President Obama’s attacks on Romney’s record while at Bain Capital have opened the window on what is being called “Obama’s public equity record”—with Romney’s surprise news conference in front of failed solar manufacturer Solyndra and new campaign ads bringing the Obama administration’s record into the spotlight. Suddenly the “green jobs” record is being carefully examined and “giving taxpayer money to big donors, and then watching them lose it” is back in the news.
In his book, Throw Them All Out, Peter Schweizer says: “These programs might be the greatest—and most expensive—example of crony capitalism in American history. Tens of billions of dollars went to firms controlled or owned by fundraisers, bundlers, and political allies, many of whom—surprise!—are now raising money for Obama again.”
We understand that “crony capitalism” involves helping those who have helped you; “you scratch my back, I’ll scratch yours.” But the simple term crony capitalism belies the evil, corrupt nature associated with the actual process. Crony capitalism goes way beyond helping your friends, your cronies. It is a twisted, orchestrated plan that rewards the cronies and costs the taxpayer, while punishing the average citizen.
It may take years of Freedom of Information Act (FOIA) requests to uncover the depth of President Obama’s crony capitalism, but we can get a glimpse of how it is done and what it costs us through a new book, Governor Richardson and Crony Capitalism, which meticulously chronicles the crony capitalism of one of Obama’s cronies: former New Mexico Governor Bill Richardson—President Obama’s original pick for the Secretary of Commerce post.
Bernie Sanders and Robert Reich Are Confused by Economics. And Government. And Reality | Seton Motley