“The Department of Commerce gave One Economy Corporation over $28 million to increase fast internet service in areas without it. One Economy then directed $1.5 million to a film production company owned by actor/director, Robert Townsend, and $230,000 was used
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“The federal government has no fewer than 160 housing programs in all; each of them contributed in some measure to blowing up the bubble.” “Official government propaganda touted home ownership as the American dream. No one paid attention to studies
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“But what was really striking about the bill that passed late at night in both houses of Congress was not the treatment of the Bush tax cuts. It was the inclusion, in the bill, of a whole raft of special
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“The more complicated and vague legislation is created, the more powerful special interests will be interested in having “friends” in government. When the Constitution was first ratified, there were only three federal crimes: treason, counterfeiting, and piracy. Today no one
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“Such access to government leaders in a crony capitalist economy is worth a lot. How much? Here is one measure. When word of Timothy Geithner’s selection to be President Obama’s treasury secretary leaked, the stocks of companies considered close to
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“This was all the more regrettable because, in a crony capitalist system, the huge gains of the few really do come at the expense of the many. There was an irony here. Perhaps Marx had been right all along! It
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“The chief argument voiced by Republicans in favor of keeping the full Bush tax cuts, including those in upper tax brackets, was that raising taxes on the “rich” would actually raise taxes on small businesses. This was correct. Most small
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“Sometimes it is not even necessary for the revolving door to revolve in order for someone to make money. After Barack Obama was elected to the Senate in 2004, his wife’s salary at the University of Chicago Medical Center jumped
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“If one truth concerning economic crisis has been established… it is that they are typically brought on by cheap money- i.e., low interest rate policies that encourage excessive borrowing, excessive credit expansion, imprudent speculation, and all the distortions and instabilities
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