TeeJaw Blog

Judge Vinson Also Smacks Down Crony Capitalists

Posted in Government and Politics by TeeJaw on Wednesday, February 2, 2011, 11: 10 AM

Lenin is reputed to have said that capitalists would sell him the rope to hang them. Actually, some capitalists would and others would not. Those who would are properly called crony capitalists and the others are free market capitalists. A crony capitalist seeks to form an alliance with government in which the capitalist does something useful for politicians and bureaucrats in exchange for laws and regulations that force people, directly or indirectly, to buy the crony capitalist’s goods or services. The Obama presidency has brought the crony capitalists into a dominant position in the American economy.

A clear example of crony capitalism under Obama is the individual mandate of Obamacare which caused Federal Judge Vinson to rule the entire law unconstitutional. The health insurers supported Obamacare in the belief that the law would force unwilling customers to buy their insurance. Obama promised to create 16,000 new IRS agents to enforce the mandate. The health insurers saw untold riches coming their way for their useful support of Obamacare. It turns out that they were useful idiots.

The insurers saw Obamacare as a benefit to them so they supported it. But it was never meant to be more than a temporary benefit. Obamacare also forces health insurers to sell to customers with pre-existing conditions which will quickly put them out of business. The underlying motive of Obamacare is to dismantle private insurance markets and to pave the way for a totally government run single payor system.

The insurance executives may have been aware of this but figured on big bonuses and stock options to make them rich before the hammer fell on their industry. As usual, this left their shareholders, not to mention their policyholders, holding nothing but the bag.

A good description of the crony capitalist is given in an insightful article at The American Thinker:

A true free market advocate does not think this way. If free enterprise is a faithful, sexy, and loving wife who is in it for the long run, then crony capitalists are skanky prostitutes out for a one-nighter.

Read the whole thing:

Judge Vinson Also Smacks Down Crony Capitalists.

UPDATE: An egregious display of Obama’s crony capitalism: Obama issues global warming rules in January, gives GE an exemption in February

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