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Crony Capitalism

Daring Fireball: ‘Capitalists or Cronyists?’

”The thing to remember is that if allowed to fail, the cruise ships won’t sink to the bottom of the ocean. The jobs won’t disappear. The companies will go into bankruptcy, existing shareholder equity will get wiped out, and new ownership will take over. A bailout won’t rescue the industry or the jobs — it will rescue the shareholders.

John Gruber

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