Skip to main content

View Diary: Wall Street is Doing it Again: The Looting of America Continues (128 comments)

Comment Preferences

  •  I often post my strong opinion that the US (6+ / 0-)

    is a Usory society - an abusive and extreme marketplace in which the consumers are overcharged, exploited and cheated by most providers of services and goods.  The lack of effective regulation and government oversight really has allowed business to cheat the American consumer - and to exploit Americans in everything from cell phones to cable TV to Dental treatments to auto repair, and on and on.................It is astonishing.

    •  Yes, known as "rent-seeking" (4+ / 0-)
      A simple definition of rent seeking is spending resources in order to gain by increasing one's share of existing wealth, instead of trying to create wealth. The net effect of rent-seeking is to reduce total social wealth, because resources are spent and no new wealth is created. It is important to distinguish rent-seeking from profit-seeking. Profit-seeking is the creation of wealth, while rent-seeking is the use of social institutions such as the power of government to redistribute wealth among different groups without creating new wealth.[1]

      Everybody got to elevate from the norm....

      by Icicle68 on Fri Feb 01, 2013 at 09:09:50 AM PST

      [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site