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Peter Schiff: U.S. Political Risk a Reality

By Implode-Explode Heavy Industries

" "Crony capitalism" is a term often applied to foreign nations where government interference circumvents market forces. The practice is widely associated with tin-pot dictators and second-rate economies. In such a system, support for the ruling regime is the best and only path to economic success. Who you know supersedes what you know, and favoritism trumps the rule of law. Unfortunately, last week's events demonstrate that the phrase now more aptly describes our own country."

Full post as published by Mortgage Lender Implode-o-Meter on June 15, 2009 (boomark / email).