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
Mar 27, 2015
Rescue workers work on debris of the Germanwings jet at the crash site near Seyne-les-Alpes, France, Thursday, March 26, 2015. The co-pilot of the Germanwings jet barricaded himself in the cockpit and “intentionally” rammed the plane full speed into the French Alps, ignoring the captain’s frantic pounding on the cockpit door and the screams of terror from passengers, a prosecutor said Thursday. (AP)

The co-pilot and the plane in the Alps? Ted Cruz announces 2016 bid. Heinz buys Kraft. Our weekly news roundtable goes behind the headlines.

Mar 27, 2015
Members of  a November Project 'tribe' pause during a November 2014 workout. (Brogan Graham / Instagram)

Spring training. From easy-access yoga to outdoor exercise meet-ups, exercise plans you’ll want to do.

RECENT
SHOWS
Mar 27, 2015
Members of  a November Project 'tribe' pause during a November 2014 workout. (Brogan Graham / Instagram)

Spring training. From easy-access yoga to outdoor exercise meet-ups, exercise plans you’ll want to do.

 
Mar 27, 2015
Rescue workers work on debris of the Germanwings jet at the crash site near Seyne-les-Alpes, France, Thursday, March 26, 2015. The co-pilot of the Germanwings jet barricaded himself in the cockpit and “intentionally” rammed the plane full speed into the French Alps, ignoring the captain’s frantic pounding on the cockpit door and the screams of terror from passengers, a prosecutor said Thursday. (AP)

The co-pilot and the plane in the Alps? Ted Cruz announces 2016 bid. Heinz buys Kraft. Our weekly news roundtable goes behind the headlines.

On Point Blog
On Point Blog
Our Week In The Web: March 27, 2015
Friday, Mar 27, 2015

More on the incessant email debate, plus some goats living their best lives and the sad allure of Manhattan’s shuttered Pommes Frites.

More »
Comment
 
Mobile Payments Offer Convenience If You Keep Your Email Safe
Thursday, Mar 26, 2015

Thinking about moving your wallet to your phone? You can! And maybe you should? But TechCrunch senior writer Josh Constine has a few things to tell you before you do.

More »
1 Comment
 
Using Technology To Get Your Kids Outside
Thursday, Mar 26, 2015

The latest and greatest — using apps to make natural exploration more fun for your kids.

More »
Comment