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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Thanks for telling us about the problem. This book should be embraced by anyone who doesn’t like interventionism or was upset by the transpirations of the crash and everything that has happened after it.

The author offers 13 specific policy reforms to davdi America out of its mess. Insider view from the world of high finance.

Nixon was listening almost exclusively to Connally, whose ignorance of economic history exceeded even Nixon’s meager grasp. Just because the holding company needed help, the states were not about to allow the assets to be released that were backing up locally issued insurance contracts. Stockman closes the argument strongly and eloquently, it must be said, in the final 2 chapters.

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

Share your thoughts with other customers. After the collapse and bailout, I empathize with those who regard the system as predatory. Farm mortgage debts, however, still had to be serviced.

These forces have left the public sector teetering on the edge of political dysfunction and fiscal collapse and have caused America’s private enterprise foundation to morph into a speculative casino that swindles the masses and enriches the stocknan.


Stockman is too old to appreciate any of this. The targets of Stockman’s ire are almost innumberable: I love history, and I’m familiar with those events. Paper money could be exchanged for gold.

What he found instead was an administration that had been hijacked by budget busters on all sides: Worst of all for me was the author’s continual use of weasel words: This, in turn, begat a bubble in land prices, which benefited from a positive feedback loop with the arrival of the tractor 15, in to 1 million in and inevitably a collapse when Europe could no longer import.

He suggests a path to returning to a gold-backed dollar; the abolition of deposit insurance and the moral hazard xtockman it causes; the abolition of congressional incumbency through term limits; and a requirement to balance the federal budget.

View the discussion thread. I do think that, for him, it degormation that libertarian and austrian-school economic ideas are nice things to have, but could be eclipsed or jettisoned in the name of a stable and sustainable government budget, if that’s an option.

PublicAffairs; 1 edition 2 April Language: The Great Deformation explains how we got here and why these warped, crony capitalist policies are an epochal threat to free market ceformation and American political democracy. This road not taken represents one of the biggest deformations. At the same time, however, the actions of Paulson and his cronies were inept, paranoid, panic-stricken and unnecessary.

Quarterly Journal of Austrian Economics

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. May 15, Marks54 rated it did not like it.


Capitalism is unsustainable long term in the U. As someone close to the distortions caused by the Fed’s gravitational pullI found every bit of information to be credible.

Admittedly, footnotes or end notes would have made this big book a lot bigger. It’s rambling and endle A proponent of the free market, he became disillusioned with the behavior of the Reagan administration in contrast to the pledges that were made before the Gipper came into office.

Grain prices during WWI had been in a bubble that makes anything we’ve thr since look tame. Jeff Immelt was saved, not General Electric, when the Fed stepped in and guaranteed all Money Market funds and all commercial paper. It has my highest recommendation. But that’s not all. deformayion

The Great Deformation: The Corruption of Capitalism in America

Money Market funds are still stuffed full of their paper. Nul points, monsieur Stockman. This book is Stockman’s lament, his detailed account of every aspect of the descent into financial madness, as surely a recipe for disaster as anything, in its own way, the long gone USSR did. I read and thoroughly enjoyed “Lords of Finance” as well as Bernanke’s papers and no mention is made of the collapse of European demand for American-manufactured products.

But wait – suppose the interest deformmation goes up to just one quarter of one percent. Stockman has a very appealing satirical writing style that sits well with me.