Tag Archives: Crony Capitalism

When the FDA Declared War on a Texas AIDS Patient

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“One thing the movie does well is show how those in charge of these monopoly organizations have little concern for peoples’ welfare, and how real doctors and patients are unable to effectively fight the system. It also depicts the police, the IRS, and border agents are the enforcement arm of this crony capitalist system.  Most people never see the American medical establishment exposed for what it is. Dallas Buyers Club shows the system at its very worst, a crony capitalist combination of the profit motive armed with the vast enforcement power of the federal government.”

http://www.mises.org/daily/6607/When-the-FDA-Declared-War-on-a-Texas-AIDS-Patient

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Bill Bonner: Papal Fallibility

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“Almost nobody approves of capitalism these days, least of all the SOB cronies on Wall Street who call themselves capitalists.  The big banks hate capitalism, too. What they like is crony capitalism. At least, they like it when their own cronies are in the Department of the Treasury and the Fed.  The rest of the heaving masses hate capitalism, too, but for other reasons. They are envious of those who have more than they have… and eager to redistribute other people’s money – to themselves, of course.  So, almost no matter in which direction the pope heaves his message – to the modest nests of the have-nots or the sumptuous pads of the haves – he is bound to hit a supporter.”

http://www.bonnerandpartners.com/papal-fallibility/

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Short-term fix eyed for another problem with U.S. healthcare website

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“The Centers for Medicare and Medicaid Services (CMS) has not yet finished building the part of the website that would transfer billions of dollars in subsidies for plan premiums and cost-sharing payments to insurance companies.  The administration is planning a ‘workaround’ for payments, said Daniel Durham, vice president for policy and regulatory affairs at America’s Health Insurance Plans.  Health plans will estimate how much they are owed, and submit that estimate to the government. Once the system is built, the government and insurers can reconcile the payments made with the plan data to ‘true up’ payments, he said.”

http://in.reuters.com/article/2013/12/04/usa-healthcare-payments-idINL2N0JJ00S20131204

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Alternative medicine, old-school politics bedfellows on marijuana

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“Dan Delaney is a health care lobbyist, but not the high-powered, $1,000 suit kind. He’s a soft-spoken former Department of Public Health official.  So I was surprised a few weeks ago when he mentioned that he’s been working with Tom Finneran, the high-powered former House speaker. Working on what?  ‘Medical marijuana,’ Delaney told me. ‘We’re working together with a bunch of companies applying for dispensaries. You’d be surprised at some of the lobbyists involved.’  Their odd-couple marriage of policy expert and power broker is emblematic of the unlikely alliances that have quietly formed in pursuit of the coveted licenses to dispense medical marijuana.”

http://www.bostonglobe.com/metro/2013/11/27/alternative-medicine-and-old-school-politics-find-common-ground-medical-marijuana/HV6ucai93qfF3hY9zagEbO/story.html

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Detroit Billionaires Get Arena Help as Bankrupt City Suffers

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“It’s Republican Governor Rick Snyder’s turn to tout a comeback spurred by a stadium for a suburban fan base financed with help from city taxpayers. Snyder approved a plan to put public money toward a $450 million downtown arena on behalf of the the National Hockey League’s Red Wings and their billionaire owners. The 18,000-seat complex and a planned $200 million private development nearby would transform a blighted area into one with apartments, offices, restaurants and shops, says Snyder, who controls the city through an appointed manager. Critics call the plan a giveaway to Mike Ilitch, owner of the Red Wings, the Tigers and the Little Caesar’s pizza chain.”

http://www.bloomberg.com/news/2013-09-03/detroit-billionaires-get-hockey-arena-as-bankrupt-city-suffers.html

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15 new UK banks in five years, predicts Metro founder

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“Mr Thomson, backed by US banking entrepreneur Vernon Hill, launched Metro Bank in 2010. It was the first award of a new full banking licence since the 19th Century, underlining the barriers to entry that new competitors face.  New entrants to the market have failed to loosen the grip of the ‘Big Five’ banks, which includes the taxpayer-owned Lloyds-Halifax brands and RBS-NatWest.  It was announced in March that new applicants for UK banking licences would face more ‘relaxed’ demands on the amount of capital they hold as part of plans to reduce barriers to entry and stimulate competition.”

http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/10106524/15-new-UK-banks-in-five-years-predicts-Metro-founder.html

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Geithner Joins the Wall Street Party

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“He made sure of the solvency of Wall Street and of the City and having done this for four years – and no doubt seeing that the situation was deteriorating further – he decided to head for the exit. He has moved on to take the presidency of a white shoe Wall Street firm specializing in start-up investments. It is his first ‘private sector’ job, we’re told, but one he will be good at because of his work ethic and ‘commitment to leadership.’.  We’ve been discussing the upcoming Wall Street Party, one Geithner is inviting himself to.  Warburg Pincus is a big player in venture capital investing with a main focus, according to various reports on the company, in the areas of energy, technology and healthcare.”

http://www.thedailybell.com/news-analysis/34761/Geithner-Joins-the-Wall-Street-Party/

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Ron Paul: Federal Reserve Steals From the Poor and Gives to the Rich

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“As recently as five years ago, it would have been unheard of for a Wall Street insider and former Fed official to speak so bluntly about how the Fed acts as a reverse Robin Hood. But a quick glance at the latest unemployment numbers shows that QE is not benefiting the average American. It is increasingly obvious that the Fed’s post-2008 policies of bailouts, money printing, and bond buying benefited the big banks and the politically-connected investment firms. It would be a mistake to think that QE is the first time the Fed‘s policies have benefited the well-to-do at the expense of the average American. The Fed’s polices have always benefited crony capitalists and big spending politicians.”

http://www.thedailybell.com/editorials/34757/Ron-Paul-Federal-Reserve-Steals-From-the-Poor-and-Gives-to-the-Rich/

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Investment Manager Explains Why 99.5% Of Americans Can Never Win

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“The bottom line is this: A highly complex set of laws and exemptions from laws and taxes has been put in place by those in the uppermost reaches of the U.S. financial system. It allows them to protect and increase their wealth and significantly affect the U.S. political and legislative processes. They have real power and real wealth. Ordinary citizens in the bottom 99.9% are largely not aware of these systems, do not understand how they work, are unlikely to participate in them, and have little likelihood of entering the top 0.5%, much less the top 0.1%. Moreover, those at the very top have no incentive whatsoever for revealing or changing the rules. I am not optimistic.”

http://www.businessinsider.com/an-investment-managers-view-2013-11

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NYC’s Bloomberg led the way on trans fats ban

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“In the years before the city took action, big agribusiness companies had already spent years developing alternatives to the main source of trans fat – partially hydrogenated vegetable oil. Yet there was little market demand for alternatives, which included blends of soybean, cottonseed and palm oils.  McDonald’s, KFC and other restaurant companies had quietly been experimenting with substitute frying oils and shortening for years, trying to see if they could make the switch without consumers noticing a change in taste. All of those efforts went into overdrive when Bloomberg’s health board implemented the ban, and effectively created a huge new marketplace for trans fat alternatives overnight.”

http://www.breitbart.com/system/wire/DA9U97MG2

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