Streams

David Stockman on the Corruption of Capitalism

Monday, April 08, 2013

David Stockman looks at Washington’s response to the recent myriad of financial crises. He argues that the American state—especially the Federal Reserve—has fallen prey to the politics of crony capitalism. In The Great Deformation: The Corruption of Capitalism in America Stockman looks at some of what he calls corruptors and defenders of sound money, fiscal rectitude, and free markets, including Franklin Roosevelt, Richard Nixon, Fed chairmen Greenspan and Bernanke, George W. Bush, and Barack Obama.

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Comments [7]

Jim

Leonard was in denial of logic throughout the entire interview. So sad to hear him defend the Federal Reserve and crony capitalism (in the guise of liberal bail outs).

Apr. 08 2013 09:27 PM
Eric

I don't agree with all of his economic policy views, but it must be acknowledged that Mr. Stockman behaved honorably when he spoke out against deficit spending in 1985 and subsequently resigned from the Reagan administration, even when the economy was in pretty good shape. Contrast this with former GOP economic guru Bruce Bartlett, who for 30 years insisted that tax cuts would pay for themselves until changed his mind a few years ago when that view was much less fashionable.

Apr. 08 2013 04:12 PM

Dare I say, this guy makes a whole lot of sense... despite his Reagan credentials!!

Apr. 08 2013 01:55 PM
Ted from Brooklyn

Why cant we print money and make inflation illegal? If a product is actually scarce it should be intelligently controlled.

Apr. 08 2013 01:47 PM
joe

I don't know what to say about Mr. Stockman's blaming of FDR and Obama for the current state of capitalism.

Of greater interest should be Mr. Stockman's assertion a few years ago in a NY TImes piece that TARP was not only unnecessary but represented a "myopia" at the Eccels Building (Fed Reserve Board Building) as Paulson, Bernanke et al were in Mr. Stockman's opinion, more concerned about the stock prices of the banks as opposed to the general state of the economy.
Please ask him about this.

Apr. 08 2013 01:39 PM

For those who consider Capitalism to be a Tool of Democracy, the reign of President Bush was nothing so much as a single frozen scream.

The US Treasury opened so completely to the "Military Contractors" "Energy Lobbyists" "Big Banks" and "Big Pharma" that almost every horse farm within an hour's commute to the White House had been converted into crops of McMansions in Bush's first two years in office.

Did Bush surprise you and how?

Who did you vote for in the previous 4 presidential elections and why?

And do you have any previously unrevealed insights into our current -- or former -- president?

Apr. 08 2013 01:20 PM
Alan from Manhattan

Leonard, please make Stockman address Paul Krugman's critique as published in his NY Times column of April 4th, and don't let him off the hook.

Apr. 08 2013 12:11 PM

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