First published 2013
David Stockman examines eight decades of American financial policy to reveal how crony capitalism has corrupted the nation's economic foundation. The former Reagan budget director argues that both Democratic and Republican leaders have abandoned sound money principles and fiscal discipline. He traces the problem from Franklin Roosevelt through Barack Obama, showing how presidents from both parties embraced policies that favor Wall Street over Main Street. Stockman criticizes Federal Reserve chairs Greenspan and Bernanke for creating bubble economies through easy money policies. He also condemns the bipartisan embrace of bailouts, stimulus spending, and monetary manipulation. The author contrasts these figures with leaders like Harry Truman, Dwight Eisenhower, and Paul Volcker who championed balanced budgets and market discipline. Stockman argues that current policies have transformed American capitalism into a rigged casino that enriches financial elites while crushing ordinary savers through inflation and debt. This analysis offers readers a contrarian view of how political expediency and special interests have undermined genuine free market capitalism.
Genres: business, american, political-science, politics, economics, non-fiction, 21st-century, american-history
Vibes: thought-provoking
Tropes: contrarian-view
Setting: America, Main Street, Wall Street
Period: 1930s, 1950s, 1980s, 2000s, 2010s
743 pages · Hardcover · PublicAffairs