Tuesday, September 11, 2012

Gilded Age.


Bill Moyers: Both parties catering, as you write so vividly in here, to their funders, their donors, the billionaires, the Wall Street financiers, the corporations. And yet they, one or the other keeps getting away with it. 
Mike Lofgren: It's happened before in our country. It happened after the Civil War with the Gilded Age. So it's not surprising it can occur when money starts infusing into politics. They will capture the governmental mechanism, just as Wall Street has captured it now. Wall Street has captured Washington at its source, the capital.
Bill Moyers: Just give me one example. 
Mike Lofgren: One example would be banks that we are bailing out. Why not compensation limits on their CEOs and top executives? We didn't get that. But we did get limits on the compensation and the benefits of U.A.W. employees when we bailed out General Motors and Chrysler. 
Bill Moyers: We got from unions what we didn't get from the financiers on Wall Street? 
Mike Lofgren: That is correct. 
Bill Moyers: How come? How so? 
Mike Lofgren: Money from Wall Street into the pockets of campaigns.

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