Koch versus ‘corporate cronyism’

Charles G. Koch, chairman and CEO of Wichita-based Koch Industries, penned a Monday commentary in the Wall Street Journal headlined “Corporate Cronyism Harms America” pointing to such government policies as “affordable housing” quotas, the Community Reinvestment Act and the “Federal Reserve’s artificial, below-market interest-rate policy” as causes of “the dreadful condition of our economy.” Koch wrote: “Far too many businesses have been all too eager to lobby for maintaining and increasing subsidies and mandates paid by taxpayers and consumers. This growing partnership between business and government is a destructive force, undermining not just our economy and our political system, but the very foundations of our culture.” Koch acknowledged that some of the energy subsidies and mandates benefit Koch Industries but called for an end to such “distorting” and “corrupting” policies, concluding: “If America re-establishes the proper role of business in society, all kinds of benefits will accrue. Our economy will rebound. Our liberties will be restored. And when President Obama tells an entrepreneur ‘You didn’t build that,’ everyone will know better.”