Historical Archives

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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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Crony Fascism Strikes Again

Recently by David Stockman: Why Deficits Do Matter       Someone has to stop the Fed before it crushes what remains of America’s main street economy. Last Friday morning alone it launched two more financial sector pumping operations which will harm the real economy, even as these actions juice Wall Street’s speculative humors. First, joining the central banking cartels’ market rigging operation in support of the yen, the Fed helped bail out carry traders from a savage short-covering squeeze. Then, green lighting the big banks for another go-round of the dividend and share-buyback scam, it handsomely rewarded options traders … Continue reading

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A Violent Dollar Sell-Off

Recently by David Stockman: Warren Buffett’s Humbug       The Henry Hazlitt Memorial Lecture at the 2011 Austrian Scholars Conference. The Triumph of Crony Capitalism occurred on October 3rd 2008. The event was the enactment of TARP — the single greatest economic policy abomination since the 1930s or perhaps ever. Like most other quantum leaps in statist intervention, the Wall Street bailout was justified as a last resort exercise in breaking the rules to save the system. In the immortal words of George W. Bush, our most economically befuddled President since FDR, "I've abandoned free market principles in order … Continue reading

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Warren Buffett Is Glad To Have Your Money

Recently by David Stockman: Our Failed National Economy       If Warren Buffett wants to tarnish his golden years emitting the gushing drivel that appears in today’s New York Times, he has undoubtedly earned the privilege. But even ex cathedra pronouncements by the Oracle of Omaha are not exempt from the test of factual accuracy. Specifically, his claim that “many of our largest industrial companies, dependent upon commercial paper financing that had disappeared, were weeks away from exhausting their cash resources” is unadulterated urban legend. Nothing remotely close to this ever happened. The fact is, there was about $2 … Continue reading

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Our Failed National Economy

      Tuesday night’s election result was a victory for deep partisan stalemate, polarization, dysfunction, and acrimony throughout the halls of government. The market badly wanted a Republican victory, and sometimes you get what you wish for. Unfortunately, Mr. Market’s innocent dreams of a more “business friendly” government will turn out to be a nightmare of fiscal profligacy on a scale that’s virtually unprecedented in modern history. It’s now guaranteed that the hapless soul who succeeds to the White House in January 2013 will preside over a nation with $15 trillion of reported public debt, that is, debt at … Continue reading

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Trashing Obama’s Economic Team

      Reagan White House budget guru David Stockman talks to Lloyd Grove about the dangers of ignoring the deficit, why Bernanke, Geithner and Summers must be fired ASAP – and his support for Ron Paul. Federal Reserve Chairman Ben Bernanke “is a math teacher, he’s not a central banker,” former White House Budget Director David Stockman scoffs. “He is so caught up in his equations that I think he’s extremely dangerous – the worst Fed chairman we’ve ever had.” In the flat, dry accents of the Michigan farm boy he once was, Stockman tells me: “How can he … Continue reading

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How Politics Caused Fiscal Disaster

      This article was written by David Stockman, who was elected to U.S. House of Representatives for the 95th Congress and was reelected in two subsequent elections, serving from January 1977 until his resignation January 1981. He then became Director of the Office of Management and Budget under President Ronald Reagan, serving from 1981 until August 1985. He was the youngest cabinet member in the 20th century. After leaving government, Stockman joined Wall St. investment bank Salomon Bros. and later became a founding partner at New York-based private equity firm, The Blackstone Group. He left Blackstone in 1999 … Continue reading

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