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Obama’s Perfect Track Record on Crony Capitalism

April 15, 2014

http://lastresistance.com/5419/obamas-perfect-track-record-crony-capitalism/#WtdAXfgbyDesPLwt.99

Posted By on Apr 15, 2014

solyndra crony capitalism 

It seems like Obama would try to be a little less transparent about the crony capitalism that has marked his administration. But apparently, it doesn’t matter to his supporters what he does. A tip for big corporations jockeying for favors from Obama’s DoJ: Make sure you donate heavily to the Democratic Party and/or Obama favorites. If you do, you’ll get huge favors. But if your executives contribute to opponents of Obama, you’re not getting anywhere.

If this correlation were not so well-documented, I would be hesitant to make such a blanket statement. But I’m actually not exaggerating in the least. A report in Frontiers of Freedom outlines just a few of the most egregious examples of Obama’s crony capitalism at work: from Solyndra to Quality Software Services to Big Labor, the Obama administration has been perfectly faithful to reward its big donors and supporters. And, on the other hand, Obama has been equally faithful to punish its detractors.

Take the failed 2011 merger of AT&T and T-Mobile:

Processing of the application by the Federal Communications Commission and the Department of Justice was expected to take at least twelve months.  But five months later, the Department of Justice announced it would file a lawsuit blocking the friendly merger.

Leading the merger quest was AT&T CEO Randall L. Stephenson.  Mr. Stephenson is well known to be a Bible Belt, pro-free market, Republican with a reputation as a fierce executive with a head for numbers.  He is a proponent of tax reforms that include broadening the tax base and lowering tax rates as a formula for economic growth, rather than the Administration’s position of making the rich pay more of their “fair share” while government makes subjective decisions about redistributing the wealth of the working class.

If only Stephenson had been an Obama supporter, he would been assured the success of his merger. Just look at Comcast and Time Warner. The merger looks like a shoe in, in spite of the fact that the merger is worth a few billion more dollars than the AT&T merger and would also result in a 40% market share for one company. The only significant difference between the cell phone merger and the cable company merger (aside from the fact that the Comcast merger has even more severe consequences to consumer choice) is that AT&T is led by a Republican and Comcast/Time Warner are headed by Democrats.

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