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C-SPAN Q & A: David Stockman | [Brian Lamb]

C-SPAN Q & A: David Stockman

Our guest is former Michigan Republican Congressman and Reagan administration budget director David Stockman. He discusses his new book titled The Great Deformation: The Corruption of Capitalism in America. He suggests that Wall Street and the Federal Reserve have joined forces to harm the economy, punish savers, and fuel new financial bubbles which he claims will soon burst. He asserts that control of the federal budget has been surrendered to lobbyists, PACS, and special interests which block legitimate attempts to implement real spending cuts. Stockman talks about his early days in Congress and his appointment to be Ronald Reagan’s Director of the Office of Management and Budget at age 34.
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Publisher's Summary

Our guest is former Michigan Republican Congressman and Reagan administration budget director David Stockman. He discusses his new book titled The Great Deformation: The Corruption of Capitalism in America. He suggests that Wall Street and the Federal Reserve have joined forces to harm the economy, punish savers, and fuel new financial bubbles which he claims will soon burst.

He asserts that control of the federal budget has been surrendered to lobbyists, PACS, and special interests which block legitimate attempts to implement real spending cuts. Stockman talks about his early days in Congress and his appointment to be Ronald Reagan’s Director of the Office of Management and Budget at age 34.

He explains the “Gallery of Economic Heroes and Villains” he has compiled dating back to the beginning of the 20th century and how each one has improved or harmed the economy. He says he began writing the book because he was outraged in 2008 when the TARP bailout was approved. He called it a “total betrayal” of everything free market conservatives had been trying to do since the great depression. [Broadcast Date: May 5, 2013]

(P) and ©2013 C-SPAN

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