The Wall Street-Washington Axis Of Corruption

Originally Posted At BillMoyers.com
Interview with David Stockman on Crony Capitalism
January 20, 2012

Watch Intereview

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.”

Stockman shares details on how the courtship of politics and high finance have turned our economy into a private club that rewards the super-rich and corporations, leaving average Americans wondering how it could happen and who’s really in charge.

“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.

Transcript of Interview:

BILL MOYERS: Welcome. This week we’re continuing our exploration of Winner-Take-All Politics: How Washington Made the Rich Richer and Turned its Back on the Middle Class. If you missed our first installment, you’ll find it at our website, BillMoyers.com.

Now this is only the second broadcast of our new series, yet we’ve already made our choice for the best headline of the month. Here it is:

"Citigroup Replaces JPMorgan as White House Chief of Staff."

Behind that headline is a tangled web.

The new chief of staff is Jack Lew. He used to work for the giant banking conglomerate Citigroup. His predecessor as chief of staff is Bill Daley, who used to work at the giant banking conglomerate JPMorgan Chase. Daley was maestro of the bank’s global lobbying and the chief liaison to the White House.

Bill Daley replaced Obama’s first chief of staff, Rahm Emanuel, who once worked for a Wall Street firm where he was paid a reported $18.5 million in less than three years.

Read entire transcript at BillMoyers.com


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

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