Sunday, January 31, 2010

Crony Capitalism

One of the great myths, pushed by both Right and Left, is that Big Business is needs Big Government to keep it under control. In reality, Big Business usually advocates Big Government because it knows that it is able to control the regulatory process for its own benefit. And it does. The political Left, some of whom are well-meaning but naive, often plays up this alleged conflict to their benefit. Obama, in his State of the Union speech, played that same note over and over. He denounced Wall Street and Big Banks yet he has lavished billions of dollars on the groups he attacked and his own administration is riddled with officials he picked directly out of the very companies he was deriding. It's a con job from start to finish.

John Stossel discussed crony capitalism in this episode of his new show and I thought it well worth watching.

Labels: , ,