Bill Moyers: Wall Street--"Tidal Wave of Bonuses, Surging Ocean of Greed"

PBS
Bill Moyers Journal
January 8, 2010

Bill Moyers asks guests, Mother Jones' political blogger Kevin Drum and Mojo columnist David Corn "What's their secret? How do the bankers pick our pockets so thoroughly with barely a pang of guilt or punishment?"
At the root of the problem, Drum and Corn point to "intellectual capture" and "Stockholm syndrome"





From the transcript:

KEVIN DRUM: Right. It goes beyond regulatory capture, where, say the banks control the S.E.C. That's one thing. Intellectual Capture means that essentially the financial industry has convinced us, you know, in the '50s what was good for General Motors was good for America. Now it's what's good for Wall Street is good for America. And they've somehow convinced us that we shouldn't ask about what's right or what works or what's good for America. We should ask what's productive, what's efficient, what helps grow the economy.

DAVID CORN: This is the Stockholm Syndrome. Where you're hostage starts identifying with the people holding them captive. Americans have been, you know, have been talk- said- told over and over again that if the Dow's going up, if Wall Street's making money, it's good for you.






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