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.

  • submit to reddit
  • Mktngmvn

    Step on a dinosaur’s tail and see how long it takes the megabeast to feel the pain and react. We need to watch, listen and wonder how long it takes for people to develop the courage to finally come clean about their past deeds.

  • Vedwards

    So glad to see this now coming to the fore, as it has been a reality now for at least 20 years! Is it too late? I worry…

  • R.F.Fisher

    this simple but Factual explanation from David Stockman & Bill
    Moyers about the mistakes our Congress and our Presidents have made for
    decades in both parties, and what needs to be done today to unwind this
    Failed Economy in America. Why did the Oligarchy in America
    get a Bail Out when they Created the very Circumstances that led to our
    economic failure in the first place?? Why was there no
    JAIL Time for these ‘Gamblers‘ on Wall St.?? Why did they continue to
    get massive pay and bonuses, paid for by our Bail Out Funds?? Meanwhile, OUR Property Values, sank into the toilet and Jobs in this country went overseas? Worth the time to watch!
    It seams as if our little single Vote doesn’t really matter any longer.
    WRONG! It still does ‘BUT‘,,, we are getting ‘Bad Candidates’ and
    ‘Bad Information’ put in front of us by the Oligarchy in America. During
    WWII, it was called ‘Propaganda’! These ‘hand picked’ Candidates
    are selected by the Oligarchy and they pay for their Election Campaigns,
    because of their willingness to fight for the issues that insure that
    the Oligarchy continue to get special treatment, tax breaks, regulations
    stripped and Damn the rest of us! This started in the 80’s and
    90’s with this idea that ‘Trickle Down Economics’ would somehow help the
    Middle Class? It didn’t then and it has FAILED MISERABLY!! So why
    do our politicians continue to market this bad idea today, asking for
    less regulations and lower Tax Rates on the Wealthy as a solution to our
    problems??? They are PAID to do so! What you and I see on TV
    and in the News, is SCRIPTED to appear to Care about the Middle Class in
    America. All the while these ‘Whores in Washington’ are voting for
    rules and regulations that insure the Oligarchy stays on top in our
    economy and we in the Middle Class pay for it with massive Bail Outs,
    weakened regulations (regulations that lead to the crash in ’08), they
    continue Never Ending Wars while millions of us have lost jobs because
    they are being sent overseas, all to Maximize Corporate Profits.
    Until we Elect people that will FIGHT this takeover of our Government
    and our Economy in America, unfortunately, Nothing will Change!

  • Ella Oblas

           I just attended a program sponsored by Earth Justice : 
    Toxic Flame Retardants –A global public health concern.
    I am appalled that federal control is being controlled, alas, by the powerful lobbyists for the chemical corporations.
    Speakers at the Macauley Honors College
    included Dr. Arlene Blum founder, Green Science Policy Inst.
    Brian Kavanagh, Assemblyman NYS Dist. 74
    Eve Gartner, Staff Atty. Earth Justice
    Matt Vinci, Pres. Professional Firefighters of VT

  • Revclaus

    Is an “encore” presentation a re-run?  Seems to me I saw this some weeks ago.  Excellent piece, especially Morgenson’s commentary.  


    It is mostly a re-run, but with a new introduction from Bill. And know he chose these episodes specifically for a new view.

  • Smtann

    We need Stockman in Texas to hold off Perry’s Texas Commission on Environmental Quality board.  They are setting up to roll right over EPA regulations.  They call it
    “state’s rights” here.

  • Connie Snyder

     And I for one, am appreciative. Thanks so much for this terrific piece of journalism.

  • lbmeacham

    We are seeing a determined gang of anarchists loose in the halls of power. They are the Koch brothers and their Wall Streeters, a hapless Congress led by Big Oil Roy Blunt of Missouri, a timid Executive branch and cowardly press, many of whom are “in the know and on the take.” You don’t have to have a gun to be an anarchist; only a greasy palm.

  • GradyLeeHoward

    Re-runs of an instant replay- reporting delayed 30 years.
    Meanwhile sergeants are lighting up Afghan villages; Wall Street insiders (Greg Smith) are resigning in disgust; the attorney general says assassination is due process; and the president calls a dictator (Saleh in Yemen) to demand that an Al Jazeera correspondent not be released from jail because outing US bombing of civilians is terrorism. You may be 90 degrees behind the curve when you worry how gas prices affect Obama’s popularity (What Matters Today).  If higher gas is what it takes to awaken the American People…. then I welcome $5 a gallon. 
    Question: Why is this show less progressive editorially than the canceled (May 2010) Bill Moyers’ Journal?
    Quit pitching for close and try for a ringer, how-’bout-it!
    If Occupy comes our like a speedboat in May you’re gonna  look like an anchor.