Obama's Crony Capitalism is More Like a Fascist Economic Policy

-By Warner Todd Huston

By offering multi-billion dollar bailouts for various private businesses (like Wall Street or General Motors) President Barack Obama claims that he is the capitalist's best friend. He pretends he loves capitalism and points to this welfare to the business sector as proof that he cares, proof that he feels capitalism is “too big to fail.” But this dog and pony show is nothing but a scam on the voters, one meant to fool them about his real desires: to take control fascist-like of the very business sector he claims to want to save.

Some call it "crony capitalism" and as Obama indulges such it is little more than a fascist's dream -- fascism in the economic sense, that is. You see fascism's main economic model is for government to control the private sector through owning businesses outright, or owning large parts of them, or controlling the means of production and the allocation of resources. In essence the business sector, while nominally in private hands, is in service to the state. So, the government picks the winners and losers in the business game and only those businesses that serve the state become winners…

Read the rest at RightPundits.com.

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  • In that Quinn and Cullerton have opened the door to corporate tax break extortion, I guess they are even better friends of capitalism.

    On the other hand, the government did sell off its interest in Chrysler Group LLC to Fiat, and is trying to get out from under General Motors LLC, by participating in a public offering. So, I don't think that your criticism is totally based in fact. In the meantime, the Chrysler LLC and GMAC bailouts sure didn't help Cerberus. Is Dan Quayle still with the latter?

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