Crony Capitalism Articles

The Fight Against the Ex-Im Bank Is Not Going Well

And why that matters.
12:01 AM, Feb 10, 2015

House conservatives complained loudly about the Export-Import Bank during last year’s midterm campaign. The hope was, with Republicans controlling both houses of Congress, that conservatives could find the will to kill the program -- which, by the way, should be relatively easy. If Congress does nothing, the Ex-Im’s charter will expire.

So, how is it going?

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Crony Capitalism Has Deep Roots

The Ex-Im Bank and the trouble with the Republican party.
Sep 22, 2014

Well, this was predictable. House Republicans last week acceded to an extension of the Export-Import Bank for at least the next nine months. The Export-Import Bank is far from the worst example of government-business cronyism. I just completed a history of American political corruption and actually had to leave Ex-Im on the cutting room floor. Its cronies are pikers compared with the corporate moguls that take advantage of tax preferences like the G.E. and Apple loopholes.

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The Crony Capital

Capitalism, Washington, D.C., style.
Jun 23, 2014

This year’s turbulent primary season, which hit a crescendo this month with David Brat’s upset victory over House majority leader Eric Cantor in the Republican primary for Virginia’s 7th Congressional District, is an opportunity for conservatives to reflect. Why have our political leaders struggled so much to capture the enthusiasm of the conservative grassroots? Why did Republicans fail to win power in the last national election, despite wide distaste for the president’s signature legislation? Is the Tea Party’s agenda the solution to that failure or the problem?

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Republican Senator: 'GOP First Must End Cronyism in Our Own Ranks'

8:32 AM, Apr 07, 2014

Republican senator Mike Lee has an op-ed decrying cronyism. But first, he says, the Republicans must purge the unseemly activity from within its "own ranks."

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Crony Capitalism at Work?

2:46 PM, Mar 12, 2014

Two car companies – Toyota and GM – some of whose vehicles are having engineering problems serious enough to be a safety risk and require massive recalls.  One is investigated by Congress and the National Highway Traffic Safety Administration while the other is not … until very recently, that is.  Toyota, the company that did face government investigation and sanctions is, of course, not even an “American” corporation. GM is. And was, for a time, a ward of the state.

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Obama Decries 'Winner-Take-All' Economy to Rich Folks 'Who Are Doing Very Well'

11:52 AM, Oct 31, 2013

President Obama attended a Democratic fund raising event in Weston, Massachusetts Wednesday night at the home of Alan and Susan Solomont.  Among the 60 attendees were a number of high-profile Democrats, according to the Boston Globe:

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Who You Calling an Outsourcer?

3:39 PM, Jul 17, 2012

It seems that not all outsourcing is equal ... or something like that.  Take, for instance, the building of an automobile known as the Fisker. This is the car that teen-throb Justin Bieber was driving when busted for speeding not so long ago.  The Fisker is a set of wheels that appeals to socially conscious one-percenters.  An electric sports car that tops out at well over 100 mph, the speed at which a cop said Bieber was traveling, even though the citation read a mere 80 mph.  The car retails for over $100k but buyers get a $7,500 tax rebate, which certainly must have incentivized Bieber to buy his Fisker.  Also Leonardo DiCaprio, another Fisker owner.

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Romney: 'Ashamed' of Obama Crony Capitalism

"Liberal policies don't make good jobs."
12:51 PM, Jul 17, 2012

At a campaign event in Pennsylvania, Republican presidential candidate Mitt Romney said that  "Liberal policies don't make good jobs," before critiquing Obamacare, overbearing regulations, slow job growth, and a slew of other Obama policies. Romney also focused on crony capitalism in the Obama administration and said he's "ashamed" of this practice.

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Romney's Latest Web Ad Targets DOE Loan Guarantees, Crony Capitalism

6:09 AM, May 29, 2012

Mitt Romney's latest web ad targets President Obama's inability to create jobs, the failures of the Department of Energy's loan guarantee program, and "contracts steered to ‘friends & family.'" Watch here:

Here's the script:


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Pelosi Touts Business Partner as Economic Expert on Capitol Hill

12:45 PM, Dec 19, 2011

Nancy Pelosi, who's been much criticized recently for using her political clout to enrich herself, doesn't appear to be too worried about crony capitalism

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Special Report Panel on MF Global

8:18 AM, Nov 18, 2011

Steve Hayes, with Mara Liasson and Charles Krauthammer, last night on Fox News:

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How Crony Capitalism is Undermining the Space Program

1:27 PM, Nov 14, 2011

The crony capitalism represented by the failed “green energy” firm Solyndra has gotten a lot of media attention lately, but much lower on the public’s radar is a much bigger example of corporate pork over at the national space agency—and it’s bipartisan. Let’s call it Shuttlyndra.

Here’s how it works.

A little over a year ago, Congress approved a NASA authorization bill that mandated the agency to spend billions in taxpayer dollars over the next few years on a congressionally specified giant rocket with no defined mission and no budgets with which to build payloads for it.

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Wall Street Firm Behind Solyndra Bailout Major Donor to Obama, Democrats

11:27 AM, Nov 04, 2011

Earlier this week it was reported that the White House considered a last-minute taxpayer bailout of Solyndra, the failed solar panel maker that received a $529 million loan guarantee. One of the more interesting aspects of that deal—which would have had taxpayers purchasing as much as 40 percent of the company—was that it was allegedly recommended by Wall Street firm Lazard Ltd. According to the Associated Press:

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Yet Another Energy Company with Taxpayer Loan Goes Bankrupt

11:02 AM, Oct 31, 2011

Well, now we know the reason for the Friday night news dump. When the Obama administration finally announced that they would be launching an independent review of Department of Energy loan guarantees, they were likely trying to get out ahead of this:

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Biden, Hoyer Embrace Occupy Wall Street, Lunch with Bankers

1:28 PM, Oct 13, 2011

Democratic leaders have been quick to embrace Occupy Wall Street. The Democratic Congressional Campaign Committee has been fundraising off the protesters. Nancy Pelosi believes that God should bless the movement. And many other Democrats seem to have simply embraced Occupy Wall Street by expressing sympathy.

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Another Solar Company with $1.2 Billion Taxpayer Loan in Trouble?

11:00 AM, Oct 12, 2011

Will it turn out worse than Solyndra?:

As failed solar panel manufacturer Solyndra rides through the investigative ringer in Congress, revelations of another politically-connected company that received what appears to be a less-than-virtuous $1.2 billion loan guarantee are surfacing.

The company, SunPower, received its $1.2 billion loan guarantee in September, immediately before the program’s deadline.

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Solyndra Execs Take the Fifth

3:54 PM, Sep 20, 2011

Sometimes in politics appearing guilty can have more consequences that actually being guilty (though the two frequently are related). And this latest development in the Solyndra scandal certainly looks bad:

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The Center for American Cronyism—and Saudi Progress?

12:08 PM, Sep 19, 2011

The Los Angeles Times opened up a new front in the Solyndra scandal on Friday (and there are too many fronts to count at this point), reporting that Steve Spinner, another prominent Obama donor, served as a top official in the Energy Department program that made the half-billion dollar loan to the now bankrupt solar panel maker. In Spinner's defense, he did recuse himself from the decision to grant the loan—because his wife works at a law firm that represented Solyndra.

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White House Pressured OMB, Ignored Energy Dept. Concerns to Approve Solyndra Loan

8:37 PM, Sep 13, 2011

Two big stories are out tonight on the blossoming scandal involving failed solar panel company and stimulus funds recipient Solyndra. First, the Washington Post reports that the White House pressured the Office of Management and Budget (OMB) to speed up the approval process for Solyndra's $535 million loan:

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The Auto Industry: Obama's Cronies in Chief?

2:06 PM, Sep 07, 2011

If the president’s Labor Day speech at a General Motors plant in Detroit is any indication, Barack Obama may be hoping to use his administration’s cozy relationship with Big Auto as a boon to his reelection campaign, especially since his efforts to boost the economy and cut unemployment have fallen flat. Here’s what Obama had to say on Monday:

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Palin Assails 'Crony Capitalism'

A 2012 theme for the GOP?
12:33 PM, Sep 06, 2011

In her speech to a Tea Party gathering in Indianola, Iowa on Saturday, Sarah Palin criticized what she called "crony capitalism:" 

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This Is John Galt

12:25 PM, Apr 14, 2011

I’m not a movie critic and I read Atlas Shrugged decades ago when I was in the Army. So it wasn’t exactly fresh in my mind when I attended a special screening in Washington this week of the film version of the novel by Ayn Rand. I had low expectations. But it turns out to be a terrific movie.

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See No Immelt, Hear No Immelt

First Feingold, now The Daily Show goes after General Electric
10:30 AM, Mar 31, 2011

Uh oh. First, Russ Feingold came out swinging at General Electric for not paying any taxes and now The Daily Show tears into NBC for not covering the scandal involving their parent country. It seems that Obama's favorite CEO is officially in hot water on the left:


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Immelt Down

Left and right unite: strike a blow against crony capitalism.
4:33 PM, Mar 30, 2011

Russ Feingold speaks truth to power. He calls out one aspect of the Obama administration’s crony-capitalist, big-government-corporatist, welfare-state liberalism—the relationship between the Obama White House and its favorite pet CEO, GE’s Jeffrey Immelt. Russ has a petition—see below—calling on Immelt to resign from, or for Obama to fire Immelt from, his position as chair of Obama’s Council on Jobs and Competitiveness. Sign the petition. And why not go further? Get rid of the Council, period. Surely Russ and his fellow progressives would agree on that too.

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