Cronyism isn't capitalism

Once again David Harsanyi has nailed it, writing in the Denver Post that Cronyism isn't capitalism. He uses the example of General Electric's Jeffrey Immelt, Obama's choice to lead a new panel on "job creation." By being an effective Obama crony, Immelt has "insulated" General Electric "from failure and market-driven innovation and competition," writes Harsanyi. The subsidies, bailouts, waivers, and lines of credit have worked well for G.E. and other cronies of big government, but Harsanyi is mystified as to how it benefits any of the rest of us. This is a column that really needed to be written!