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to Support Congress $700B Bailout Package If It Also Protects Main Street,” CBS News Face the Nation (Sept. 28, 2008), available at link #141.

3. Speech of Barack Obama, San Diego, Calif., May 2, 2007.

4. Speech of Barack Obama, Washington, D.C., April 15, 2008.

5. Speech of Barack Obama, Columbia, S.C., Jan. 26, 2008.

6. Speech of Barack Obama, Indianapolis, Ind., April 25, 2008.

7. Ibid.

8. Speech of Barack Obama, Philadelphia, Pa., April 2, 2008.

9. Ben Smith, “Hillary Defends Lobbyists, Opens Doors for Rivals,” Politico (Aug. 4, 2007), available at link #142.

10. Speech of Barack Obama, Indianapolis, Ind., April 25, 2008.

11. This point is related to Richard Posner’s point about the willingness of monopolies to protect their monopoly. See Richard A. Posner, “The Social Costs of Monopoly and Regulation,” Journal of Politcal Economy 83 (1975): 807.

12. Crawford, The Pressure Boys, 7.

13. Lynn, Cornered, 5–7, 258–59, n. 23.

14. The theory of regulatory capture raises questions about whether cartel-like industries will use their power to extract rents in the market or through government. And indeed, as Posner writes, the strongest examples of successful rent seeking come from relatively competitive industries. See Posner, “Theories of Economic Regulation,” 335, 343–45. The success of the “deregulation” movement may have now shifted the rent-seeking game toward the focus that now concerns Rajan and Zingales.

15. Rajan and Zingales, Saving Capitalism from the Capitalists, 296.

16. Eastern Railroad Presidents Conference v. Noerr Motor Freight, Inc., 365 U.S. 127 (1961); United Mine Workers v. Pennington, 381 U.S. 657 (1965).

17. Obama for America, “Barack Obama and Joe Biden’s Plan to Lower Health Care Costs and Ensure Affordable, Accessible Health Coverage for All” (2008), 5–6, available at link #143.

18. Emphasis added.

19. “Top Industries: Most Profitable,” CNN Money, available at link #144.

20. Pub. L. No. 108-173, 117 Stat. 2066 (2003) (codified as 42 U.S.C.A. § 1395w-101 et seq.)

21. 2009 Annual Report of the Boards of Trustees of the Federal Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds, Centers for Medicare and Medicaid Services (2009), 120, available at link #145.

22. The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 expressly prohibits the Centers for Medicare and Medicaid Services within the Department of Health and Human Services from (i) interfering with negotiations among drug manufacturers, prescription drug plans, and pharmacies, (ii) requiring prescription drug plans to use a particular formulary instituting a price structure for the reimbursement of drugs provided under Part D. Medicare Prescription Drug, Improvement, and Modernization Act of 2003, Pub. L. No. 108-173, sec. 101(a) (2), § 1395w-111, 117 Stat. 2066, 2092-99 (2003) (codified as 42 USC § 1395w-111[i] [2006]).

23. 153 Cong. Rec. S4634 (daily ed., April 18, 2007) (statement of Sen. Obama).

24. Obama for America, “Barack Obama and Joe Biden’s Plan to Lower Health Care Costs.”

25. Jonathan Cohn, “How They Did It,” New Republic, June 10, 2010, 14, 15.

26. Ibid., 14, 18.

27. Speech of Barack Obama, Indianapolis, Ind., April 25, 2008.

28. Speech of Barack Obama, Columbia, S.C., Jan. 26, 2008.

29. Cohn, “How They Did It,” 14, 21.

30. Ibid.

31. Ibid., 14, 25.

32. Speech of Barack Obama, Washington, D.C., April 15, 2008.

33. Ezra Klein, “Twilight of the Interest Groups,” Washington Post, Mar. 19, 2010, available at link #146.

34. Speech of Barack Obama, San Diego, Calif., May 2, 2007.

35. Glenn Greenwald, “Industry Interests Are Not in Their Twilight,” Salon (Mar. 20 2010), available at link #147.

36. Oliver Hart and Luigi Zingales, “Curbing Risk on Wall Street,” National Affairs 3 (Spring 2010), 20–21, available at link #148.

37. Johnson and Kwak, 13 Bankers, 180.

38. Hart and Zingales, “Curbing Risk on Wall Street,” 20, 21.

39. “Trade Offs—National Priorities Project: Bringing the Federal