Boy, Newt sounds just like Bari doesn't he!
What’s your problem with that part of his statement?
Ahhhhh, no.
The sort of "capitalism" he is talking about that is "indefensible" is CRONY capitalism. Get it?
[ YOU CANNOT DEFEND CAPITALISM IF IT IS THE ABILITY OF THE RICH AND POWERFUL TO EXPLOIT, LIE TO, AND RIP OFF EVERYBODY WHO WORKS FOR THEM OR INVESTS IN THEM ]
Crony Capitalism only works when the government can pick winners and losers via Regulations and Taxes that are applied unequally... Ie. the situation we have today.
G.E. can afford to hire enough lawyers to fit the whole company through the head of a needle sized loophole. But a small to medium sized business cannot economically afford to do that to avoid the same laws that are supposed to “punish rich companies like G.E.”. So the laws that are meant and sold to the public to “Punish the evil big guys like G.E.” and actually USED by G.E. to keep down any upstarts that could challenge them fairly if we actually lived in a free market.
The same goes for any of the Giant Multinationals like Monsanto, G.M., G.E. etc etc.... The Laws that are sold to the public as a way to “punish” them end up being used to squash competition.
There is a huge difference between holding people to the rule of law and Obama’s (and Rino) socialist, croney capitalist ideology.
It illegal to for corporate representatives to lie, scam and steal from investors in order to enrich themselves and thier pals and that is what the banks did when they knowingly gave out bad loans and then turned around and sold those loans as an investment to others.
Theft is what the politicans did when they cooked up the real estate scam with the banksters. They should all be prosecuted for corruption, misrepresenting and stealing.
You can not have free markets if politicans and business leaders are not held to the rule of law like everyone else. Part of business is honesty - you can’t lie about the value and financial condition of your business to investors in order to scam them.
Currently we have penalities for failure and theft apply to everyone but the elite with connections. The scammers get bailouts for their bad faith and are not being prosecuted for crimes. The politicians who cooked up the scam get protection from the corporate media and the money they need to be reelected.