David Stockman and Gretchen Morgenson on crony capitalism

This weekend, Bill Moyers did two exceptional segments on crony capitalism and how it has undermined democracy and prosperity in America.  The first segment is with former Reagan budget director, David Stockman and the second with Pulitzer-Prize winning journalist Gretchen Morgenson.

I have rarely heard these key issues discussed with more clarity and insight.   Here are the direct links to Part 1 and Part 2.

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3 Responses to David Stockman and Gretchen Morgenson on crony capitalism

  1. michael says:

    I just copied the link to post here ….. anyway….I agree it is a must watch…..
    “It will happen again”

  2. JW says:

    Excellent clips. Thank you. It doesn’t look like the problems are going to be fixed in the next couple years, isn’t it? The good news is the tide is turning. JW, Vancouver

  3. Robert says:

    David Stockman was very impressive. On the other hand Bill Moyer continued in his role as a independent journalist while in reality being the same old progressive hack pushing Democratic Party talking points. After a scathing and insightful indictment of government involvement, interference, and corruption of the marketplace by David Stockman Moyer makes the idiotic statement that, “Democracy is a brake on unfettered greed”. This guy is the epitome of the classic brain dead socialist.

    What really bothered me was the constant refrain by Moyer, Stockman, and Morgenson of “Crony Capitalism”. Crony Capitalism is a fiction, a phony propagandist label used to denigrate Capitalism. In reality we are suffering from Mussolini or Nazi style Socialism commonly referred to as Fascism. Fascism is the branch of Marxism in which the centrally planned economy is controlled by the central government while ownership of industry remains nominally in the hands of the entrepreneurs and industrialists. This form of government was openly praised and admired by FDR and is now being implemented by his disciple Obama.

    Morgenson doesn’t really seem to get it. For example she goes on about minorities taken advantage of by unscrupulous lenders but does not mention that the banks themselves would never have given mortgages to these unqualified borrowers without extreme government pressure. What happens to anybody who gets massively over indebted? It does often lead to family breakup and suffering. I was going to buy Gretchenson’s book but luckily I saw this interview.

    Obama especially comes off as dumber than Bush as he learnt nothing from the economic idiocies of the Bush administration during the last two years under a Democrat Congress. This is not to say things would have been much better under a Rhino Congress.

    I guess we are now going to be Obamaboarded with Crony Capitalism, CEO’s, Wall Street, tax the rich, income inequality, Occupy, and racism until the 2012 election.

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