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