Contrary

How Washington works

“Imagine a society in which politically connected individuals enrich themselves by giving money to politicians in return for earmarked dollars extracted from taxpayers. Imagine political entrepreneurs displacing market entrepreneurs by weaving fantastic tales of energy independence and a green tomorrow, sucking down billions in taxpayer loan guarantees for businesses that cannot possibly achieve economic sustainability. This is how crony Capitalism works.

Imagine a handful of executives earning hundreds of millions of dollars selling toxic mortgage bonds pyramided on low cost government-guaranteed capital made available by key Congressional committee chairmen who got special mortgage deals. Imagine a revolving door between reckless Wall Street derivative gamblers selling fraudulent unbacked insurance products and the regulatory agencies that bail them out using unlimited quantities of fiat currency printed up by unelected bureaucrats. This is how Washington works.”

— Bill Frezza

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October 27, 2010 - Posted by | Uncategorized

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