Moyers & Company explores the tight connection between Wall Street and the White House with David Stockman, former budget director for President Reagan.

Now a businessman who says he was “taken to the woodshed” for telling the truth about the administration’s tax policies, Stockman speaks candidly with Bill Moyers about how money dominates politics, distorting free markets and endangering democracy. “As a result,” Stockman says, “we have neither capitalism nor democracy. We have crony capitalism.”

David Stockman on Crony Capitalism from BillMoyers.com on Vimeo.

March 9, 2012

Category: Video

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6 Responses to “David Stockman on Crony Capitalism”

  1. DrSandman says:

    Finally — someone who is willing to spill the beans about what’s going on in my adopted hometown.

    It makes convenient populist rhetoric to call what goes on in DC “capitalism,” denounce it, and offer a Peronist soft tyranny (i.e., fascism) as the alternative. Dorothy & Toto, have you seen the StrawMan?

    I dislike Moyer with the blinding white-hot hatred for someone who has spent years race-baiting and fomenting homophobia while serving as LBJ’s hatchet-man, but I give him credit for allowing Stockman to speak freely.

  2. albnyc says:

    Same as it never was?

  3. cabell says:

    My comment:
    http://www.youtube.com/watch?v=gqFx1HcncGw

    Hope you enjoy this, Bill, as much as we are enjoying a show that deals with some real issues.

    Cheers, Cabell Smith, Lawrence Brown

  4. Syd says:

    Stockman does an excellent job IMHO of describing and defining the crony capitalism problem that the USA currently has. It’s frustrating that this corrupt system survived the financial crisis.

    I agree with him that the reform needed is to force banks to either be conservative, retail/commercial banks with government backing, or riskier investment banks with no government backing, but not both, as under Glass-Steagall.

    Unfortunately, as Simon Johnson recently wrote, there doesn’t seem to be any sign of a tough, reform-minded politician (in the Teddy Roosevelt anti-trust mold) on the horizon right now.

    There may be another major financial system crisis during the coming presidential term. Would either Obama or Romney stand up for real reform if the TBTF banks reach the brink of collapse again?

  5. Francois says:

    “It’s frustrating that this corrupt system survived the financial crisis. ”

    I’d say that the system is on total life support, IV drip and ventilator included. You know what happens in these circumstances: all you need is a distracted janitor to unplug the ventilator and that’s it!

    Obama or Romney would have two choices if TBTF was about to collapse again: either repeat what was done in 2008 and face a true revolt, or do the right thing and make the banksters kneel and surrender. Of course, a true revolt may be needed to make these idiots understand what’s good for them.

  6. Francois says:

    Obama had a golden opportunity to rectify an ongoing deterioration of this republic. He decided that political expediency trumps courage.

    He proved to be a real manager, willing to do things right, (for himself, that is!) but always reluctant to do the right thing.