Crony Capitalism

By Beacon Staff

Much of the problem with the U.S. economy is that the Federal government has too much power. It has the ability to choose the winners and losers in the market place, and as we witnessed in Libya, in the international arena as well. This is the reason corporations and other special interest groups, like unions, spend millions to lobby Congress. Jeffery Immelt, CEO of the General Electric Corporation (GE), is a big President Barack Obama supporter and has been appointed to head Obama’s Jobs and Competitiveness Council. Coincidently GE paid no income tax, despite making $5.1 billion in profit. Immelt has moved thousands of jobs to China and invested $2 billion to train Chinese engineers and create six research centers in China. GE now employs more people overseas than in the U.S.

The Boeing Aircraft Corporation is being prevented from building a new plant in South Carolina, which is a Right-to-Work State, because of union lobbyists. Obama’s energy secretary subordinated taxpayer loan guarantees to bail out Obama donor George Kaiser’s failed Solyndra firm. Diane Feinstein and Nancy Pelosi blackmailed Visa and other firms with legislation so they could make millions in the stock market. Ann Barnhart closed down her brokerage firm, saying she can no longer guarantee her clients money is safe, after Obama crony and Democratic donor Jon Corzine, CEO of MF Global, stole hundreds of millions from people in the market. General Motors’ private investors were illegally pushed aside for Obama’s union donors during GM’s bankruptcy and bailout. Billionaire Democratic donor Ron Perelman’s SIGA firm received a $500 million no bid contract award, complete with ex-SEIU Andy Sterns cashing in, for a useless vaccine. This is not free enterprise, it is crony capitalism. The founders of our Republic knew this would happen and that is why they placed limits on the federal Government.

John Vail