Jeff Goldstein asks, “Why Is Venture Capital Under Assault?” and concludes, “Obama is either in clearly in over his head, or else he is working to undermine the foundations of the capitalist system from within in order to strengthen the centralized power of the state.”
Related: “How could this happen? They are the smartest people in America!”
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“or else…”
Nope, forget the “or else.” Both propositions are true! Barack Obama is an intellectually shallow man—and he also subconsciously wishes to damage the American economy to justify the increasing power of the state.
There’s another explanation: VenCap funds are the enemies of the large established players. VenCap bankrolls the start-ups that grow up to blow up whole industries–and the financial institutions that bankrolled them. President O is a believer in bigness, government or private sector, and is advised and surrounded by same. Even companies that were VenCap-backed insurgents are happy to turn around and destroy their would-be replacements.