I spell it E-T-H-A-N-O-L P-O-L-I-C-Y.
Ethanol gets the trifecta of public help. It is subsidized, it is protected from global competition, and the use of it is required. If a good needs this much public support on both sides of the market, perhaps it's not a very good product. But when we let politicians spend other people's money...
Link via Greg Mankiw.
