Crony Capitalism

Most people only have a weak understanding of finance, which makes it easy for those who actually do understand to take advantage. It happens every day. Some “smart guys” coat themselves with a trustworthy patina and then proceed to empty your wallet and gut your pension. It’s happening right now with the government’s involvement in the financial system. Some well connected “big boys” are going to do quite well and some political types can be confident of future rewards. This is not new – but crony capitalism is a matter of degree. Now it’s happening on a breathtaking scale. (If you care about some details…). This started under the Bush administration and has grown under Obama. I believe Bush was weary of his office and let it slip by. Obama just seems like a guy that can be easily snookered. But maybe I’m giving them both too much credit.

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