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 enhance the few on the price of the many;
• billion-dollar bailouts;
• trillions of newly revealed money flowing from executive to Wall highway at giveaway curiosity rates;
• brand-name economists employed to safeguard the indefensible with a smokescreen of monetary theory.
When deepest pursuits desire a political prefer, they understand whom to name. while politicians desire cash, in addition they comprehend whom to name. the folk concerned try and continue so much 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's America's procedure as well.
Many humans regard Wall highway because the epicenter of yankee capitalism. in truth it's the epicenter of yank crony capitalism. the place Wall road stops and Washington starts is very unlikely to assert. this case used to be now not brought on, as many think, through the Crash of 2008. relatively the Crash used to be attributable to the longstanding Wall Street–Washington partnership. however the challenge extends a ways past Wall road to each nook of America.
If we will do something approximately our current monetary difficulties, and likewise provide the terrible an opportunity at a greater lifestyles, we'll have to put off crony capitalism.
Although jam-packed with hair-raising tales, this ebook can also be approximately recommendations. It tells us in transparent and straightforward phrases what's wrong and what should be performed approximately it."
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Additional info for Crony Capitalism in America: 2008-2012
Rely on lobbyists to find campaign donors and do not look too hard at the ones they produce. Recent investigations have uncovered a lobbyist directly reimbursing donors, which is illegal, or indirectly reimbursing them by paying inflated fees for vague services. 32 15. g. the National Football League, other sports franchises, patent-based businesses such as drug companies, securities rating services, license-restricted businesses such as medicine, and labor unions, among many others. Cartel owners can be relied on to support their cartel status by making plentiful political donations.
As Forbes magazine publisher Steve Forbes noted in August 2008: The two most mammoth political powerhouses in America today are Fannie Mae and Freddie Mac. Their lobbying muscle makes Arnold Schwarzenegger look like a 90-pound weakling. Directly and indirectly, they employ legions of ex-pols to help them [and their friends] on the Hill. They hand out largesse of one sort or another to any pol who matters and is willing to take it. Fannie Mae’s “charitable” operations have field people in virtually every congressional district.
Use judgment when agreeing to help campaign donors or powerful special interests. Consider how it will appear if made public. For example, it was not wise for the US Department of Veteran Affairs in 2009 to approve Prudential’s withholding of lump sum life insurance payments to families of soldiers killed in combat (replacing them with retained asset accounts, on which the company continued to earn interest). Making money off fallen soldiers was going too far, and this was also too crude an example of crony capitalism.
Crony Capitalism in America: 2008-2012 by Hunter Lewis