Elon is the most likable of the big time crony capitalists but he is a big time crony capitalist none-the-less.
(From The National Interest)
It is not a theoretical point. Take the case of Elon Musk, who has become one of the more successful entrepreneurs chasing government dollars. In a sense, Musk is a tragic story of how one of the world’s most talented entrepreneurs has become sidetracked by crony capitalism.
We are all aware of President Obama’s obsession with electric vehicles (EVs), for example. In 2011, he pledged that the United States would have one million new generation electric cars on the road by 2015 and pledged billions to do it. He and a bipartisan consensus in Congress wasted gobs of money and warped markets to miss that absurd goal by a yawning margin. Likewise, he threw billions at solar energy with direct and indirect subsidies. Solar power is still not cost competitive.
From that, Musk made billions.*
*Remember, to a very large extent those billions were the taxpayer’s billions before the government took the money and gave it to Musk.