Corrupt Crony Capitalism 'Been Bery, Bery Good' To Members of Congress
Having just received my 401(k) statement showing another decrease in value, a story in Roll Call caught my eye. The wealth of Members of Congress as a whole increased nearly 25 percent since 2008.
TARP was signed into law in October 2008, and its crony capitalism effects came mostly after that. But it is important to remember all the things that have happened since 2008: Obamacare became law, the Obama stimulus package was enacted, the Dodd-Frank so-called financial reform law, etc.
Roll Call reports that the wealth totals actually "vastly underestimate the actual net worth" of our elected officials who, by the bye, are not subject to insider trading restrictions on information they garner in their official capacities.
The 50 richest members of Congress account for nearly 90 percent of the wealth increase.
This is just another example of the real divide in America. That divide pits we outsiders against the political establishment and their cronies.
That divide is not in the economics. The real divide is how the rule of law has come to be abused and misused to favor the political establishment and their cronies, while burdening and bullying the rest of us. The effects, of course, are how the balance of power controls the economics.
The political establishment is crushing the economy, killing jobs, and decreasing liberty. What's bad for us is obviously good for them. Cursing the problem doesn't seem to be working.