by Frederick J. Sheehan
The reviews I have read of David Stockman’s book, The Great Deformation: The Rise of Crony Capitalism in America, have dealt in trivia, clichés, and ignorance. This interview on Sunday, May 19, 2013, with Jim Campbell, provides depth to some of the most important topics.
Please follow the link to the interview by Jim Campbell, Business Talk with Jim Campbell, Yale Radio, WYBC-FM, 94.3 FM.
Frederick J. Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, 2009) and “The Coming Collapse of the Municipal Bond Market” (Aucontrarian.com, 2009)
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Not many give a S . . .; but this old Geez does. Everyone in America needs to read Stockman’s Book. – – I have. He lays blame for the Nation’s Financial Problems squarely at the feet of three Republican Presidents; and, their Cronies who have profited immensely during the past 35 years. 1. Nixon took the Country off the Gold Standard; a stable standard that had stood for 20 years. With such action, the Printing Presses were plugged in. The Action also permitted Bankers – – later, others to overleverage just about anything. It also contributed to the Petro Dollar Crisis and the Oil Embargo of the early to mid, 70’s; and, was the initial shot fired in the Currency Wars World wide. 2. Reagan – – for all his bluster about big spending and big Government; increased the National Debt by 250%; doubled the Military Budget, Loosened the Regulations on the Nation’s Financial Sector – – thus, releasing the Predator Capitalists on Wall Street. Most of what the Republicans are trying to sell us about, “Ronnie,” is Urban Legend. 3. The Bush Family started three Wars and didn’t pay for a single one. “W,” was the worst; giving the Rich the largest Tax Cut in History. $635 Billion of Sub-prime Loan Fraud under his watch. And, finally, TARP. The largest Anti-Democratic – – Anti-Capitalistic Decision ever made un Washington: $750 Billion Dollars in Social Welfare made available to the Richest among us. Bush 11, also more than doubled the National Debt.
The Shroud of Secrecy is finally coming to the forefront with works like Stockman, Stiglitz, and others. The GOP, aided by their Deep Money Cartels have manipulated and defrauded Middle America AND, the U.S. Government out of Trillions of Dollars. The Great Wealth Disparity, and the $10 an hour Job Market pretty much documents all.
GOP Free Market Capitalism is a Crock! ALL Markets have been Controlled and Manipulated by the Rich, for over 30 Years. The Republicans have been a blight on the Ideals and Goals of the Nation’s Founders; and, the Father of Capitalism – – Adam Smith. Clearly, the terms: Crony and Predator Capitalists, are not strong enough to depict what these Robber Barons have done to the Country. Everything we learned about how Democracy and Capitalism is suppose to work and empower ordinary people, is now the furthest thing from the TRUTH! The Truth is we are witnessing the Rise of a Ruling Oligarchy comprised of the Super Rich and Powerful. But payback could be coming. Go see the soon-to-be-released Movie: “The East;” a Sundance Winner.