Google CEO Schmidt: “The laws are written by lobbyists”

Of course they are. Watch this clip of Eric Schmidt to hear what he says in this regard. Is his experience in the telecom and technology space any different than what happens in the financial services space?

The other quote that I found interesting was Schmidt’s declaration that "Washington is an incumbent protection machine." This statement is line with what I have been saying about corporatism and de-regulation as crony capitalism. The point is not to be pro-business per se, but rather to be pro-incumbent business. See James Pethokoukis’ comments on this. The full Schmidt video is below.

Source: Google’s CEO: ‘The Laws Are Written by Lobbyists’ – Atlantic (hat tip Yves Smith)

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