Warren Buffett, America’s Greatest Crony Capitalist

(show me the moneyThe alternate title for this post was Show Me The Money.)

The article at Reason.com by Peter Schweizer is entitled Warren Buffett: Baptist and Bootlegger.

Frankly, Buffett is an insult to both Baptists and bootleggers: he lacks the Christian morality of the Baptists and the entrepreneurial spirit (so to speak) of the bootleggers, preferring instead to rig the game by having Washington steal from the people. He is, or has become, a plain and simple crony capitalist.

Does crony capitalism pay? Sadly, using taxpayer money (and borrowed at that), far too well.

Finance professors Ran Duchin and Denis Sosyura found that politically connected firms, despite the infusion of federal funds, were outperformed by unconnected firms. In other words, poorly run but well-connected companies got the [TARP] loot.

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About Professor Mockumental

I enjoy almost all forms of parody, buffoonery, and general high-jinks. Satire has shown itself to be an essential societal need; I therefore humbly offer my services in such a manner. I enjoy mocking the usual suspects at the New York Times (Charles Blows, Moron Dowd, and the earth is flat guy) and Washington Post (Dana Milkbag, E.D. Dijon, and David Ignoramus). There are many others as well, but sadly, there are always too many targets and too little time.

Posted on February 10, 2012, in Uncategorized and tagged , , , . Bookmark the permalink. 2 Comments.

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