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Money Well Spent?

If you’re a fan of Fox Business Network senior correspondent Charles Gasparino, you may have already read his latest book, “Bought and Paid For: The Unholy Alliance Between Barack Obama and Wall Street.” Nevertheless, you may still enjoy Shawn Macomber’s interview with Gasparino in yesterday’s American Spectator. Describing the book, Macomber says:

Bought and Paid For is, in short, required reading for anyone interested in the obscured behind the scenes machinations of the economic maelstrom we currently find ourselves mired in.”

The entire interview is not very long. The first question is what motivated Gasparino to write Bought and Paid For. Gasparino’s response:

“The notion of Big Government and Big Wall Street colluding to do bad things is something I've covered for a long time. I've always been interested in the conflicts between public policy and finance. What I've seen over the years is this seemingly bizarre anomaly of how Wall Street, which is allegedly the epicenter of capitalism, in reality thrived on something that is very anti-capitalist, which is Big Government. Crony capitalism. And these guys aren't doing it just to make money on fees selling government bonds to finance the deficit or government programs. The people at the top have political beliefs that are strongly aligned with progressivism.”

In the last question, Macomber notes the last chapter of Gasparino’s book is titled “Money Well Spent,” which results in the question: “Does the failure of recent government intervention . . . signal we're on the verge of this sort of alliance no longer being money well spent?” Here’s the short answer:

“Look, I think crony capitalism hurts the system. It basically allows a few privileged, wealthy, connected people to do well exploiting the spoils of government that the rest of us can't. It's getting worse, it ain't getting better . . . .”

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