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Tag Archives: crony capitalism

Lobbyists fight the Tea Party in GOP primaries

This is an ongoing battle in the Republican party. There are the “pro-business” folks who are more than happy to engage in crony capitalism usually financed by the taxpayer. And then there is a small but increasingly influential “pro-market” contingent within the GOP which finds crony capitalism repugnant.

Guess which group the lobbyists like to throw money at?

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Teacher’s union openly admits that it exists to indoctrinate your children with its ideas

I am going to admit something here. Though I have educators all through my family and I have the greatest respect for teaching as a profession (in the sense that Socrates was a teacher) I have little respect for our public schooling system. Though I went through one of the “best” public school systems in the United States nearly my entire experience, with a few shining exceptions was of mediocrity of thought and effort from both the teachers and the students. School rewarded those filled in the circles and check the boxes. It was a machine.

But I can say at least that I never had any completely inappropriate political rants from any teachers. There was some political correctness to be sure but I never remember any slavish homages to big government. But I guess I was one of the lucky ones. In California at a recent gathering the president of the California Federation of Teachers Joshua Pechthalt said;

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Why do some people fear their own freedom?

I have watched the reaction from the establishment to the Bundy Ranch incident with great interest. Everywhere one looks statists are up in arms that the “tea baggers” beat their big government butts in a very public way, and on a global stage in the Nevada desert.

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Guess Who Makes More Than Bankers: Their Regulators

Government work is pretty good for the most part. (There’s the whole selling your soul aspect, but that aside. — I kid. I kid.) The pay is far above average. Union protections mean you basically can never be fired. The pension comes early, is forever, and is backed by the US taxpayer. Civil servants have it pretty darn good. Government employees on average earn over $120,000 in total compensation. Banking regulators make on average far more than this.

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Common Core tests full of corporate branding

Common Core is not “commie core” as it is often called. It has that element within it from what we’ve seen, but it is probably at least equal parts “corporatist core.” It is big business which is pushing the program along with the statists. Business wants a standardized product for the workforce. It wants “plug and play” employees. And why not advertise to these future employees via state mandated testing while corporate America is at it?

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Frank truth from Dem Congressman Stephen Lynch on Obamacare: The Worst Is Yet to Come, It’s ‘Going to Hit the Fan’ (Video)

We really do appreciate Congressman Lynch and his candor with regard to Obamacare in the attached video. We have long been critics of the ACA because we see it as a massive vehicle for crony capitalism (pharma and the big insurance companies do quite well under Obamacare) while it also undermines the good parts of our healthcare system and the economy generally. Obamacare is a disaster. It is a train wreck and the pile up continues.

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‘Why is Warren Buffett so rich? (Crony capitalism, anyone?)’

Interesting article. It is very true that the Oracle of Omaha has benefited handsomely from sweetheart deals and political connections over the years. He has played the crony game very well.

I will say though, as much as I agree with the general sentiment of the author, I’d still go long on the USA before Kazakhstan. We do still enjoy the reserve currency of the world. As long as we do the bet is still to the upside for US equities generally. Reserve currency status is the linchpin. If you ever hear that the US dollar is no longer the reserve currency it is time to sell. Of course when we hear it it will be too late.

An aside. – My first real job was working for GEICO (One of Warren Buffett’s companies. His “cash cow” as he calls it.) selling insurance over the phone. To this day – “Thank you for calling GEICO Direct. This is Nick Sorrentino speaking. How can I help you?” – rolls right off the tongue.

(From Nomad Capitalist)

…allow us to examine just how Warren Buffett became so wealthy, because while he is obviously an astute investor responsible for generating huge returns, he has also enjoyed advantages few other Americans do.

It is such advantages, propped up by his cronies in government, that perhaps contribute to so much of his optimism.

To begin with, much of Berkshire Hathaway’s holdings are in the equities markets. While Buffett has done an excellent job over the years of picking winners and losers, he has no doubt benefitted from the amazing impact that inflation – and recently endless money printing – have had on the American stock markets.

Click here for the article.

“Green” energy billionaire Tom Steyer actually built much of his fortune with coal companies?

This is a pretty damning article. The fellow who poured money into the Virginia gubernatorial race and helped crony capitalist extraordinaire Terry McAuliffe squeeze out a win, and the guy who is doing his darnedest to stop the Keystone XL pipeline because he says it will contribute greatly to global warming, appears to have made much of his fortune in the global warmingest industry of them all, coal. His hedge fund owned or owned parts of many mines in Indonesia and Australia until very recently.  In fact, Powerline reports:

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