The dangers of ‘Crony Capitolism’

Ron Hart
The News Herald
January 3, 2010

Some people regard private enterprise as a predatory tiger to be shot. Others look on it as a cow they can milk. Not enough people see it as a healthy horse, pulling a sturdy wagon.
— Winston Churchill

BOCA GRANDE–Our economy will recover. It always does. Every recession we have ever had in our 235-year history has resulted in an upturn. President Obama has already started to crow about some signs that business is picking up — in a recession made worse by his opportunistic policies.

But the real damage done by his taking control of our major banks and car companies (and now one-sixth of our economy with his health care grab), is that private capitalism, one of the great drivers of our country’s abundance for all of us, has been damaged.

I really think Obama’s knowledge of business is limited to playing Monopoly, so he thinks if he gets all the properties on the board using our taxpayer-funded debt, he wins.

Because Obama’s government minions have inserted themselves into business, more deals must go through the greasy fingers of Washington, D.C., to get done. I call it “Crony Capitolism” because unless you are connected politically you cannot achieve your business objectives.

Examples abound, but the most recent two tell the story.

While opposing offshore drilling at home, the Obama administration found $2 billion of U.S. Export Import Bank money for a Brazilian oil company for drilling off Brazil’s coast. Why? Leading Democratic donor and pseudo-Bond villain George Soros owned a large position in the Petrobras Oil Company. I can envision Soros stroking his hairless cat and saying “exxccceellent.”

Can you say “payback”?

The article continues at The News Herald.

Comments are closed.