The Humble Libertarian

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Friday, July 27, 2012

Wall Street, Crony Capitalism and the Department of the Treasury



Constitutionally speaking, the Secretary of the Treasury is supposed to be nothing more than the nations chief bean counter and it's a job that certainly shouldn't be controlled, influenced or held by Wall Street and the Banksters. The tragic reality is that Wall Street has pretty much always controlled the Department of the Treasury.

 At the George Mason University Mercatus Center, David R. Henderson published a fascinating study on crony capitalism titled The Economics and History of Cronyism which is definitely worth reading. Henderson devotes considerable time to defining cronyism and explaining how it works, notably through the mechanism of lobbying which destroys wealth.


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