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Crony Capitalism

Economics

Ackman’s Quest To Ruin Herbalife Is Cronyism At Its Worst

For five years, billionaire hedge fund manager Bill Ackman has attempted to bring Herbalife, a global nutrition and weight management company, to the brink of financial ruin—all for his personal financial gain. Fortune reported that, back in 2012, Ackman’s Pershing Square Capital Management took a $1 billion short position in Herbalife’s stock, expressing his belief that Herbalife was a “pyramid scheme.” He claimed that he would give proof the very next day. In an apparent victory for Ackman’s short position, Herbalife’s stock lowered 10 percent within six seconds, causing the company to issue a temporary trading halt. Ackman offered a… Keep Reading

News

Chamber Of Commerce Calls Thomas Massie “Piece Of Sh-t” For Voting Against Harvey Aid

It is an open secret that the Chamber of Commerce, a ‘pro-growth’ organization commonly associated with the right wing of American politics, has a seething contempt for principled conservatives and libertarians, but it is rare for them to come right out and say it. Yesterday, the veil was finally removed as the Northern Kentucky Chamber called Rep. Thomas Massie (R-KY) “a piece of sh-t” on their public Twitter account. Massie was one of three legislators who voted against the Congressional relief package for Hurricane Harvey. This has caused him to take flak from observers who felt his vote was heartless… Keep Reading

News

Kushner’s Cronyism: Trump’s Son-in-Law Uses Corporate Connections To Secure Weapons For Saudis

The Trump administration is working diligently to make Saudi Arabia great again, having secured a weapons cache totaling over $100 billion for the Islamist kingdom. It was reported that Jared Kushner, Trump’s son-in-law and his influential advisor, called up the CEO of Lockheed Martin to secure the deal himself. The New York Times issued a report yesterday describing Kushner’s “personal touch” on a $110 billion weapons deal brokered at the behest of the Saudis. Kushner called Marillyn A. Hewson, chief executive of infamous defense contractor Lockheed Martin, to persuade her to lower the price tag for his Saudi cronies. “The… Keep Reading

trump
Economics

Awkward: Trump’s Wall Is A Progressive Policy

‘This Congress is going to be the busiest Congress in decades — maybe ever.’’ With these words, President Donald Trump urged fellow Republicans in Congress to help him halt illegal immigration by supporting his plan to build a United States-Mexico border wall. But a wall that isn’t erected by the private land owners bordering Mexican land owners isn’t a wall. It’s government spending. And if government is spending, someone else is footing the bill. That someone is you and me. Keep Reading

Economics/Politics

Trump’s Deal Cutting Just Won’t Cut It

Last week, President-elect Donald J. Trump and his administration reached a deal with United Technologies, holding company of the air conditioner and appliance manufacturer Carrier, to keep around 1,000 jobs in the United States. Trump has promised on the campaign trail that he would keep those jobs on US soil since Carrier first announced that they would move their manufacturing from Indiana to Mexico in February. Outlets from Breitbart to The Young Turks have praised the deal. What a great power move! Trump isn’t even in office yet, and he’s already closing deals. But what if Trump’s latest deal is filling… Keep Reading

Economics

James J. Hill And The Liquidation Of Malinvestment

James J. Hill is unquestionably one of the greatest entrepreneurs in American history.  This past weekend marked the 100th anniversary of his passing.  He is best remembered for the successful construction of the only transcontinental railroad to not go bankrupt.  He didn’t accept government subsidies, and argued eloquently against his competitors who did: “The government should not furnish capital to these companies, in addition to their enormous land subsidies, to enable them to conduct their business in competition with enterprises that have received no aid from the public treasury.” His endeavors can claim to be largely responsible for the settling… Keep Reading

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