Monday, September 30, 2013

Obama and his cronies

Over the weekend, the aggressively pro-market, limited government promoting economics blog, ZeroHedge, had a tremendous post covering a collection of related-economic topics.  The lead topic is the issue of income inequality and takes the position that it's government policy -- specifically it's propogation of cronyism -- that is primarily responsible for the growing income disparity:
America is experiencing unprecedented inequality. And a who's who of prominent economists (and investors) say that inequality is hurting the economy.  Defenders of the status quo pretend that this inequality is something outside of our control, like a force of nature. They argue that it's due to globalization, technological innovation or something else outside of policy-makers' control.  In reality, inequality is rising due to government policy.
The chairman of the Department of Economics at George Mason University says that it is inaccurate to call politicians prostitutes. Specifically, he says that they are more correct to call them “pimps”, since they are pimping out the American people to the financial giants.
The government has saved the big banks at taxpayer expense, chosen the banks over the little guy, and
Crony capitalism has gotten even worse under Obama than under Bush. [Emphasis Marc Street]
Obama is prosecuting fewer financial crimes than Bush, or his father, or Ronald Reagan.
Be sure to click through on all the links for much more information on each specific issue.