday, November 05, 2008

#14 (Rent Seeking)

clipped from pajamasmedia.com

But why the support of the financiers and intelligentia for Sen. Obama?

Rent-seeking.

Is not this what the sub-prime mess is all about: arranging government policies and subsidies to work for you and your friends?

Via Wikipedia: “In economics, rent seeking occurs when an individual, organization or firm seeks to make money by manipulating the economic and/or legal environment rather than by trade and production of wealth.”

I.e., let’s spread the wealth.