Crony Capitalism

This is so good I’ve to quote it all. Barry Ritholtz on Amazon HQ2:

When any one company gets special treatment, its own sets of rules, taxes, incentives, kickbacks, etc., when specific rules apply only to some but not to all, well, that is much better described as Crony Capitalism.

Amazon began as a bold idea, deftly executed. It embraced risk, and that generated a massive return on money. But many are simply uncomfortable with the one offs for any one company to get. If you want to encourage businesses to relocate to a specific area, then come up with a series of incentives that apply to ALL businesses that will open shop in that location — not just one. Thus, the entire HQ2 competition was conceptually flawed from the start.

As a fire-breathing Wall Street working capitalist, my instinct is to say: Build your own fucking HQ on your own goddamned dime. I say that with no disrespect — its the same thing I have been saying to the corporate welfare queens who run Wal-Mart and McDonalds; to the wimpy Football team owners too poor to build their own stadiums; to the chicken-shit cowards who ran Wall Street banks pretending to be capitalists, but all the while turned out to be commie pinko bastards the moment the going got tough.

I hope Amazon builds its HQ2 here. And that it does not require the most successful businessman of this generation to adopt Crony Capitalism

Felipe Cypriano @fcy