Search results for ""author david stockman""

A New York Times bestseller The Great Deformation is a searing look at Washington's craven response to the recent myriad of financial crises and fiscal cliffs. It counters conventional wisdom with an eighty-year revisionist history of how the American state,especially the Federal Reserve,has fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus, monetary central planning, and financial bailouts. 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 few.Defying right- and left-wing boxes, David Stockman provides a catalogueue of corrupters and defenders of sound money, fiscal rectitude, and free markets. The former includes Franklin Roosevelt, who fathered crony capitalism Richard Nixon, who destroyed national financial discipline and the Bretton Woods gold-backed dollar Fed chairmen Greenspan and Bernanke, who fostered our present scourge of bubble finance and addiction to debt and speculation George W. Bush, who repudiated fiscal rectitude and ballooned the warfare state via senseless wars and Barack Obama, who revived failed Keynesian borrow and spend" policies that have driven the national debt to perilous heights. By contrast, the book also traces a parade of statesmen who championed balanced budgets and financial market discipline including Carter Glass, Harry Truman, Dwight Eisenhower, Bill Simon, Paul Volcker, Bill Clinton, and Sheila Bair.Stockman's analysis skewers Keynesian spenders and GOP tax-cutters alike, showing how they converged to bloat the welfare state, perpetuate the military-industrial complex, and deplete the revenue base,even as the Fed's massive money printing allowed politicians to enjoy deficits without tears." But these policies have also fueled new financial bubbles and favoured Wall Street with cheap money and rigged stock and bond markets, while crushing Main Street savers and punishing family budgets with soaring food and energy costs. The Great Deformation explains how we got here and why these warped, crony capitalist policies are an epochal threat to free market prosperity and American political democracy.

Read more less

Donald Trump had all the right enemies while in office—but that was about all he had right. And with the election of 2024 fast approaching, the essence of the moment is this: Lock him out of both the nomination and the Oval Office. David Stockman, the New York Times and Wall Street Journal bestselling author of The Great Deformation, dissects Trump’s economic policies and exposes him as the failed businessman that he is—not a conservative and definitely not a Republican. The border wall, the tariff war with China, and Trump’s disastrous response to COVID-19 were all remarkably misguided failures of policy that hurt American prosperity. Even his claims of job creation fell flat too—Trump’s tenure was the only presidential term in which private payrolls in the US economy actually shrank—well, at least since Herbert Hoover! America cannot endure another four years of Donald Trump. Nor, can it tolerate another election where a woebegone Democrat wins by default owing to the simple fact that they are not Donald Trump. Trump’s War on Capitalism exposes his miserable record as a big spender, easy moneyman, hard-core protectionist, immigrant-basher, militarist, and all-around Big Government statist—all reason enough to lock Trump out of the 2024 election.

Read more less