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

By Edward Harrison On Oct 3, 2010

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)

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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