A prominent US economic and banking expert has portrayed a grim outlook for the world’s most powerful economy, saying the “crony capitalism” runs rampant in the US.
Writing in the Wall Street Journal, Gerald O’Driscoll, the former director of the Center for International Trade and Economics at the Heritage Foundation believes that a growing tide of fraud and corruption has surged in the current US financial system that is on the verge of becoming “an economy of liars” run by crony capitalists.
In the wake of a bruising financial turmoil in the US, including a sub-prime mortgage crisis in 2009, many experts have persistently called for root and branch financial reforms in the US Congress.
Continue reading “Crony Capitalism Reigns US Economy”
