We’ve heard a lot of apologists claiming alternatively that “Capitalism” failed, and some try to distinguish what we have from actual Capitalism by calling it “Crony Capitalism.”
But that’s a false name.
“Crony Capitalism” implies that your friends have it between you, and everyone else has something else. That’s false.
So what do we have?
What name do you have for someone saying to you “Here, buy this box of 10 chocolates, all prime grade AAA, just $10!” but unknown to you there’s two chocolates in the box and 8 pieces of dog turd that were painted with a thin veneer of chocolate? You, believing the label to be truthful buy the box and all is well until you bite into one — at which point you discover that you were sold literal crap.
That’s theft, right? Your money was stolen under a false pretense.
Well? We have an under-oath admission in front of the FCIC stating that is exactly what the “fine and upstanding” Wall Streeters did.
So let’s stop with the sophistry intended to blunt what people did, beginning with what it’s called.
It’s not Crony Capitalism.
It’s a swindle. It’s theft. It’s a scam.
Or, if you want a one-word replacement that fits the offense and starts with a C since it was done to humans by humans?