Crony capitalism has its biggest players in the oligarchs who basically run Wall St. No one opposes a free market if they are sane, but we don’t have a free market anymore, we have a FED propped up rigged market that directly benefits these guys who have basically orchestrated (through brilliance or stupidity) the economic collapse of 2008. They are infested through out the key government policy centers like termites (FED, Treasury, Presidents economic advisory group), and often hold the highest positions in these institutions.
I don' agree.
The FED's board of governors are government appointees. They are presidentially appointed. The FOMC sets monetary policy. The FOMC consists of seven government appointed members and only five voting, private bank presidents.
In this country it is government that is in control, it's government that's out of control and it's government that now has unconstitutional power. That leaves the endangered capitalist competing to become the last crony to be swallowed up by government.
I think most of the public sees it the same way.
Of course. That's how our government portrays it.
In this country it is government that is in control, it’s government that’s out of control and it’s government that now has unconstitutional power.
I agree with you on your general view but think that you need to look deeper into the relationships of power and understand the age old saying that behind every king is a kingmaker. Making kings costs serious dollars. Throughout history bankers have always had a huge influence on the elected government. It takes a billion dollars to get elected president, it takes a hundred million dollars to get elected to the Senate. Most of the Senators are millionaire lawyers for a reason, because they know how to work the system.
The key players in the key decision making areas get placed there as political favors. Politics has always been about taking care of your supporters so they will be there the next time. At this point in America’s history we have a group of leaders who are failing on every front for righting the ship, but somehow have made sure that the banks and Wall St. firms that are major political donors are taken care of in spite of voter sentiment. How is it that not one of these individuals or firms has even been investigated by the Justice department for their behavior leading up to the crisis? .... Because it would be political suicide for anyone who attempted to do that as the large funds they receive for reelection would disappear.
This is a symbiotic relationship. Both the financial class and political class mutally benefit from the relationship. Who has the upper hand in this symbiotic relationship? ... The guy that hands out the dollars. The financial class can easily redirect their funding to a new up and coming politician and remove the career politician that refuses to play ball. Follow the money, follow the relationships, and you will find this pattern repeated over and over.
As far as the FED, the constitution says no one but the US Treasury should be printing our money, and we certainly shouldn’t have to deal with a secretive financial firm that is privately held (regardless of whether or not the political class needs to appoint to the FED whoever they are told to as part of their patronage to the financial class) that essentially makes the US Congress a useless institution as they dole out trillions of dollars (that taxpayers are on the hook for) to whoever they feel like behind closed doors.