It is better to be an outcast, a stranger in one’s own country, than an outcast from one’s self. It is better to see what is about to befall us and to resist than to retreat into the fantasies embraced by a nation of the blind.
Chris Hedges

Wednesday, January 25, 2012

The Devolution of Capitalism

David Stockman's days with Ronald Reagan - and his ringside seat since then, gives him the street cred to comment on what went wrong. From the Mexican Peso crisis, to LTCM, to the GFC of 2007, Stockman sits down with Bill Moyers to talk about what's wrong with America. A former Congressman from Illinois, Stockman served as the Director of the OMB (Office of Management and Budget - the President's chief advisor for the White House) for Ronald Reagan in 1981, when the deficit was less than $1T. When he left, four years later, the national debt was just over $2T. Stockman left the Reagan administration after he was criticised for his comments in an Atlantic Monthly article. His book: The Triumph of Politics: Why the Reagan Revolution Failed (ISBN 0060155604)was critical of his time in the White House. His lengthy interview with Bill Moyers is a serious critique of the Obama Administration. He credits Obama's about face after the election with providing him the impetus to work begin a new book: The Triumph of Crony Capitalism.

Moyers & Company Show 102: On Crony Capitalism from on Vimeo.

Economystified: GDP

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