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Politics : PRESIDENT GEORGE W. BUSH
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To: DuckTapeSunroof who wrote (260708)6/3/2002 5:51:27 PM
From: Raymond Duray  Read Replies (1) of 769670
 
FROM THE "WHY DO THEY HATE US? FILE": Crony Capitalism Creeps Up on U.S.

Hi Buddy,

There is a growing crescendo of complaint about how rotten George Bush's Amerika is turning out to be. Guess what? He doesn't care. When the U.S. Titanic sinks, his pals are their with their billions of ill-gotten gains to buy bankrupted assets on the cheap. And don't think they won't stoop to any level of deception and deviousness to achieve their goals....

Here's part of the emerging picture:

thestreet.com

Crony Capitalism Creeps Up on U.S.

By James J. Cramer

06/03/2002 02:36 PM EDT

We used to joke about Japan at my old hedge
fund. We used to say that it was "crony
capitalism," in that some people were allowed to
win and some were slated to lose. Some people
were favored, others were kept down and the
bosses always came out on top. We knew it was rigged and even if we could figure
it out, we didn't want to play.

Now it's our turn.

Now we look like the cronies. Now the U.S. looks like the hotbed of crony
capitalism. The Financial Times first brought this to my attention last week in an
editorial about how bad this country now looks.

It was in a piece about the dollar and how it could
go much lower than we think. I liked the piece
because we Americans often forget how we look
overseas. Right now we look just plain awful. We
look like a country of jokers who pay top dollar to
people who rig markets or cheat or steal -- then,
when it gets discovered, they get away with it
because they're rich and above the law.

If I was an overseas investor, I would have serious doubts about this country as a
fair and honest place to invest. I think that the people who run the companies in
these other countries that get in trouble actually don't get to keep the money. They
don't get to carry on their lives as if nothing happened.

So just keep in mind that in past years, when things got cheap, foreigners came in
and made bids for whole companies. But I don't think that will happen this time.

There's too much crony capitalism.
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