The Great Deformation By David Stockman Online. Book Details: Language: English Published Original Language Unknown, Isbn: , Publisher. DAVID A. STOCKMAN 18 The Great Deformation of Capital Markets: How Wall Street. Got Huge .. the roots of the Great Deformation, difficult in the extreme. David Stockman not only cites Mises and Hazlitt, among other The main theme of The Great Deformation is stated clearly on the first page of.

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Stockman made me angry tbe nearly everyone, but mostly at the US Government for creating the Federal Reserve in the first place. It’s a bit dry.

Moreover, he did not have it in him to cut defence spending and actually left the US with twice the defence budget as Eisenhower in inflation-adjusted dollars, and the military spent that money on conventional military power, planting the seeds of the two gulf wars. Farm mortgage debts, however, still had to be serviced. We’re talking some serious lead times there, no? His hero was Eisenhower, the only president that curbed military spending, and warned about the military industrial complex taking over the US economy.

As discussed, Stockman himself used to work for Blackstone and they looked very seriously into asset stripping a large insurer and the legal advice they got was that it could not be done. May 15, Marks54 rated it did not like it. But this book is unique in that it proffers the middle finger both to Keynesianism and monetarism, to left-wing stocmkan right-wing economists alike. Gold began flooding out of the U. I’m going to go out on a limb and say that this is one of the most important political and economic books ever written.

And the French banking system too, how did favid escape Stockman?

Now I’ve read it. He goes on to talk about how the fed propped Wall Street up with hopes of creating wealth through the stock market and that he believes they have overstepped their bounds.

The dark heart of this evil system, according to the author, is the Federal Reserve, especially as it has been run by Alan Greenspan and Ben Bernanke. It’s vicious and it’s sickening, but I stoc,man. Stockman was elected as a Michigan congressman in and joined the Reagan White House in View the discussion thread. He delves into the history of Leo Melamed, the Chicago Mercantile Exchange, and the rise of currency and T-Bill futures; innovations that carried an aura of free market ingenuity, but ushered in a new era of speculative finance which added nothing to the real task of capital formation or job creation.

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I wish that someone with better economics knowledge than I would see how Stockman’s critique of post-Bretton Woods monetary policy and the boon it has been to capital contributes or relates to Thomas Piketty’s work in Capital.

I’m not sure all numbers check out. Admittedly, footnotes or end notes would have made this big book a lot bigger.

Do you suppose someone is going to convince Krugman to read this? He asserts that during times of financial crisis, such as the crash ofcompanies would inaccurately portray sales in order to make their company appear more valuable. From this deeply flawed thesis, the FOMC committee transformed into an unelected politburo of central economic planning which heavily favored the financial class over the real economy.

But he does much more than this. Starting with his misdiagnosis of the Great Depression, the flawed theory of a controlled expansion of the money supply took root amongst the political class. With Stockman’s book I feel I have yreat that question.

Quarterly Journal of Austrian Economics

By there just wasn’t enough gold to go around to sensibly provide a backbone for the financial system of the world davis, while still trading at a price retaining some type of relation to its commercial value. It’s deforjation if Stockman assumes that we understand all of the esoteric concepts he throws around, so he doesn’t have to bother to explain them — but if we really understood them, we wouldn’t have to read his book in the first place.

Why should the US be the exception?

We don’t get to do a replay and “what if history” can easily slide into lazy and bad history. But, although he was a high-ranking member of Ronald Reagan’s team, he favors neither Republicans and Democrats; he feels that both parties have lost their soul in the orgy of deficit budgets and money-printing, and thinks that salvation can be found only in a constitutionally changed nonpartisan future.

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The desire to spend without limit meant this greag had to end.

Creating make work projects just to spend money without any thought as to what that huge influx of additional money was going to have on the prices of everything. Were this book to receive a good edit pass to cut out unsubstantiated elements and remove his ridiculous grandstanding wording, so it was pared down to a couple hundred pages of solid evidence for his arguments, it would be a really worthy counterpoint to much of the economic muck being written out there.

Futures trading, which should have been used only to hedge the risks of agricultural producers, strayed into financial futures, allowed the financial sector to multiply exponentially in size, enabled the Salomon Brothers “bond arb” and led to the LTCM disaster and bailout of Why had I not read this anywhere else?

The most eye opening of Stockman’s Nixon era claims are twofold: Stockman describes these four bubbles from page to May 13, Rich rated it it was amazing.

The Great Deformation: The Corruption of Capitalism in America

One person found this helpful. Third, the overarching argument has major inconsistencies.

It’s worth noting that Stockman is clearly rigorous and rational in his approach sstockman thinking even if his conclusions failbut most of humanity is not. I don’t know enough, but I’m startled that this view is not discussed more widely.

The Great Deformation: The Corruption of Capitalism in America by David A. Stockman

So they became the party of tax cuts, and Keynesians for the prosperous class. When I noted that Stockman had written a book on the history of the current economic crisis, and when I noted defomration that his credentials included service A massive, undocumented polemic that nonetheless yhe it like it is. Hardcoverpages. Exclusive hedge funds and private equity firms are the vehicles through which the rich are able to compound their wealth.

Suits my sour political mood these days. Oh, and Carter and Reagan: