The Great Deformation By David Stockman Online. Book Details: Language: English Published Original Language Unknown, Isbn: , Publisher. DAVID A. STOCKMAN 18 The Great Deformation of Capital Markets: How Wall Street. Got Huge .. the roots of the Great Deformation, difficult in the extreme. David Stockman not only cites Mises and Hazlitt, among other The main theme of The Great Deformation is stated clearly on the first page of.
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This book is a very long but vigorous deconstruction of “what went wrong” with the economy, starting way back with FDR and continuing on until today–and Stockman finds plenty of blame to pass around, from FDR and Nixon killing sound money by taking us off t Whew.
It’s vicious and it’s sickening, but I know. I agree with many of his observations although I don’t accept all his conclusions or recipes for the cure of the fiscal and political illnesses of this country. Regardless, this book is nothing short of a tour de force.
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The beneficiaries of these policies are not Main Street America; they are, rather, the rapacious “one percent” of Wall Street and the other crony capitalists who have a privileged relationship with lawmakers and above all with the Fed. In my book, such a Stockman Plan would have to receive the tag: He takes the reader through all stcokman the United States’ bubbles since before the Great Depression and explains the causes of each one.
But it’s become somehow worse in my estimation. Oh, and Carter and Reagan: Both parties, many industries, all eating away at our economy from above and from within. So glad I did.
The Great Deformation: The Corruption of Capitalism in America by David A. Stockman
Eisenhower was the last president who systematically balanced the budget and the last president who actively chopped the defence budget.
At the core of the problem is debt. He obviously knows a lot, but he either doesn’t know how to explain things to people who know less than he does, or he just wants to vent and doesn’t particularly care whether anyone can follow him or not.
On the plus-side, this ‘gold standard’ literally davvid conservative is actually quite even-handed in his condemnation of past White House administrations. A bit tedious read though with some avoidable repetitions.
In a truly free-market economy, that crash would have been a mere blip; but in the event, the federal government under Franklin Roosevelt effectively created the Great Depression by devaluing the dollar, canceling its redeemability for gold by American citizens, and launching the behemoth of statist enterprises known as the New Deal. Jeff Immelt was saved, not General Electric, when the Fed stepped in and guaranteed all Money Market funds and all commercial paper.
Sep 09, John Boettcher rated it it was amazing. Page 1 of 1 Start over Page 1 of 1.
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. Bernanke also had a predecessor in buying Treasuries. The Great Deformation explains how we got here and why these warped, crony capitalist policies are an epochal threat to free market prosperity and American political democracy.
He then wrote a book, The Triumph of Politics”, about the experience relating how all the fine words went out the window while government grew, ggeat were given to all the big lobbies and in the end things were worse at the end of the ‘s than before.
This wasn’t the direct message of the book, but if you want to do something that will help bring our national government back under some discipline, if there is any hope at all for reasserting control, there’s one thing you can do and must do: This book is quite a brick and definitely lags at a few points but his overall point of promoting sound money and removing the crony capitalism epidemic sound true.
If the reviews provoke your interest, go ahead and read it, defirmation when you have read enough, lend it to a friend. Like his leftist counterparts, Stockman rails about the growing concentration of wealth in America which, in contrast, he blames not on “capitalism” but on the cozy relationship that’s developed between Wall Street and the government’s monopoly bank, i.
In the Federal Government gave the Federal Reserve the cartel power to manage the financial system, giving it special privileges and protections that have become a total moral hazard for those of us living today. If more paper money was issued, inflation would cause rising interest rates that would, in turn, act as a brake on lending.
They are not the safe and ethical savings vehicles you’ve been taught they were. For some years now I’ve been trying to piece together what’s happened to American and world finance, why we’re in this ongoing fiscal and monetary “crisis. Despite Drformation Volcker’s final attempt to restore a semblance of sound monetary policy, Alan Greenspan abandoned his Objectivist roots and embraced the power of the Federal Reserve to propel stock prices and speculation.
It counters conventional wisdom with an grfat revisionist history of how the American state—especially the Federal Reserve—has fallen prey to the politics of crony capitalism and the ideologies of fiscal stimul A New York Times bestseller The Great Deformation is a searing look at Washington’s craven response to the recent myriad of financial crises and fiscal cliffs. In this he has made a seminal contribution.
Why had I not read this anywhere else?