I think the theoretical idea is that we want to ensure that there is always a very large domestic corn supply, in the event of war or something. Corn is a crop that has a lot of uses; it can be refined into sugar, it can be used as flour, it's relatively energy dense food-wise, and it can be fairly easily converted into fuel if necessary.

I'm not saying I fully agree with the reasoning but I at least kind of get it.

I would say it is even worse, it is a scam to feed $ to the rich due to Gov subsidizes.

Plus, IIRC, ethanol is used as a way to make people think it is OK to use fossil fuels allowing the oil industry to point to these farms. Plus I heard too high an ethanol mixture can damage your engine, thus adding to "planned obsolescence".

Socialism for the rich and rugged capitalism for the poor -- MLK