THE GREAT DEFORMATION : THE CORRUPTION OF CAPITALISM IN AMERICA / DAVID A. STOCKMAN.

Format:

Book

Author/Creator:

Stockman, David Alan, 1946-

Language:

English

Subjects (All):

Political corruption--Economic aspects.

Political corruption.

United States--Economic policy--2009-.

United States.

Economic policy.

Government spending policy--United States.

Government spending policy.

Political corruption--Economic aspects--United States.

Financial crises--United States.

Financial crises.

Finance--United States.

Finance.

Financial institutions--Government policy--United States.

Financial institutions.

Financial institutions--Government policy.

Physical Description:

xviii, 743 pages ; 25 cm

Edition:

FIRST EDITION.

Place of Publication:

New York : PublicAffairs, [2013]

Summary:

In this revisionist history of the American state, former Reagan budget director and bestselling author David Stockman shows where capitalism went wrong, how it was corrupted, and how it might be restored. He argues that Washington -- and especially the Federal Reserve -- have fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus, monetary central planning, and financial bailouts. These policies have converged to bloat the welfare state, perpetuate the military-industrial complex, deplete the revenue base, fuel new financial bubbles, favor Wall Street with cheap money, rig stock and bond markets, crush Main Street savers, and punish family budgets with soaring food and energy costs.

Contents:

The Blackberry Panic of 2008. Paulson's folly : the needless rescue of AIG and Wall Street ; False legends of dark ATMs and failing banks ; Days of crony capitalist plunder

The Reagan era revisited : false narratives of our times. The Reagan revolution : repudiations and deformations ; Triumph of the warfare state : how the budget battle was lost ; Triumph of the welfare state : how the GOP anti-tax religion was born ; Why the chickens didn't come home to roost : the Nixon abomination of August 1971

New Deal legends and the twilight of sound money. New Deal myths of recovery ; The New Deal's true legacy : crony capitalism and fiscal demise ; War finance and the twilight of sound money ; Eisenhower's defense minimum and the last age of fiscal rectitude ; The American empire and the end of sound money ; Milton Friedman's folly : rise of the t-bill standard

The age of bubble finance. Pork bellies, floating money, and the rise of speculative finance ; Greenspan 2.0 ; Bull market culture and the delusion of quick riches ; Serial bubbles ; The great deformation of capital markets : how Wall Street got huge ; From Washington to Wall Street : roots of the great housing deformation ; How the Fed brought the gambling mania to America's neighborhoods ; The great financial engineering binge ; The great raid on corporate cash ; The rant that shook the Eccles Building : how the Fed got Cramer'd ; When giant LBOs strip-mined the land ; Deals gone wild : rise of the debt zombies ; Bonfires of debt and the road not taken

Sundown in America : the end of free markets and democracy. Willard M. Romney and the Truman show of bubble finance ; Bonfires of folly : Bernanke's false depression call and the $800 billion Obama stimulus ; Obama's green energy capers : crony capitalist larceny ; The end of free markets : the rampages of crony capitalism in the auto belt ; No recovery on Main Street ; The Bernanke bubble : last gift to the 1 percent ; Sundown in America : the state-wreck ahead ; Another road that could be taken.

Notes:

Includes bibliographical references and index.

ISBN:

9781586489120

1586489127

9781586489137

1586489135

OCLC:

836260040