Crony Capitalism in America: 2008-2012

by Hunter Lewis

Overview

We see it everywhere: • shady zoning regulations in a small town; • taxpayer money diverted into political campaigns; • deals that enrich the few at the expense of the many; • billion-dollar bailouts; • trillions of newly printed dollars flowing from government to Wall Street at giveaway interest rates; • brand-name economists hired to defend the indefensible with a smokescreen of economic theory. When private interests need a political favor, they know whom to call. When politicians need money, they also know whom to call. The people involved try to keep most of it concealed behind closed doors.   This is the system that prevails in Russia after the fall of Communism. But increasingly it is America's system as well.   Many people regard Wall Street as the epicenter of American capitalism. In reality it is the epicenter of American crony capitalism. Where Wall Street stops and Washington begins is impossible to say. This situation was not caused, as many suppose, by the Crash of 2008. Rather the Crash was caused by the longstanding Wall Street–Washington partnership. But the problem extends far beyond Wall Street to every corner of America.   If we are going to do anything about our present economic problems, and also give the poor a chance at a better life, we will need to eliminate crony capitalism.   Although full of hair-raising stories, this book is also about solutions. It tells us in clear and simple terms what is wrong and what needs to be done about it.

Product Details

ISBN-13:	9780988726727
Publisher:	AC2 Books
Publication date:	09/06/2013
Edition description:	New Edition
Pages:	399
Product dimensions:	5.30(w) x 8.10(h) x 1.20(d)

About the Author

Hunter Lewis, co-founder of global investment firm Cambridge Associates, has written seven books on economics and related subjects, including the widely acclaimed Are the Rich Necessary? (“Highly provocative and highly pleasurable—New York Times) and Where Keynes Went Wrong. He has contributed to many newspapers and periodicals including the New York Times, the Times of London, the Washington Post, and the Atlantic Monthly, as well as numerous websites such as Forbes.com. He has served on boards and committees of fifteen leading not-for-profit organizations, including environmental, teaching, research, and cultural organizations, as well as the World Bank. ISBNs and titles of author's previous books: Where Keynes Went Wrong: And Why World Governments Keep Creating Inflation, Bubbles, and Busts, 978-1-60419-044-1; Are the Rich Necessary? Great Economic Arguments and How They Reflect Our Personal Values, 978-0-9753662-0-2;A Question of Values: Six Ways We Make the Personal Choices That Shape Our Lives, 978-0-9661908-3-0

Table of Contents

Part 1 Introduction

1 Crony Capitalism around the World 3

2 Crony Capitalism in America 11

Part 2 Crony Politicians

3 Pay to Play: A Capitol Hill Primer 23

4 Political ATMs: Fannie and Freddie 35

5 Honey Pots 1: The Recovery Act ("Stimulus") 45

6 Honey Pots 2: Hurricane Sandy Relief and the "Fiscal Cliff" 57

7 Getting Rich (or Living Rich) from Public Office 63

8 The Revolving Door 73

Part 3 Crony Finance

9 "Government Sachs": Revolving Door Prodigy and Power Behind the Throne 83

1 o: "Government Electric": Wall Street Masquerading as Main Street 103

Part 4 Crony Food

11 Monsanto s Massive Experiment with Our Health 113

12 Washington's Plantation System 123

Part 5 Crony Medicine

13 Soviet-Style Healthcare Pricing 135

14 Doubling Down on Crony Medicine 151

15 Big Pharma and FDA: A Marriage Not Made in Heaven 167

16 Vaccines: A Crony Capitalist's Dream 183

Part 6 Crony Labor

17 Big Labor Rakes It in: The Auto Bail-out 195

18 Public Employee Unions: Crony Capitalism at Its Most Blatant 207

19 Public Sector Union Scandals Begin to Leak 215

20 Public Union Foes and Defenders 225

21 Not All State and Local Cronyism Involves Unions 233

Part 7 Crony Lawyers

22 Legal Predators 241

23 The Trial Lawyer Money Machine 255

Part 8 Beyond the Usual Suspects

24 Reaching Out Globally 265

Part 9 Losers

25 Charity Gets No Respect 273

26 The Poor 281

27 War on the Young 295

Part 10 Democracy and Crony Capitalism

28 Is Democracy to Blame? 305

Part 11 Solutions

29 Diagnosis 325

30 Prescription 333

Endnotes 341

Index 365