Historical Archives

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A Cruel Game

Excerpt From David Stockman’s The Great Deformation: The Corruption of Capitalism in America Even the tepid post-2008 recovery has not been what it was cracked up to be, especially with respect to the Wall Street presumption that the American consumer would once again function as the engine of GDP growth. It goes without saying, in fact, that the precarious plight of the Main Street consumer has been obfuscated by the manner in which the state’s unprecedented fiscal and monetary medications have distorted the incoming data and economic narrative. These distortions implicate all rungs of the economic ladder, but are especially egregious … Continue reading

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Great Lies of Our Times: No, the Fed Didn't Prevent Depression 2.0

by Adam Taggart Peak Prosperity Recently by David Stockman: The Forgotten Cause of Sound Money       Then, when the Fed’s fire hoses started spraying an elephant soup of liquidity injections in every direction and its balance sheet grew by $1.3 trillion in just thirteen weeks compared to $850 billion during its first ninety-four years, I became convinced that the Fed was flying by the seat of its pants, making it up as it went along. It was evident that its aim was to stop the hissy fit on Wall Street and that the thread of a Great Depression … Continue reading

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The Forgotten Cause of Sound Money

by David Stockman Recently by David Stockman: Mitt Romney: TheGreatDeformer       The Henry Hazlitt Memorial Lecture, Austrian Scholars Conference, March 10-12, 2011. Listen to the podcast. ROCKWELL: Well, it’s great to have as our Henry Hazlitt Memorial lecturer this year, Mr. David Stockman. David is a graduate of Michigan State University. He did graduate work at Harvard University. He was elected to Congress three times from the state of Michigan. And back when I first went to work for Ron Paul in the reign of Jimmy I — (Laughter) — outside of admiring our own boss, the Ron … Continue reading

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Mitt Romney: The Great Deformer

Recently by David Stockman: Are We Doomed?       Is Romney really a job creator? Ronald Reagan’s budget director, David Stockman, takes a scalpel to the claims. Bain Capital is a product of the Great Deformation. It has garnered fabulous winnings through leveraged speculation in financial markets that have been perverted and deformed by decades of money printing and Wall Street coddling by the Fed. So Bain’s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise. Nevertheless, Mitt Romney claims that his essential qualification to … Continue reading

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The Disastrous 40-Year Debt Supercycle

Recently: The Emperor Is Naked: DavidStockman The next Casey Research Summit, cohosted by Sprott, Inc. and titled Navigating the Politicized Economy, will feature another former White House official who is speaking out against irresponsible government spending: David Walker, the United States Comptroller General from 1998 to 2008. Joining him will be a blue-ribbon panel of other financial experts, including top market strategist Donald Coxe, legendary bond investor Lacy Hunt, and investing legends Doug Casey, Rick Rule, and Eric Sprott… and that’s just for openers. Together, they’ll help you understand where our politicized economy is today, where it’s going, and how … Continue reading

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David Stockman’s Investing Model Is ABCD

The Gold Report Recently: David Stockman on Crony Socialism       A "paralyzed" Federal Reserve Bank, in its "final days," held hostage by Wall Street "robots" trading in markets that are "artificially medicated" are just a few of the bleak observations shared by David Stockman, former Republican U.S. Congressman and director of the Office of Management and Budget. He is also a founding partner of Heartland Industrial Partners and the author of The Triumph of Politics: Why Reagan’s Revolution Failed and the soon-to-be released The Great Deformation: How Crony Capitalism Corrupts Free Markets and Democracy. The Gold Report caught … Continue reading

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Crony Socialism

Recently: David Stockman on Mitt, Newt and CronyCapitalism Author and former OMB director David Stockman sits down with the Daily Ticker to explain Obama’s latest election year scheme to give re-fi’s to select underwater mortgage holders. It’s nothing but another bailout for JP Morgan, Wells Fargo, and other big underwriters of 2nd mortgages and home equity loans, since ultimately these ‘homeowners’ are going to default. This is where 40 years of government meddling in the housing market has gotten us. This scam is all about wealth redistribution and is the worst kind of crony socialism, says Stockman. (6:31) Former Congressman … Continue reading

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Mitt, Newt, and Crony Corporatism

Recently: David Stockman on Crony Capitalism Former Ronald Reagan OMB director David Stockman joined us on The Dylan Ratigan Show today to explain explicitly why both Mitt Romney and Newt Gingrich are incredible offenders and beneficiaries of corporate communism or, as he likes to call it, “crony capitalism.” He specifically laid out the atrocious track record that is displayed by Mitt Romney and Bain Capital’s ability to make hundreds of millions of dollars on leveraged buyouts (just to name one illustrative example: buying and selling the Yellow Pages from the Italian government.) The most important thing about the Stockman indictment … Continue reading

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Our Corporatist Masters

Recently by David Stockman: The Case for the Gold Standard BILL MOYERS: Welcome. This week we’re continuing our exploration of Winner-Take-All Politics: How Washington Made the Rich Richer and Turned its Back on the Middle Class. If you missed our first installment, you’ll find it at our website, BillMoyers.com. Now this is only the second broadcast of our new series, yet we’ve already made our choice for the best headline of the month. Here it is: "Citigroup Replaces JPMorgan as White House Chief of Staff." Behind that headline is a tangled web. The new chief of staff is Jack Lew. … Continue reading

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Want To Regulate Government-Wall Street Greed?

Recently by David Stockman: Crony Capitalism Strikes Again       This talk was delivered at the New York Historical Society on May 8, 2011. It took 200 years to build and perfect the classic gold standard system; then it was destroyed in about seven weeks when the Guns of August 1914 thundered across Europe; and now I am allotted seven minutes to resurrect it. Fortunately, Churchill's defense of democracy also applies to the daunting task at hand: To wit, the classic gold standard is the worst possible monetary system — except for all of the alternative inflation-generating, savings-destroying, debt-breeding, … Continue reading

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