Reading David Stockman’s book just out, The Great Deformation. Stockman was Reagan’s Budget Director renowned for his phenomenal grasp of programs. Indeed a Paul Ryan writ large, but without his easy grace. And ultimately disloyal to Reagan, although Reagan with his typical easy humor, publicly forgave him.
The book lays out with insect intricacy the devolution of the capitalist system in the United States into “Crony Capitalism.” The first section takes us through monetary policy roughly from the end of the First World War up to the beginning of the Obama Administration. You have to hand it to him, Stockman hangs it all together with wealth of detail leavened with some fascinating anecdotes. Want to know what caused the Great Depression and the truth behind FDR’s posturing, here it is. Nixon’s idiotic machinations like wage and price controls, Kennedy intuitive grasp of some basic economic truths and the real numbers behind the Reagan Revolution? This is book for you.
Stockman is also a good writer, masters his metaphors and adjectives. But you get up from a reading bruised. It’s a bang, bang, bang at a double time cadence throughout every page. A forced march through economic history. Shelby Foote should have edited this book.
And there’s very few people Stockman likes and he contradicts himself about individuals, trashes Laffer for his point-of-view but lauds long ago Treasury Secretary Mellon while their beliefs were the same. Doesn’t he understand some readers might know that?
The Great Deformation is a magnificent work and I can’t imagine any other mind could have put it together. But my advice is take two aspirin before you hit yourself over the head with it.
Meanwhile New York my home state after enacting the most ill thought-out and unconstitutional gun control law imaginable is now offering gun clubs grants to extend their ranges. Huh?
I have a piece running soon in American Thinker. Sort of a straight from the heart account which I hope readers enjoy and get something from.