And it is not funny.
There are two sides of the coin of crony capitalism. One side is bad economic policies that enrich the few connected to government while leaving behind the general public, the middle class, and the poor. The other side of the same coin is a closely related collapse in morality throughout our society. Hard work and honesty are out; knowing the right people and lying are in.
As we have pointed out, nothing is more important for an economy than honesty. An economy is a trust system. In order to cooperate together, we need to be able to believe each other. That is why Nancy Pelosi’s statement that President Obama is “practically apolitical, certainly nonpartisan” is not just something to laugh over. It is a serious sign how far the dishonesty in our elite circles has gone. Pelosi’s enthusiastic participation in crony capitalism is further documented in chapter 7 of Crony Capitalism in America 2008-12.