Monday, January 23, 2012
David Stockman On Crony Capitalism
Please make it through the lengthy prelude by the windy and sometimes insufferable Bill Moyers to get to this great interview with David Stockman. Amazingly enough, Moyers actually restrains himself during the interview and let's Stockman do most of the talking.
"True free market capitalists never go to Washington with their hand out. True free market capitalists running a bank do not expect that every time they make a foolish mistake or they get themselves too leveraged or they end up with too many risky assets that don't work out... they don't expect to go to the Federal Reserve to get some cheap or free money to go on as before. They expect consequences, maybe even the failure of their firm. Certainly loss of their bonuses, and maybe even loss of their jobs."