David Stockman, author of The Great Deformation: The Corruption of Capitalism in America and former director of the office of Management and Budget under Ronald Reagan joins McCuistion to discuss the demise of free market capitalism, and how crony capitalism is destroying our free market economy.
Left to Right: Dennis McCuistion and David Stockman
According to Stockman, crony capitalism uses government to obtain favors… Stockman, a former advocate of trickle down economics, believes politicians are blocking competition, jacking up our tax rates, losing jobs and overall causing us the loss of political equality. He says both political parties have bailed out corrupt organizations, created debt and the deficits we struggle under today. In short, American citizens experience the fallout and pay the price.
Stockman says, crony capitalism is not capitalism and it’s not democracy. In free market capitalism you create winners and losers. If a company makes mistakes and is overleveraged they pay the consequences. We are subsidizing businesses that shouldn’t be in business and the taxpayer is picking up the cost, keeping these companies in business at taxpayer expense.
He claims our abandoning the free market system, as evidenced by government bailouts of Wall Street, AIG, banks and other failing businesses, is a fundamental repudiation of free market capitalism. Stockman states, this is costing us dearly; creating moral hazard. Stockman is adamant…you can’t create a vibrant economy on this principle, the Fed can’t continue to prop up Wall Street and that there is an anything goes, no rules, no principles mentality that is eroding our country’s backbone.
He shares some pretty strong opinions on how crony capitalism corrupted free markets and democracy. As we do.
Let us know if you agree or not. As always, thank you for joining us as we continue talking about things that matter with people who care.
Still going strong in our 24th year, with no PBS funding, pledge monies, nor government grants…We appreciate your support.
Niki Nicastro McCuistion, CSP
Executive producer/ Producer
Business/ nonprofit consultant in strategy, leadership and organizational development from customer service to governance.
2024 – 06.30.13