The president is not a socialist. However, he is a statist. The current term for this is crony capitalism. He does not want the state to own the means of production and the assets in the economy, but he wants the state to control the economy indirectly, through regulation for the benefit of the “friends” of the state. The private sector still owns businesses and assumes business risks, but the government tells individuals and businesses whom to hire, what to pay, what to make, how to invest, and how much to pay the government in tribute for its “protection.” Much like in a casino, the house always wins. The government plays with house money, and there’s just no competing with that. This, in turn, has an unsubtle impact on the way the government is run and the policies that are implemented, as the cronies’ special treatment is reinforced with their success.

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