We see it everywhere: shady zoning regulations in a small town; taxpayer
money diverted into political campaigns; deals that enrich the few at
the expense of the many; billion-dollar bailouts; trillions of newly
printed dollars flowing from government to Wall Street at giveaway
interest rates; brand-name economists hired to defend the indefensible
with a smokescreen of economic theory. When private interests need a
political favor, they know whom to call. When politicians need money,
they also know whom to call. The people involved try to keep most of it
concealed behind closed doors. This is the system that prevails in
Russia after the fall of Communism. But increasingly it is America's
system as well. Many people regard Wall Street as the epicenter of
American capitalism. In reality it is the epicenter of American crony
capitalism. Where Wall Street stops and Washington begins is impossible
to say. This situation was not caused, as many suppose, by the Crash of
2008. Rather the Crash was caused by the longstanding Wall Street
Washington partnership. But the problem extends far beyond Wall Street
to every corner of America. If we are going to do anything about our
present economic problems, and also give the poor a chance at a better
life, we will need to eliminate crony capitalism. Although full of
hair-raising stories, this book is also about solutions. It tells us in
clear and simple terms what is wrong and what needs to be done about
it."
