Why David Stockman’s Book Is ImportantSubmitted by Jao171 on Wed, 04/10/2013 - 15:03
Last week, the Chief Financial writer at the Huffington Post, Mark Gangloff published an incredibly snarky article attacking David Stockman’s new book, The Great Deformation: The Corruption of Capitalism in America. Gangloff’s haughty tone throughout the article likely repulsed even those only mildly sympathetic to Stockman’s pessimistic economic forecast for the United States. I have yet to read Stockman’s book, but I did read his recent Op Ed in the NY Times, State-Wrecked: the Corruption of Capitalism in America, and watched his appearance on the Daily Show. While Stockman’s diagnosis of the illness that ails the US appears to be mostly correct, the solutions he would prescribe do not entirely align with solutions a libertarian purest would endorse.
David Stockman served as President Reagan’s Director of the Office of Management and Budget from 1981 to 1985. After resigning from the Office of Management and Budget in 1985, he wrote a memoir of his experiences with the Reagan administration titled The Triumph of Politics: Why the Reagan Revolution Failed.
Gangloff’s presented his arguments against Stockman’s bleak diagnosis using a consistently insulting tone. Even the 4 points that Gangloff sites as disagreements are phrased in an ad hominem manner. The article lists 4 “Dumb David Stockman Things” argued in his book, The Great Deformation: The Corruption of Capitalism in America:
- Dumb David Stockman Thing One: Capitalism has been corrupted by government
- Dumb David Stockman Thing Two: We should return to the gold standard
- Dumb David Stockman Thing Three: Letting all the banks fail in 2008 would have been no big deal
- Dumb David Stockman Thing Four: Federal debt will explode in the next decade
Let’s review the 4 “very specific” contentions sited by Gangloff.