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The Great Deformation: The Corruption of Capitalism in America Hardcover – April 2, 2013
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One of the most comprehensive narratives of the financial system’s history in years.”
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Top Customer Reviews
The book starts off with details on how, in the past, the banks leveraged capital and how their methods of investment were contingent on a constant upward spiral of success. He goes on to talk about how the fed propped Wall Street up with hopes of creating wealth through the stock market and that he believes they have overstepped their bounds. He criticizes Greenspan for his fiscal policies and compares that bubble to the one we are in today. Most of the book talks about the past and how we can relate it to the present and what we can learn from the mistakes made by our predecessors.
The facts and statistics he presents show that the "too big to fail" ideology adopted by the government was incorrect and in fact, many of the companies that received bailouts had sufficient assets to fend for themselves. Using AIG as an example, he outlines the overall sector's strengths and weakness during the crash of 2008. He asserts that during times of financial crisis, such as the crash of 2000, companies would inaccurately portray sales in order to make their company appear more valuable.
Highly critical of the Fed, many of his opinions are based around failures of the federal government to correctly manage the economy. Most of the time, he believes that their attempts to bolster the economy stem from pressure from business, rich people, or other government entities.Read more ›
What an awesome romp through the economic, financial, and monetary shenanigans that culminated in the financial crisis of 2008, and its aftermath! It hones in on the Fed, Wall Street, corporate America, and the bog of "crony capitalism" and "central planning." He is consistently bipartisan: when he bashes Mitt Romney in one chapter, he'll bash President Obama in the next--because financial and economic principles matter, not party affiliation. An attitude that got him in trouble with the White House back in the day. And he does it in a pungent voice, kicking shins left and right, and knocking out a few teeth too, while vacillating in the gray area between rage and humor.
In Part I, "The Blackberry Panic of 2008," Chapter 1, "Paulson's Folly: The Needless Rescue of AIG and Wall Street"--the titles are part of the pleasure of the book--sets the tone with its bloodcurdling analysis of AIG's bailout and who benefited from it.Read more ›
Stockman first went to Washington almost 40 years ago as a Representative. He's a former Supply-Side advocate and was Reagan's Budget Chief in the 1980s. In addition to Stockman's factually based critiques of the current Obama/Bernanke Monetary policy, he also criticizes the economically destructive path the Reagan administration took. The Great Depression and other eras are also focused on in "Deformation," as they do relate to our present-day situation. The facts speak for themselves.
The government and Wall Street are intertwined with Wall St. having the upper-hand: the stick. Stockman details the main reasons for TARP and the subsequent stimuli: lobbying, pressure, and scare tactics by a very small number of extremely wealthy and powerful people on Wall street. As for the corruption angle in "Deformation," Stockman specifically focuses on the TBTF (too big to fail) mainstream media campaign, and and in particular on the AIG bailout. He provides numerous stats, actions and quotations to reveal the fraud involved in this.Read more ›
Most Recent Customer Reviews
Every American should read this book to understand the basis of the financial and yes, moral corruption that has taken over the country. Read morePublished 18 days ago by David Nichol
Spot on in calling out the absurdities and destruction cause by those who think they know it all and use that as an excuse to line their pockets and steal from yours. Read morePublished 23 days ago by Tiberius
Had it sent to my brother for Christmas. No word yet as to whether he's received it & in what shape.Published 1 month ago by Quixote Panza
I remember the movie "Swordfish" with noted stars John Travolta and Halle Barry.
In one scene when Travolta was speaking to Hugh Jackman, Travolta was explaining the... Read more
Ok, I am ready for a stiff drink. This book will depress you, sadden you, and ever so slightly give you a bit of hope. Read morePublished 2 months ago by Robert Kirk
It takes a book like this from someone with no party focused agenda to show us how badly we have been misled by both of the political parties. Read morePublished 2 months ago by Marc Horner