Crony Capitalism

If you missed this PBS episode from January 20, 2012,, it is well worth a look. Bill Moyers & Company explores “Crony Capitalism,” i.e. what’s remains of what we used to call capitalism and democracy. David Stockman, former budget director under President Reagan, explains the interconnection of Wall Street money and the  political process. Then Gretchen Morgenson, a Pulitzer-Prize winning reporter for the New York Times expands on how the financial institutions have manipulated the system to their benefit even after wrecking the economy. Both Stockman and Morgenson expect that another financial crisis similar or worse than 2008 is inevitable in the next few years.

From Bill Moyers.com

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