Elitism and the Modern Political System

1. Explain, Evidence of elitism and crony capitalism can be found in the federal government's response to the 2008 economic crisismore specifically, the $700 billion, tax-payer-funded Wall Street bailout known as the Troubled Asset Relief Program (TARP).

2. Argue, President Bush signed TARP, both conservative and liberal think tanks have argued that TARP was necessary for the well-being of main street Americans

3.Argue, President Obama's Administration brought much of the same elitism and crony capitalism that characterized the Bush yearsjust in the form of different actors.

4. Explain, this became apparent when Larry SummersObama's technocratic chief economic advisor who had received millions of dollars in speaking fees from Wall Street firmsurged members of Congress to vote against a 2009 bill that would have halted TARP's