Ebook: The Great Deformation: The Corruption of Capitalism in America

Part I: The Blackberry Panic of 2008. Paulson's folly: The needless rescue of AIG and Wall Street -- False legends of dark ATMS and failing banks -- Days of crony capitalist plunder -- The Reagan Era revisited: False narratives of our times. The Reagan Revolution: Repudiations and deformations.;In this 80-year revisionist history of the American state, former Reagan budget director and bestselling author David Stockman shows where capitalism went wrong, how it was corrupted, and how it might be restored. He argues that Washington -- and especially the Federal Reserve -- have fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus, monetary central planning, and financial bailouts. These policies have converged to bloat the welfare state, perpetuate the military-industrial complex, deplete the revenue base, fuel new financial bubbles, favor Wall Street with cheap money, rig stock and bond markets, crush Main Street savers, and punish family budgets with soaring food and energy costs.