August 21, 2012
INVESTOR’S BUSINESS DAILY: Crony Socialism Is Still With Us.
It didn’t take long after President Obama was elected in 2008 for the first signs of crony capitalism to emerge. And as time’s gone by, conditions haven’t improved. If anything, the problem is growing worse.
This much is clear: Democrats who controlled Congress and the White House used the $700 billion TARP program and the $860 billion stimulus as a giant ATM to pay back favored constituencies, at the expense of the rest of us.
We thought the problem, once observed, would disappear. After all, who would want his or her name associated with something as disreputable as crony capitalism?
And yet, it hasn’t gone away. In recent weeks, more revelations show just how corrupt our now-permanent “stimulus” culture is.
Read the whole thing.