By Hunter Lewis
A bit approximately it:
"We see it everywhere:
• shady zoning rules in a small town;
• taxpayer cash diverted into political campaigns;
• bargains that increase the few on the fee of the many;
• billion-dollar bailouts;
• trillions of newly revealed money flowing from executive to Wall road at giveaway curiosity rates;
• brand-name economists employed to guard the indefensible with a smokescreen of monetary theory.
When inner most pursuits desire a political want, they understand whom to name. whilst politicians desire cash, additionally they recognize whom to name. the folks concerned try and preserve such a lot of it hid at the back of closed doors.
This is the procedure that prevails in Russia after the autumn of Communism. yet more and more it really is America's process as well.
Many humans regard Wall road because the epicenter of yankee capitalism. in truth it's the epicenter of yank crony capitalism. the place Wall highway stops and Washington starts off is very unlikely to assert. this example was once no longer prompted, as many feel, via the Crash of 2008. quite the Crash was once attributable to the longstanding Wall Street–Washington partnership. however the challenge extends some distance past Wall highway to each nook of America.
If we'll do whatever approximately our current fiscal difficulties, and in addition supply the bad an opportunity at a greater existence, we are going to have to get rid of crony capitalism.
Although jam-packed with hair-raising tales, this publication can be approximately suggestions. It tells us in transparent and straightforward phrases what's wrong and what should be performed approximately it."
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Extra info for Crony Capitalism in America: 2008-2012
17. Solyndra claimed that it had been harmed by unfair Chinese competition, and on this basis, won assistance of $13,000 for each of its former workers from the Department of Labor. 87 18. There is reason to believe that Chinese solar companies were indeed “dumping” products in the US at lower than production cost, although it is doubtful that this was the primary reason for Solyndra’s failure. It is unlikely that the company was ever viable. 88 Even when the grant was awarded to a US company, equipment was often purchased from China.
51 By March 2012, the loss to date had risen to $183 billion. The 43 Obama Administration was also pressing for more forgiveness of loans. This would help the homeowners of course, but also the big banks, which often held second mortgages atop the Fannie- or Freddie-guaranteed first mortgages. 52 The financial condition of the Federal Housing Administration received less notice, but behind its lax accounting standards, it was deeply insolvent as well. Choosing simply to disregard the hole it was in, it kept piling on the loan guarantees, tripling its book in 2008–2010.
Figures as a very necessary kind of insurance policy, and they are right to do so. For example, why were Goldman Sachs executives never prosecuted for Senate testimony under oath following the Crash of 2008, when some objective observers thought they had clearly perjured themselves? Was it because of campaign contributions? Because of payments made to the law firm where the Attorney General, Eric Holder, had worked and would presumably return to work? For whatever reason, Goldman Sachs executives got away with it, even after a Senator sent the dossier to the Justice Department.
Crony Capitalism in America: 2008-2012 by Hunter Lewis