The Great Deformation: The Corruption of Capitalism in America Author: | Language: English | ISBN:
B00A30AH5A | Format: PDF
The Great Deformation: The Corruption of Capitalism in America Description
A coruscating, brilliantly insightful exegesis of where capitalism went wrong, how it was corrupted, and how it might be restored, by outspoken former Reagan budget director and best-selling author David Stockman.
David Stockman was the architect of the Reagan Revolution that was meant to restore sound money principles to the United States government. It failed, derailed by politics, special interests, welfare, and warfare. In The Great Deformation, Stockman describes how the working of free markets and democracy has long been under threat in America and provides a surprising, nonpartisan catalog of the corrupters and defenders. His analysis overturns the assumptions of Keynesians and monetarists alike, showing how both liberal and neoconservative interference in markets has proved damaging and often dangerous. Over time, crony capitalism has made fools of us all, transforming Republican treasury secretaries into big-government interventionists and populist Democrat presidents into industry-wrecking internationalists. Today's national debt stands at nearly $16 trillion. Divided equally among taxpayers, each of us is $52,000 in debt. This book explains how we got here-and why this warped crony capitalism has betrayed so many of our hopes and dreams.
- Audible Audio Edition
- Listening Length: 36 hours and 45 minutes
- Program Type: Audiobook
- Version: Unabridged
- Publisher: Blackstone Audio, Inc.
- Audible.com Release Date: April 2, 2013
- Language: English
- ASIN: B00A30AH5A
David Stockman believes that our economy is almost past the point of no return. With a staggering federal debt and a deficit that keeps rising, he considers our economy to be a "setting sun" economy- our best days are behind us. But there's still hope, it's not too late to turn it around.
The book starts off with details on how, in the past, the banks leveraged capital and how their methods of investment were contingent on a constant upward spiral of success. He goes on to talk about how the fed propped Wall Street up with hopes of creating wealth through the stock market and that he believes they have overstepped their bounds. He criticizes Greenspan for his fiscal policies and compares that bubble to the one we are in today. Most of the book talks about the past and how we can relate it to the present and what we can learn from the mistakes made by our predecessors.
The facts and statistics he presents show that the "too big to fail" ideology adopted by the government was incorrect and in fact, many of the companies that received bailouts had sufficient assets to fend for themselves. Using AIG as an example, he outlines the overall sector's strengths and weakness during the crash of 2008. He asserts that during times of financial crisis, such as the crash of 2000, companies would inaccurately portray sales in order to make their company appear more valuable.
Highly critical of the Fed, many of his opinions are based around failures of the federal government to correctly manage the economy. Most of the time, he believes that their attempts to bolster the economy stem from pressure from business, rich people, or other government entities.
Disclosure: I've been a fan of David Stockman ever since he got in trouble for speaking the truth as Director of the Office of Management and Budget under President Ronald Reagan in 1981. As part of the Reagan Revolution, he'd had the audacity to disparage certain aspects of its supply-side policies! Last May, I posted an interview of him on my website where it was read 25,000 times. So I was thrilled when he told me that he has been reading my site. And then one day, I received an advance copy of his latest book, "The Great Deformation: The Corruption of Capitalism in America."
What an awesome romp through the economic, financial, and monetary shenanigans that culminated in the financial crisis of 2008, and its aftermath! It hones in on the Fed, Wall Street, corporate America, and the bog of "crony capitalism" and "central planning." He is consistently bipartisan: when he bashes Mitt Romney in one chapter, he'll bash President Obama in the next--because financial and economic principles matter, not party affiliation. An attitude that got him in trouble with the White House back in the day. And he does it in a pungent voice, kicking shins left and right, and knocking out a few teeth too, while vacillating in the gray area between rage and humor.
In Part I, "The Blackberry Panic of 2008," Chapter 1, "Paulson's Folly: The Needless Rescue of AIG and Wall Street"--the titles are part of the pleasure of the book--sets the tone with its bloodcurdling analysis of AIG's bailout and who benefited from it.
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