David Stockman on Wall Street, The Federal Reserve, and The Great Deformation
On June 25th the Reason Foundation presented a conversation with former budget director David Stockman about his recently published New York Times bestseller, The Great Deformation, hosted by Reason Editor-in-Chief Matt Welch.
In The Great Deformation, Stockman describes how Wall Street and the speculative classes have joined forces with the Federal Reserve to take the economy hostage by punishing savers, vastly inflating Main Street’s living costs, and fueling new financial bubbles.
At the same time, he argues, control of the federal budget has been surrendered to special interests that cling to every loophole in the tax code and block attempts at significant spending cuts. Stockman explains how this state of affairs arose over the course of the last eighty years, why this warped crony capitalism has betrayed so many of our hopes and dreams, and how we might be able to avert a looming economic crisis.2 views