90.9 WBUR - Boston's NPR news station
Top Stories:
PLEDGE NOW
David Stockman On Crony Capitalism

Ronald Reagan budget director David Stockman says crony capitalism has left the U.S. economy in giant trouble.  He’s with us.

David Stockman, wunderkind of the Reagan administration and a key architect of the biggest tax cut in U.S. history. (AP)

David Stockman, wunderkind of the Reagan administration and a key architect of the biggest tax cut in U.S. history. (AP)

1980s White House budget director David Stockman was a right-hand man to his boss Ronald Reagan.  Deep in the heart of the Reagan revolution.  In 1985, Stockman resigned.  Moved on.

Now he’s looking back on 80 years of American history and economics and politics – and warning we are in giant trouble.  Practically doomed, Stockman says, by Republican loyalty to the rich, Democrat loyalty to social welfare we can’t afford, crony capitalism, and a Fed run amuck.  There’s plenty of pushback, but he’s out there loud.

This hour, On Point:  David Stockman on American doom.

-Tom Ashbrook

Guest

David Stockman, budget director for President Ronald Reagan from 1981 to 1985. Author of “The Great Deformation: The Corruption of Capitalism in America.”

Roger Lowenstein, contributing writer to the New York Times Magazine and a columnist for Bloomberg News.

From Tom’s Reading List

The New York Times (David Stockman) “Over the last 13 years, the stock market has twice crashed and touched off a recession: American households lost $5 trillion in the 2000 dot-com bust and more than $7 trillion in the 2007 housing crash. Sooner or later — within a few years, I predict — this latest Wall Street bubble, inflated by an egregious flood of phony money from the Federal Reserve rather than real economic gains, will explode, too.”

The Washington Post “The country began veering badly off course, Stockman argues, in August 1971. That was when Nixon decided to scrap the international financial arrangement that anchored the dollar’s value to gold and thus other currencies in the decades after World War II. ‘In an act that cascaded down through the decades, Richard Nixon caused the United States to default on its . . . obligations . . . and thereby inaugurated an era of global trade imbalance, currency pegging and manipulation, massive debt creation, and financial speculation that had no historic antecedents,’ Stockman writes. ‘It became the era of bubble finance.”'”

The Atlantic “David Stockman, formerly a leading conservative Reaganite, now blames some of the economic program that he once supported for the 2008 meltdown and sluggish recovery. But liberal Democrats who may be excited about a Stockman defection will be sorely disappointed: His critique of the Obama economic program is just as strong as what he says about his erstwhile friends in the Republican Party.”

Excerpt: ‘The Great Deformation’ by David Stockman

 

Please follow our community rules when engaging in comment discussion on this site.
ONPOINT
TODAY
Oct 22, 2014
Health workers carry the body of a woman suspected of contracting the Ebola virus in Bomi county situated on the outskirts of Monrovia, Liberia, Monday, Oct. 20, 2014. (AP)

We’ll go to Liberia, and hear from a pastor and a physician at the epicenter of the Ebola crisis.

Oct 22, 2014
Authors Nicholas Kristof and wife Sheryl WuDunn attend the premiere of "Meena" at the AMC Loews Theater on Thursday, June 26, 2014 in New York.

Author and New York Times columnist Nicholas Kristof says regular folks like us can change the world. He explains how. Plus: we remember the late, great Washington Post editor, Ben Bradlee.

RECENT
SHOWS
Oct 21, 2014
This undated image provided by Google, shows an early version of Google's prototype self-driving car. For the first time, California's Department of Motor Vehicles knows how many self-driving cars are traveling on the state's public roads. The agency is issuing permits, Tuesday, Sept. 16, 2014 that let three companies test 29 vehicles on highways and in neighborhoods. (AP)

The future of the car: from the fuels they’ll run on, to the materials they’ll be made of, to the computers that may drive them.

 
Oct 21, 2014
David Perdue, Michelle Nunn

Two weeks to go till Midterm Election Day. We’ll look at how the biggest issues are playing out around the country.

On Point Blog
On Point Blog
Introducing The Explicast: A New Podcast From On Point Radio
Friday, Oct 17, 2014

Confused about the news? Don’t worry: so are we sometimes! Introducing a new On Point Radio podcast: The Explicast. You can find Episode One right here.

More »
1 Comment
 
Two LIVE Tracks From Jazz Violinist Regina Carter
Friday, Oct 17, 2014

Regina Carter shares two live tracks — one arrangement, and one original composition — with Tom Ashbrook in the On Point studio.

More »
Comment
 
Our Week In The Web: October 17, 2014
Friday, Oct 17, 2014

We talk Facebook mishaps, whether Katy Perry was actually right and the glory of architectural giants and their iconic windows.

More »
Comment