Crony capitalism is a term that describes an economic system where people with good connections to the center of power - the "cronies" of the government - manage to place themselves in positions of undue influence over economic policy, thus deriving great personal gains.

Read more: http://www.answers.com/topic/crony-capitalism#ixzz1XURzW8dF


Federal agents have expanded their examination of the now-bankrupt California solar power company Solyndra, visiting the homes of the company's CEO and two of its executives, examining computer files and documents, iWatch News and ABC News have learned.

The raid and visits come amid increasing evidence the Justice Department and Inspector General are exploring whether Solyndra mislead the government in securing its $535 million loan in 2009 -- and landing a vital refinancing of that loan earlier this year. Beginning in March, ABC News, in partnership with iWatch News/the Center for Public Integrity, was first to report on simmering questions about the role political influence may have played Solyndra's selection as the Obama administration's first loan guarantee recipient. One of the lead private investors in Solyndra was an Oklahoma billionaire who served as an Obama "bundler," raising money during the 2008 presidential campaign.

George Kaiser, had visited White House aides 16 times since 2004, suggesting that Kaiser may have tried to leverage his influence with Team Obama to win favors for his company.

http://abcnews.go.com/Blotter/obama-officials-sat-solyndra-meetings/story?id=14476848

It may actually go much deeper than what you have shown. Bush funded a five billion dollar solar initiative through the department of energy to boost seven major US universities for the development of solar energy. The primary focus of the money was to fund technologies to develop and manufacture solar cells to keep the US ahead of the world.

Soon, after Obama took office, he announced that "part of the US joining the world community" to help "third world countries", the US was giving solar technology to China.

Some time after this "generous gesture" the deal of which you speak was made. Around the same time a Chinese scientist joined forces with an Australian to form what is now the hottest solar cell manufacturer in the world. The Chinese CEO spoke of "acquiring" sufficient technology to make it happen. The Chinese plant received huge subsidies from China to put it's people to work undercutting prices worldwide.

China has done the same thing with other products such as tires.

The US Senate is investigating the whole solar cell pricing market relating to the Chinese.

http://www.brighterenergy.org/26395/news/solar/senator-calls-for-crack-down-on-unfair-chinese-solar-panel-imports/

This article highlights the fundamental problems with our economic system.

These are the types of things that need to be addressed.

Again, they choose short term, help me get re-elected policy, instead of addressing the actual underlying causes that will never change as long as the Chinese can devalue their currency and steal technology with no consequence.

There has got to be something done with the trade deficit we have with China. There has got to be something done with their stealing technology, reverse engineering it and selling it back to us.

Someone in Washington needs to grow some balls.