We have always had un-fair competition to some extent, but we had competition and companies have for the most part had to rely upon their own merit to produce things. For example, there wasn't a backing of the automobile companies the way it is today. Back in Henry Ford's day, Henry actually had multiple auto companies go bankrupt before the Model-T finally hit the assembly line. He never got bailed out and neither did his investors.
The 2008 economic collapse ushered in the largest transfer of wealth of failed companies in the history of the world. The bailouts in the level of trillions has forever changed the nature of the game in the USA and the world.
Crony Capitalism, using government to deliver money to your pals in the business world, is alive and well in America. It's our wealthy elite's coup d'état of the free market system.
We're paying for this America:
- At the grocery store, via higher grocery prices thanks to sweetheart deals to the dairy industry and sugar lobby.
- At the drugstore because politicians, rented by Big Pharma block competition
- via lower return on pension plans with banks speculating with taxpayer money
- In the loss of jobs with labor deals bought and paid for by unions and corrupt tax law
- pay via higher taxes
- pay via higher gas prices thanks to government regulations and the special environmental lobby
- pay in the loss of sovereignty where money dominates politics
- and largest of all, via an inflation tax thanks to the federal reserve, treasury, and big banking interests
David Stockman on crony capitalism.
David should know, because he has been knee deep in serving the monied interests and profiting from their activities for most of his life. He often strikes one as a very sly and self-serving 'reformer.' And he may be a Judas goat.
While I do not agree with his characterization with the extent of the panic that froze the paper markets necessarily, and do not trust him in general based on his past performance, much of what he says is very much to the point. It was he does NOT say that is just as interesting.