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The Great Deformation

The Corruption of Capitalism in America

Average Rating: 4 stars out of 5.
The Great Deformation
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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.
Publisher: New York :, PublicAffairs,, 2013
ISBN: 9781586489120
1586489127
Branch Call Number: 330.973 S
Characteristics: xviii, 743 pages ; 25 cm.

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Dec 20, 2014
  • AQUILEA777 rated this: 5 stars out of 5.

A piercing, detailed analysis based on inside knowledge.
See my comment with the Audiobook entry for this title.
(Note that Stockman ATTACKS the evils that some reviewers assume he supports. They must not have read much of the book. They blame him for Reaganomics which he thoroughly repudiates.)

Oct 31, 2013
  • StarGladiator rated this: 0.5 stars out of 5.

Like John Perkins ("Confessions of an Economic Hitman"), Stockman first makes a fortune in the criminal pursuit of destructive debt and asset stripping at (Rockefeller & Peterson's) Blackstone Group, then does a "tell all"? No thank you! Most, if not all, of the premises in this book are false premises (note I won't even bother elaborating on all the unethical activities of Stockman, both in the Reagan administration and later as a private equity type): he cites "crony capitalism" when the entire idea of the government allowing the private banks (the Fed and its owners) to control the money creation function is completely ludicrous! That hedge funds and private equity/leveraged buyout firms should even exist points to the false premise of capitalism today, requiring the existince of "economics" to justify why some people are born with all the land and wealth, and too many others are born with nothing; why a Sarnoff can steal the technological achievements from a Philo Farnsworth (TV), Edwin Armstrong (radio FM), and Morgan the patents of Nikola Tesla, and so on. Speculators/traders create nothing, simply destroy the earnings, jobs and companies others of built over a lifetime. Free enterprise has nothing to do with Stockman's "capitalism"! [For a thorough understanding of real capitalism in America, read the legislation of 1913 which established the Federal Reserve System, the 16th Amendment, the oil depletion allowance and the financial restructuring of foundations. Then research TNEC (Temporary National Economic Committee) and last pushback of the FDR (Roosevelt) Administration: "US Government v. Morgan et al." (the lawsuit against the 17 Wall Street banks alleging a criminal conspiracy going back to 1914, and their extreme concentration of corporate ownership).]

Oct 04, 2013
  • font41 rated this: 5 stars out of 5.

This is an insightful expose of the ramificiations of a deformed capitalism. The author is a wonder to behold. Having lived the eras he wrties and followed business events during these periods and been totally obfucatedx out of the picture its like a light has been shone on the travesties of our most untethical and selfish leaders. Beforfe this I was for deficit to create jobs; now, I see what nonsenxse its become when brokers and the rich play at the trough of government largesse and malfeasance. No wnder ther's been no growth, opportunity, -- no wonder inspiration, hard work, and patience don't and won't work. The finance cabels have got to go.
I think I just turned into a Tea Partier.
$6 in stimlus to get $ GDP is nonsense; $3.60 credit to get one dollar of gdp is crazy. Creating deficites just so, the rich, the bankers, the stock brokers and other non-entities get "their$" is stupid. I wish I could shake this authors hand, he's a mountain of insight. Thanks loads, upon lioads, on loads of thanks.

Luckily I began by reading the "Note on Sources" first and decided that this book was not for me. (I did read some passages picked by looking up entries in the Index.) There Stockman says: "It goes without saying that this book is a polemic that does not pretend to marshal the pro and con arguments in an even-handed academic fashion." I am no fan of "Reaganomics" and more generally conservative economic arguments because there is no proof that their theories are sound and applicable to the real world. Maybe the book is useful for those who see the world in similar terms as Stockman. I did not rate the book because I didn't read much of it. I am quite familiar with the non-sense these people often spout.

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The Great Deformation
Stockman, David Alan, 1946-
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