The Great Deformation: The Corruption of Capitalism in America

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A New York Times bestseller The Great Deformation is a searing have a look at Washington s craven response to the latest myriad of financial crises and fiscal cliffs It counters conventional wisdom with an eighty year 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 stimulus monetary central planning and financial bailouts These forces have left the general public sector teetering at the edge of political dysfunction and fiscalcollapse and have caused The united states s private enterprise foundation to morph into a speculative casino that swindles the hundreds and enriches the few Defying right and left wing boxes David Stockman provides a catalogue of corrupters and defenders of sound money fiscal rectitude and free markets The previous includes Franklin Roosevelt who fathered crony capitalism Richard Nixon who destroyed national financial discipline and the Bretton Woods gold backed dollar Fed chairmen Greenspan and Bernanke who fostered our present scourge of bubble finance and addiction to debt and speculation George W Bush who repudiated fiscal rectitude and ballooned the warfare state by the use of senseless wars and Barack Obama who revived failed Keynesian borrow and spend policies that have driven the national debt to perilous heights By contrast the book also traces a parade of statesmen who championed balanced budgets and financial market discipline including Carter Glass Harry Truman Dwight Eisenhower Bill Simon Paul Volcker Bill Clinton and Sheila Bair Stockman s analysis skewers Keynesian spenders and GOP tax cutters alike showing how they converged to bloat the welfare state perpetuate the army industrial complex and deplete the revenue base whilst the Fed s massive money printing allowed politicians to enjoy deficits without tears But these policies have also fueled new financial bubbles and favored Wall Street with cheap money and rigged s

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