Romney hits Obama on crony capitalism


The latest web video from the Romney campaign hits President Obama on his crony capitalism.  The title, “Not Even Half,” is a reference to how the $535 million taxpayer loan to Solyndra doesn’t even account for half of the money wasted. 

A number of other “green energy” failures are name-checked in the video, along with the assertion, sourced to Newsweek, that over $16 billion of the loans handed out so far – a good 80 per cent – have gone to companies managed or owned by President Obama’s campaign donors.

This is the staggering cost of using government compulsion to over-ride market wisdom, and forcing taxpayers to underwrite “investments” those dreaded “corporate vampires” know enough to stay away from. 

2012 is supposed to feature a debate about what kind of capitalism we’re going to have in the United States.  I prefer the kind where investments are made voluntarily, and investors are expected to take responsibility for their own losses.  This necessarily implies allowing them to keep the profit from their successes.  We don’t need another four years of agonizingly expensive lessons that there is no other form of “capitalism,” and no other system can come close to matching either its performance or morality.