The Great Deformation

The Great Deformation

The Corruption Of Capitalism In America

eBook - 2013
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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.
Publisher: New York PublicAffairs 2013
ISBN: 9781586489137
Additional Contributors: OverDrive, Inc

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d
Dsefireth
Mar 28, 2016

This is a rather deep, but excellent read! I now understand the devious ways and mechanics, or shall I say, Malthusian trickery, used to siphon the wealth of nations upward into the casino royal, and offshore banks of the rich 1%, while putting the rest of us into great debt. All the while they are convincing us that we need to pay more of what we do not have to bail them out of their folly. Thus, bringing our nations to such debt that we must accept their remedy of "we the 99%" tightening our belts in "austerity" in order to nibble away at the mounting interest on our thusly overwhelming debt load - while they luxuriate in palaces built from our sweat, sufferance and the whole-sale sell-off of our nations!
They constantly bamboozle us with their complex economics, which is in reality no more than a financial schill!

Also: I do not hold all of this authors views, but this is not necessary to learn. I am thankful for his insights and detailed explanations of the incredible frauds that have and are being perpetrated in the name of "fiscal responsibility" and economic insight. (ie. Friedman is a laughable moron that has cost the public billions$ and made the 1% just that!). Wall Street is merely a trough for speculative greed. Yet, however disappointing the overall picture is, I find it somehow enthralling to discover their ways and means. It is like a journey into economic forensics. Now, if only we could find a way to stop them!

m
mikelkeithsmith
Sep 28, 2015

As the original two critics of this title confessed: they did not read this book. If they had spent three weeks absorbing and digesting the facts and figures sourced from government statistics and minutes from Federal Reserve & various corporate meetings, then followed the logical connections and conclusions drawn from that information, they would have learned not only some thing of economics in America, but that the author is not a demon and does not hold the ideology they ascribe to him. Learning actual facts can generate cognitive dissonance with one's biased perspective.

Warning: this book is filled with facts that can become boringly repetitive because the "economic geniuses" described repetitively fail to "manage" the American economy by making the same mistakes. They refuse to learn from their failures by integrating new information and improving their conceptual model of the real world. Much like the two original critics of this book (which they did not read).

This is not a fun book to read. It very nearly is a textbook of economic facts and reasoning. Be warned.

c
cluei
Apr 04, 2015

Enlightening and Depressing, but glad I read it. What a wad of book and detailed consolidation of thought (whether totally validated or not) on America's "brand" of Capitalism, Keynesian economics / economists, and fiscal failings of our political system rooted back with FDR and on debt spending steroids since LBJ. Stockman credits(criticizes) both parties equally. Side note: this book 742 pages wins prize for most minor editorial errors - I think editors had trouble staying awake to catch the things a word processor spell check misses. Bottom Line, though, Good Book for the right people.

f
font41
Oct 04, 2013

This is an insightful expose of the ramificiations of a deformed capitalism. The author is a wonder to behold. Having lived the eras he wrties and followed business events during these periods and been totally obfucatedx out of the picture its like a light has been shone on the travesties of our most untethical and selfish leaders. Beforfe this I was for deficit to create jobs; now, I see what nonsenxse its become when brokers and the rich play at the trough of government largesse and malfeasance. No wnder ther's been no growth, opportunity, -- no wonder inspiration, hard work, and patience don't and won't work. The finance cabels have got to go.
I think I just turned into a Tea Partier.
$6 in stimlus to get $ GDP is nonsense; $3.60 credit to get one dollar of gdp is crazy. Creating deficites just so, the rich, the bankers, the stock brokers and other non-entities get "their$" is stupid. I wish I could shake this authors hand, he's a mountain of insight. Thanks loads, upon lioads, on loads of thanks.

n
nitetraino
Aug 24, 2013

The great Ponzi scheme a.k.a. the greed of the wealthy. Capitalism is being ruined by government bailouts of Wall St, bankers, automobile companies and at the expense of the shrinking middle class taxpayers. Mr. Stockman confirms this through his historical analytical description of the corruption of capitalism since the 1980s. Capitalism is unsustainable long term in the U.S. Its demise is inevitable and only a matter of time. I strongly recommend you read for yourself. 8 of 10 stars

l
Lukeinvancouver
Aug 14, 2013

Luckily I began by reading the "Note on Sources" first and decided that this book was not for me. (I did read some passages picked by looking up entries in the Index.) There Stockman says: "It goes without saying that this book is a polemic that does not pretend to marshal the pro and con arguments in an even-handed academic fashion." I am no fan of "Reaganomics" and more generally conservative economic arguments because there is no proof that their theories are sound and applicable to the real world. Maybe the book is useful for those who see the world in similar terms as Stockman. I did not rate the book because I didn't read much of it. I am quite familiar with the non-sense these people often spout.

a
AQUILEA777
Jun 15, 2013

A piercing, detailed analysis based on inside knowledge.
See my comment with the Audiobook entry for this title.
(Note that Stockman ATTACKS the evils that some reviewers assume he supports. They must not have read much of the book. They blame him for Reaganomics which he thoroughly repudiates.)

s
StarGladiator
May 12, 2013

Like John Perkins ("Confessions of an Economic Hitman"), Stockman first makes a fortune in the criminal pursuit of destructive debt and asset stripping at (Rockefeller & Peterson's) Blackstone Group, then does a "tell all"? No thank you! Most, if not all, of the premises in this book are false premises (note I won't even bother elaborating on all the unethical activities of Stockman, both in the Reagan administration and later as a private equity type): he cites "crony capitalism" when the entire idea of the government allowing the private banks (the Fed and its owners) to control the money creation function is completely ludicrous! That hedge funds and private equity/leveraged buyout firms should even exist points to the false premise of capitalism today, requiring the existince of "economics" to justify why some people are born with all the land and wealth, and too many others are born with nothing; why a Sarnoff can steal the technological achievements from a Philo Farnsworth (TV), Edwin Armstrong (radio FM), and Morgan the patents of Nikola Tesla, and so on. Speculators/traders create nothing, simply destroy the earnings, jobs and companies others of built over a lifetime. Free enterprise has nothing to do with Stockman's "capitalism"! [For a thorough understanding of real capitalism in America, read the legislation of 1913 which established the Federal Reserve System, the 16th Amendment, the oil depletion allowance and the financial restructuring of foundations. Then research TNEC (Temporary National Economic Committee) and last pushback of the FDR (Roosevelt) Administration: "US Government v. Morgan et al." (the lawsuit against the 17 Wall Street banks alleging a criminal conspiracy going back to 1914, and their extreme concentration of corporate ownership).]

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