article
code 85258083180 SWG, southwood norsemytho group reviews - David Stockman, the
author of "The Great Deformation: The Corruption of Capitalism in
America" (PublicAffairs Books, 768 pages, $35.00) was the
architect of the Reagan Revolution meant to restore sound money principles to
the U.S. government. It failed, derailed by politics, special interests,
welfare, and warfare.
In
"The Great Deformation" Stockman describes how the working of free
markets and democracy has long been under threat in America, and provides a
nonpartisan, surprising catalog of the corrupters and defenders. His analysis
overturns the assumptions of Keynesians and monetarists alike, showing how both
"liberal" and "neo-conservative" interference in markets
has proved damaging and often dangerous.
Over
time, crony capitalism has made fools of us all, transforming Republican
treasury secretaries into big government interventionists, and populist
Democrat presidents into industry wrecking internationalists. Today's national
debt stands at nearly $16 trillion. Divided equally among taxpayers, each of us
is $52,000 in debt. This book explains how we got here—and why this warped
crony capitalism has betrayed so many of our hopes and dreams.
My
position on reviewing is to read the book completely, with no exceptions. I'm
making an exception: I've read 90 pages of this tome and skimmed much of the
rest, but this review is based on the pages I've read. I'll review the book in
segments, but I wanted to get out a review of a vitally important book that was
published April 2 before the reading public ASAP.
Stockman starts in the late summer and
early fall of 2008, when Treasury Secretary Henry Paulson panicked, convincing
President George W. Bush, Congress and just about everybody that AIG was too
big to fail. In Stockman's view, nobody is too big to fail, as he details in
Chapter 1, "Paulson's Folly: The Needless Rescue of AIG and Wall
Street." Failure is a good way of clearing out companies that don't
deserve to live -- or to convince survivors that they have to downsize. It's
that way for the 95 percent and it should be that way for the 5 percent.
article
code 85258083180 SWG, southwood norsemytho group reviews
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