David Stockman is an Austrian
Of the Austrian economic school, that is. Here he is giving a lecture posted on the Mises site:
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.
Comments
Jay,
Thank you for sharing this link. Stockman explains with great clarity the methods the political and corporate elite deploy to always get their way. Nothing captures this reality best than the following quote:
"When the conservative party in a democracy embraces "starve the beast" on taxing and "feed the beast" on spending, then fiscal governance breaks down badly. You end up with two free-lunch parties competing for the affections of the electorate — alternately depleting the revenue base and then pumping up the spending. "
Posted by: Dan | September 23, 2011 8:03 PM
Stockman's career in the free market has not been so successful, including a possible trip to federal prison after he bankrupted Collins-Aikman.
Another egomaniac who thinks a depression would have been good for rich white people like himself.
(I'm neither a Bush or Obama fan FWIW.)
Posted by: save_the_rustbelt | September 24, 2011 9:19 PM
save_the_rustbelt may not be a Bush fan nor an Obama fan, but he sure sounds like a racist.
Posted by: AndyPandy | September 26, 2011 10:52 AM