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French-American Salon with David Stockman
The French-American Foundation welcomed David A. Stockman – former U.S. Representative, Director of the Office of Budget and Management, and businessman – for a private dinner to discuss his new book, The Great Deformation: The Corruption of Capitalism in America, released in April 2013.
For more information, please contact Patrick Lattin at [email protected].
About David Stockman
David Stockman was elected as a Michigan congressman in 1976 and joined the Reagan White House in 1981. Serving as budget director, he was one of the key architects of the Reagan Revolution. He joined Salomon Brothers in 1985 and later became one of the early partners of the Blackstone Group. During nearly two decades at Blackstone and at a firm he founded, Stockman was a private equity investor. Stockman attended Michigan State University and Harvard Divinity School and then went to Washington as a congressional aide in 1970.
About The Great Deformation
David Stockman was the architect of the Reagan Revolution, meant to restore sound money principles to the U.S. government. It failed, derailed by politics, special interests, welfare, and warfare, which Stockman chronicled in his landmark 1986 bestseller, The Triumph of Politics. Now, over twenty-five years later, Stockman returns with a fierce indictment of the American governmental-economic complex.
The Great Deformation reveals how the working of free markets and democracy has long been under threat in America, and provides a nonpartisan, surprising catalog of the corrupters and defenders. Stockman’s searing analysis overturns the assumptions of Keynesians, supply-siders, and monetarists alike, showing how they have converged to bloat the welfare state, deplete the revenue base, and allow politicians to enjoy “deficits without tears” through relentless and massive money-printing by the Federal Reserve.
Stockman describes how Wall Street and the speculative classes and the Fed have joined forces to take the economy hostage, punishing savers, vastly inflating Main Street’s living costs, and fueling new financial bubbles that will soon burst. At the same time, control of the federal budget has been surrendered to lobbyists, PACs, and special interests that cling to every loophole in the tax code and block all attempts at real spending cuts. This book explains how we got here over the course of the last eighty years, why this warped crony capitalism has betrayed so many of our hopes and dreams, and how we might be able to avert a looming economic crisis that dwarfs the recent “fiscal cliff.”
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