Capitalism in America: About turn

Posted: May 31, 2013 in economy
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UK Only Article: 
standard article

Issue: 

The strange rebirth of liberal England

Fly Title: 

Capitalism in America

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Ronald Reagan's former budget director on the ills of American capitalism

The Great Deformation: The Corruption of Capitalism in America. By David Stockman. PublicAffairs; 742 pages; $35 and £19.99. Buy from Amazon.com, Amazon.co.uk
DAVID STOCKMAN first gained notoriety as the White House budget director who documented Ronald Reagan’s fiscal irresponsibility with merciless candour. His second turn in the spotlight came two decades later in 2007 when a leveraged buy-out ended in bankruptcy and an indictment for accounting fraud. The charges were dropped, but Mr Stockman underwent a Damascene conversion over the ills of America’s economy.

Mr Stockman blames the corruption of American capitalism on many villains, including Reagan and Wall Street. But none is as culpable as the Federal Reserve and its “ceaseless”, “panicked” and “berserk” money-printing. He is not just talking about the housing bubble of the mid- 2000s. To Mr Stockman, the …

via Economic Crisis http://www.economist.com/news/books-and-arts/21578628-ronald-reagans-former-budget-director-ills-american-capitalism-about-turn?fsrc=rss

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