crony capitalism to destroy capitalism

Discussion in 'Economics' started by zdreg, Dec 4, 2011.

will crony capitalism destroy capitalism?

Poll closed Dec 7, 2011.
  1. agree

    11 vote(s)
  2. disagree

    1 vote(s)
  3. don't care

    1 vote(s)
  1. zdreg


  2. gobar


    there was no "capitalism" in the first place...

    New York City Trusts

    Following a failed attempt by copper speculator and bank president F.A. Heinze to corner the U.S. copper market, depositors rushed to pull their money from trusts associated with Heinze. The trusts, largely unregulated, were outside of the voluntary clearinghouse system—coalitions of banks that extended each other credit—that protected most banks from runs. John Pierpont Morgan, along with other bankers he organized, provided $30 million to stabilize the trusts; the U.S. Treasury pitched in another $25 million. Morgan even asked New York clergy to implore their congregations to stay calm. The crisis prompted the creation of the Federal Reserve System six years later.

    list goes on and on

    History of U.S. Gov't Bailouts

    is that ur definition for capitalism
  3. Can anyone prove that the CEO's or board of directors of Fannie and Freddie did not disclose a possiblily of conservatorship to any of their "cronies"?
  4. also, not sure about this but I think during that time the gov't wanted the CEO of Fannie and Freddie to step down and the CEO of Fannie refused, then comes the threat of conservatorship, I think further that the gov't had no choice because they couldn't get rid of the a hole except by a takeover.

    just saying...

    Ps. not saying I know more than Rtizhold, he probably knows but the squid is an easy popular target and Ritzhold needs air time.

    maybe I'll send him an e mail and ask him myself.
  5. The question is very simply - What is human nature, esp as practiced by someone like a Hank Paulson?

    If he was in a position to benefit himself and his friends, would he - or would he be high and noble and view his public service as a higher duty?

    Answer that, and you know what his default mode of operation is....
  6. We are all crony capitalists, to the limit of our abilities and influence.

    "Family first" BFF etc.

    If capitalism and the rule of law can't survive what has always been standard human practice, then it's set up wrong.

    It's not really about Paulson - it's about me and you and cousin Jimmy and our best friend Mikail from high school and that super cute sister of his and etc etc etc etc...
  7. zdreg


  8. zdreg