Banks too Big to Fail: Bill Moyers and David Stockman

Bill Moyers is back.  A long time rational advocate for reason has returned to TV via Public Broadcasting Service (PBS).  Today he interviews David Stockman about how the major banks have co-opted the Obama administration. 

How Big Money Bought Our Democracy, Corrupted

Both Parties, and Set Us Up for Another Financial Crisis

Bill Moyers talks to President Reagan’s former budget director and to Gretchen Morgenson of the New York Times about the way Wall Street runs Washington.
January 22, 2012  |
 “Crony capitalism is about the aggressive and proactive use of political resources, lobbying, campaign contributions, influence-peddling of one type or another to gain something from the governmental process that wouldn’t otherwise be achievable in the market. And as the time has progressed over the last two or three decades, I think it’s gotten much worse. Money dominates politics.”

Those are the words of former budget director for President Reagan, talking to Bill Moyers in this week’s episode of Moyers & Company. Continuing to focus on the intersection of money and politics, Moyers’ new program talks to Stockman about the financialization of the economy, re-regulating the big banks, the Fed’s enabling of Wall Street, and how the banks buy influence with politicians to ensure favorable treatment.

“As a result,” Stockman says, “we have neither capitalism nor democracy. We have crony capitalism.”

He names names–Larry Summers and Tim Geithner, General Electric’s Jeffrey Immelt, and more–who are deeply involved still in the Obama administration.

 “If you have a former community organizer who was trained in the Saul Alinsky school of direct democracy, appointing the worst abuser, the worst abuser of crony capitalism, GE, who came in and begged for this bailout, to head his Jobs Council, when obviously GE’s international corporation, they’ve been shifting jobs offshore for decades, then it becomes so obvious that we have a new kind of system, and that we have a real crisis.

Moyers also talks with Pulitzer Prize-winning New York Times business and finance reporter Gretchen Morgenson, who tells him, “You and I don’t have a lobbyist and so we are not represented in this melee.”

She continues, “There is no balance here. There’s a drastic imbalance between the people who created the problem and the people who had to pay the problem and it has not been addressed.”

When Moyers asks if a crisis like the one in 2008, the meltdown that nearly collapsed the financial system, could happen again, Morgenson replies, “It will happen again.”

Watch the full episode below.

Moyers & Company Show 102: On Crony Capitalism from onVimeo.

Veteran journalist Bill Moyers is the host of the show “Moyers & Company,” premiering January 2012. More at

About carlos

I'm a curious person, of reasonable intellect, "on the beach" (retired) and enjoying my interest in anthropology, language, civil rights, and a few other areas. I've been a hippie/student/aerospace tech writer in the '60s, a witness to the Portuguese revolution in the ‘70s, a defense test engineer and witness to the Guatemalan genocide in the '80s, and a network engineer for an ISP in the '90s. Now I’m a student and commentator until my time is up. I've spent time under the spell of the Mesoamerican pyramids and the sweet sound of the Portuguese language. I've lived in Europe, traveled in Brazil, Central America, Iceland, New Zealand, and other places. My preferred mode of travel is with a backpack and I eat (almost) anything local. Somehow, many of the countries I have been to have had civil unrest (for which I was not responsible). I'm open to correspond with anyone who might share my liberal, humanist interests. I live in San Buenaventura, California.
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