crony capitalism

Jim Bovard: How ‘Food for Peace’ Hurts Foreign Farmers

"The United States government is the world's largest food donor but its aid consistently wreaks havoc abroad. The Obama administration is pushing reforms that could slightly reduce the number of Third World farmers bushwhacked by American food dumped into their marketplaces. But there is scant enthusiasm in Washington for any fix of a program that is beloved by many special interests. The U.S. launched the Food for Peace program in 1954 during the Eisenhower administration, largely to dispose of embarrassing crop surpluses that had been encouraged by federal farm programs. The annual cost to taxpayers? Last year, it was roughly $1.5 billion." Continue reading →

Continue ReadingJim Bovard: How ‘Food for Peace’ Hurts Foreign Farmers

Florida Increases Red Light Camera Fines To $408 Instead Of Banning Right-On-Red Tickets

"The Florida Legislature on Thursday gave final approval to legislation limiting the due process available to recipients of red light camera tickets and increasing the potential penalty for those challenging a fine to $408. The changes were included in a 220-page omnibus transportation bill which saw more than sixty amendments considered. The final package was adopted unanimously in the state Senate. Earlier in the day, the House had approved language that would have entirely banned right turn on red tickets, which remain a major source of revenue for municipalities. This was stripped out and replaced with a less significant provision." Continue reading →

Continue ReadingFlorida Increases Red Light Camera Fines To $408 Instead Of Banning Right-On-Red Tickets

President Obama Nominates Penny Pritzker for Commerce Secretary

"Pritzker is a Chicago billionaire heiress. Her father co-founded the Hyatt Hotel. She is estimated to be worth at least $1.7 billion. She was instrumental in funding Obama in his senatorial campaign and later his presidential campaigns. Cronyism will go wild with her at Commerce. She didn't spend all that money on Obama for nothing." Continue reading →

Continue ReadingPresident Obama Nominates Penny Pritzker for Commerce Secretary

Uh-oh: AT&T and Comcast are ecstatic about the FCC’s new chairman

"The same President who said 'I am in this race to tell the corporate lobbyists that their days of setting the agenda in Washington are over' when he was running for office has given the FCC's top job to a former lobbyist. Wheeler donated $38,500 to Obama's election efforts and helped raise additional money for Obama by becoming a 'bundler,' arranging for large contributions from other donors after hitting legal limits on personal contributions. Not surprisingly, the cable and telecom companies that Wheeler springs from are ecstatic about the nomination. Wheeler led the NCTA from 1979 to 1984 and the CTIA from 1992 to 2004." Continue reading →

Continue ReadingUh-oh: AT&T and Comcast are ecstatic about the FCC’s new chairman

The case against cronies: Libertarians must stand up to corporate greed

"In the age of crony capitalism, libertarians must declare that some means of pursuing profit are immoral and call on executives to reject them. This would create a positive case for capitalism -- arguing that the pursuit of profit, in the context of fair and open competition, helps the whole society. The new corporate social responsibility, redefined for libertarians, must stand athwart crony corporatism yelling 'stop.'" Continue reading →

Continue ReadingThe case against cronies: Libertarians must stand up to corporate greed

The Next Head of Fannie and Freddie Gutted ‘Audit The Fed’ Legislation

"Now that GSEs Fannie and Freddie are basically government agencies, they are run by FHFA, the GSE regulator. And it looks like the next head of FHFA will be Mel Watt, the Congressman who gutted Ron Paul's Audit the Fed legislation. According to Bloomberg: 'Paul, a member of the House Financial Services Committee, said Mel Watt, a Democrat from North Carolina, has eliminated 'just about everything' while preparing the legislation for formal consideration. Keith Kelly, a spokesman for Watt, declined to comment. Watt’s district includes Charlotte, headquarters of Bank of America Corp., the biggest U.S. lender.'" Continue reading →

Continue ReadingThe Next Head of Fannie and Freddie Gutted ‘Audit The Fed’ Legislation

A Taxing Choice? PAC Checks May Ease the Pain

"Sen. Roy Blunt (R-Mo.) told the Times he was motivated to support the Internet sales tax in part by the owners of a local bridal shop, who complained to him that many customers browse in the store, then buy online for a better deal. Blunt didn't tell the Times that three other supporters of the Internet sales tax with much deeper pockets than the bridal shop -- PACs run by Home Depot, Walmart and Target -- each gave $5,000 to his leadership PAC, Rely On Your Beliefs, earlier this year. And Rep. Austin Scott (R-Ga.) who told the Times about a local shop in his state that lost customers looking for better deals on rifle scopes, took $5,000 from Home Depot on March 31." Continue reading →

Continue ReadingA Taxing Choice? PAC Checks May Ease the Pain

U.S. Bill Seeks Steel Cents, Nickels, Dimes, and Quarters

"On April 25, 2013, Rep. Steve Stivers of Ohio introduced a bill in the House of Representatives which seeks to immediately alter the metallic composition of the one-cent, five cent, ten-cent, and twenty-five cent coins. The legislation would require all four coins to be minted in American steel, with the cent coated in copper to preserve the current appearance. The cent costs the United States Mint 2.0 cents to produce and distribute. The five-cent coin or 'nickel' cost the US Mint 10.09 cents to produce and distribute in the latest fiscal year. The bill would specifically require the coins be made of American steel going forward." Continue reading →

Continue ReadingU.S. Bill Seeks Steel Cents, Nickels, Dimes, and Quarters

UK businessman found guilty of selling fake bomb detectors to Iraq

"A businessman has been found guilty of a multimillion-pound fraud involving the sale of fake bomb detectors to Iraq and around the world. A jury at the Old Bailey found Jim McCormick, 57, from near Taunton, Somerset, guilty on three counts of fraud over a scam that included the sale of £55m of devices based on a novelty golfball finder to Iraq. They were installed at checkpoints in Baghdad through which car bombs and suicide bombers passed, killing hundreds of civilians. Last month they remained in use at checkpoints across the Iraqi capital. McCormick also sold the detectors to Niger, Syria, Mexico and a UN agency in Lebanon." Continue reading →

Continue ReadingUK businessman found guilty of selling fake bomb detectors to Iraq

Central Banks Load Up on Equities

"Central banks, guardians of the world’s $11 trillion in foreign-exchange reserves, are buying stocks in record amounts as falling bond yields push even risk- averse investors toward equities. Managers of banks’ assets are looking for alternatives to holding government bonds after efforts to stimulate growth from the Federal Reserve, the Bank of Japan and the Bank of England helped send yields near to record lows. Central banks’ foreign- exchange holdings have increased by about $8.5 trillion globally in the past decade, exceeding levels needed for day-to-day currency administration." Continue reading →

Continue ReadingCentral Banks Load Up on Equities