Preview: Crony Capitalism

March 7, 2012

For years, high-ranking administration officials have spun through the revolving door between the White House and American big business. But how have they influenced the regulation and reform of industries from which they came, and American democracy as a result? This weekend, in an encore broadcast, 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.”

“We now have an entitled class of Wall Street financiers and of corporate CEOs who believe the government is there to do… whatever it takes in order to keep the game going and their stock price moving upward,” Stockman tells Moyers.

Also on the show, Moyers talks with Pulitzer Prize-winning New York Times reporter and columnist Gretchen Morgenson on how money and political clout enable industries to escape regulation and enrich executives at the top.

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