According to the Alan Greenspan Definition, the U.S. Is a Crony Capitalist System

We understand what Alan Greenspan did in the past. Alan Greenspan is the one who kept the interest rates low, which led to the subprime boom. Again, policy matters.

From Zero Hedge:

In the following exchange from a DemocracyNow interview, Greenspan is forced to respond to his quote from Age Of Turbulence on the definition of crony capitalism: "When a government's leaders or businesses routinely seek out private sector individuals or business, and in exchange for political support bestow favors on them, the society is said to be in the grip of crony capitalism. The favors generally take the form of monopoly access to certain markets, preferred access to sales of government assets, and special access to those in power." Greenspan's pathetic excuse is that while crony capitalism is a "dominant force" in some other regimes, it is "not the dominant force in this country." Perhaps all those who are fighting with the virtual monopoly granted to certain players, such as Goldman in fixed income trading, and Pimco in government bonds, would beg to differ. So yes, according to the Greenspan definition America is now nothing more than a crony capitalist society…

http://www.zerohedge.com/article/alan-greenspan-admits-america-crony-capitalist-system