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This move, encouraged by the Obama administration, put the American taxpayer on the hook for an entire generation of irresponsible gambles made by another failed investment firm that should have gone out of business, but was instead acquired by Bank of America with $25 billion in taxpayer help—Merrill Lynch. (emphasis added)
This is just one of the many ways in which Obama reveals himself as a friend of big, well-connected business interests—that is, as an advocate of the corporate state.
Considering that Mitt Romney also favors having government as business’s ally, we can look forward to an election between two variations on this corporatist theme.
Sheldon Richman is senior fellow at The Future of Freedom Foundation in Fairfax, Va., author of Tethered Citizens: Time to Repeal the Welfare State, and editor of The Freeman magazine. This article originally appeared at The Future of Freedom Foundation.