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January 20, 2012 09:39 PM

Bill Moyers, David Stockman on Crony Capitalism

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By Diane Sweet

Moyers & Company Show 102: On Crony Capitalism from BillMoyers.com on Vimeo.

Bill Moyers and former White House budget director David Stockman on the all-too-cozy relationship between Washington and Wall Street.

This weekend, continuing its sharp multi-episode focus on the intersection of money and politics, Moyers & Company explores the tight connection between Wall Street and the White House with David Stockman – yes, that 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.

Full transcript here.

Tags: 1 percent, 99 percent, Bill Moyers, CEOs, crony capitalism, David Stockman, democracy, Free Markets, Money, Politics, Wall Street, washington