Krauthammer: Obama’s “toxic combination of lemon socialism and crony capitalism’

September 19, 2011 07:24

“This is a classic example of this toxic combination of lemon socialism and crony capitalism. The lemon socialism part is the old story of industrial policy. Meaning smart people in Washington, or people who think they’re smart, elected officials and bureaucrats, and they bring in experts who think they’re even smarter, that decide which are the industries of the future as if they know and the market doesn’t.” …. “you destroy an economy when you think that a politician in a centralized capitol knows where capital ought to be allocated. “

“The other element of this is the big corruption. That is the crony capitalism. Its not randomly thrown around money. It always seems to be money thrown, as in the Solyndra case, into a company that just happens to be invested in heavily by George Kaiser whose a big donor to Obama. Its always like this. Its a corruption of the process. In principle it won’t work because its a socialist idea of experts over markets but its made even worse when it involves cronyism, favors and corruption.”

“What is the government doing throwing thirty billion dollars at an industry that is now a fantasy? We hear Biden say job of the future. How does he know?”

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