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Tag Archives: crony capitalism

If you had assets before 2008 you’re probably doing fairly well, If you didn’t, well sorry

The great disconnect continues. Those who are tapped into the (crony) financialized system have seen their stocks and bonds do well as the market has ridden a Federal Reserve created bubble. Those who do not have assets, or only real estate assets, (unless they have nice arable farmland) have fallen behind. It’s a case of the rich getting richer and the poor getting poorer, but the situation has been exacerbated by the central bank experiments of the last 6 years.

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Report: Corrupt Veterans Affairs Executive Lied Under Oath, Engaged In Fraud

There are so many tragedies associated with the VA medical system. Imagine being a vet who had to rely on the VA to survive. It’s easy for us to poo poo the corruption at the agency but I imagine it’s something very different when one is sitting in a wheelchair staring at where one’s legs used to be, all the while knowing that the VA system is a den of dysfunction. Not very encouraging.

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No, America Isn’t Communist; It’s Only 70% Communist

Think we’re being over the top here? We’re not.

I always have to laugh when people talk about how the “free market” has failed etc. etc. We don’t have a free market. We have a deeply regulated and highly crony market. Where the market is actually allowed to work it works. But in most of the economy planners plan and parasites suck the vitality out everything. It’s hard for a dog to be healthy if it’s racked by worms, fleas, and ticks.

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(Very “liberal”) John Oliver asks “Why is Ayn Rand still a thing?” (Video)

Look, this comes from John Oliver who has no love for libertarians or objectivists. (At least as far as I can tell.) Saying that I am still a fan and every once in a while when his statism doesn’t get in the way he shines a bright light on a subject in a humorous way. His breakdown of foreign military aid to Egypt was fantastic for instance.

His effort here is less fantastic. It’s basically a semi-funny hit piece on Ayn Rand. However, it is informative (if obviously biased) and I think our readers will enjoy it, both those who are pro-Rand and those who don’t like her.

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Undercover tape emerges. Surprise! The Fed and Goldman Sachs work hand in glove.

One of the problems with the attached article is that it implies that the reason Goldman pulled the things it did and does is because the Federal Reserve, the regulator, wasn’t and isn’t strong enough to curtail Goldman’s power.

The Fed is plenty strong. Far too strong in fact. What the author doesn’t appear to get is that in this instance we don’t have a case of “regulatory capture” per se. The Fed doesn’t kowtow to Goldman Sachs. The Fed and Goldman, and JP Morgan etc., are partners and always have been.

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