Examples of crony capitalism abound right now. In this NPR.org article, Roberts talks about the ludicrousness of Goldman Sachs' boastful attitude about its recent profits and explains:
Goldman Sachs bravado at the cost of the sucker, I mean, the taxpayer is a perfect example of crony capitalism. All with the help of the administration, naturally.
Goldman Sachs being proud of its performance this year is like the Harlem Globetrotters bragging that they went undefeated. It's not really a normal competition. ...
We have a financial system that not only rewards cronies and encourages recklessness. It also funnels precious capital into areas like the housing sector instead of into more productive investments.
We have to stop rescuing the reckless. We have to let people who make bad decisions bear the consequences.
Another perfect example is given by this ridiculous BusinessWeek interview with Vikram Pandit, which reveals how sheepish these so-called "businessmen" have become in their wish to pander to the powers that be. Here's a segment that made my blood boil:
No Mr. Pandit, what's good for the government *is not* necessarily good for me. And whether I own it or not, this is my personal problem, not the problem of the American taxpayer.
Businessweek: Is Citi a good investment?
Pandit: Well, I have two responses to that. Anything that's good for the government should be good for all of us. Second, whether you know it or not, you own it as well.