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The Great Deformation: The Corruption of Capitalism in America

Book Description

David Stockman 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.

Table of Contents

  1. Cover
  2. Title Page
    1. THE CORRUPTION OFCAPITALISM IN AMERICA
  3. Copyright
  4. Contents
  5. Dedication
  6. Introduction
  7. PART I: THE BLACKBERRY PANIC OF 2008
    1. 1. Paulson’s Folly: The Needless Rescue of AIG and Wall Street
    2. 2. False Legends of Dark ATMs and Failing Banks
    3. 3. Days of Crony Capitalist Plunder
  8. PART II. THE REAGAN ERA REVISITED: FALSE NARRATIVES OF OUR TIMES
    1. 4. The Reagan Revolution: Repudiations and Deformations
    2. 5. Triumph of the Warfare State: How the Budget Battle Was Lost
    3. 6. Triumph of the Welfare State: How the GOP Anti-Tax Religion Was Born
    4. 7. Why the Chickens Didn’t Come Home to Roost: The Nixon Abomination of August 1971
  9. PART III. NEW DEAL LEGENDS AND THE TWILIGHT OF SOUND MONEY
    1. 8. New Deal Myths of Recovery
    2. 9. The New Deal’s True Legacy: Crony Capitalism and Fiscal Demise
    3. 10. War Finance and the Twilight of Sound Money
    4. 11. Eisenhower’s Defense Minimum and the Last Age of Fiscal Rectitude
    5. 12. The American Empire and the End of Sound Money
    6. 13. Milton Friedman’s Folly: Rise of the T-Bill Standard
  10. PART IV. THE AGE OF BUBBLE FINANCE
    1. 14. Pork Bellies, Floating Money, and the Rise of Speculative Finance
    2. 15. Greenspan 2.0
    3. 16. Bull Market Culture and the Delusion of Quick Riches
    4. 17. Serial Bubbles
    5. 18. The Great Deformation of Capital Markets: How Wall Street Got Huge
    6. 19. From Washington to Wall Street: Roots of the Great Housing Deformation
    7. 20. How the Fed Brought the Gambling Mania to America’s Neighborhoods
    8. 21. The Great Financial Engineering Binge
    9. 22. The Great Raid on Corporate Cash
    10. 23. The Rant That Shook the Eccles Building: How the Fed Got Cramer’d
    11. 24. When Giant LBOs Strip-Mined the Land
    12. 25. Deals Gone Wild: Rise of the Debt Zombies
    13. 26. Bonfires of Debt and the Road Not Taken
  11. PART V. SUNDOWN IN AMERICA: THE END OF FREE MARKETS AND DEMOCRACY
    1. 27. Willard M. Romney and the Truman Show of Bubble Finance
    2. 28. Bonfires of Folly: Bernanke’s False Depression Call and the $800 Billion Obama Stimulus
    3. 29. Obama’s Green Energy Capers: Crony Capitalist Larceny
    4. 30. The End of Free Markets: The Rampages of Crony Capitalism in the Auto Belt
    5. 31. No Recovery on Main Street
    6. 32. The Bernanke Bubble: Last Gift to the 1 Percent
    7. 33. Sundown in America: The State-Wreck Ahead
    8. 34. Another Road That Could Be Taken
  12. Note on Sources
  13. Index
  14. About the Author