David Stockman: "We've Been Lied To, Robbed, And Misled"
03/31/2013

" . . . David Stockman, former director of the OMB under President Reagan, former US Representative, and veteran financier is an insider's insider. Few people understand the ways in which both Washington DC and Wall Street work and intersect better than he does.

In his upcoming book, The Great Deformation: The Corruption of Capitalism in America [37], Stockman lays out how we have devolved from a free market economy into a managed one that operates for the benefit of a privileged few. And when trouble arises, these few are bailed out at the expense of the public good.

By manipulating the price of money through sustained and historically low interest rates, Greenspan and Bernanke created an era of asset mis-pricing that inevitably would need to correct. And when market forces attempted to do so in 2008, Paulson et al hoodwinked the world into believing the repercussions would be so calamitous for all that the institutions responsible for the bad actions that instigated the problem needed to be rescued -- in full -- at all costs.

Of course, history shows that our markets and economy would have been better off had the system been allowed to correct. Most of the "too big to fail" institutions would have survived or been broken into smaller, more resilient, entities. For those that would have failed, smaller, more responsible banks would have stepped up to replace them - as happens as part of the natural course of a free market system:
. . ."

This is a long interesting analysis of what was done wrong. Note: Stockman assumes this was the result of incompetence combined with mission creep at the Fed.

More plus link to video:
http://www.zerohedge.com/news/2013-03-31...bbed-and-misled

Transcript:
http://www.peakprosperity.com/podcast/81...icle-transcript

You beat me to it, I just sat down to post this!

Zitat

---

Note: Stockman assumes this was the result of incompetence combined with mission creep at the Fed.

---

Another example of what we were talking about last week, sure, they were just "incompetents!"

Quote: FP123 wrote in post #2

---

You beat me to it, I just sat down to post this!

Zitat

---

Note: Stockman assumes this was the result of incompetence combined with mission creep at the Fed.

---

Another example of what we were talking about last week, sure, they were just "incompetents!"

---

For a very long time:

Quote: algernonpj wrote in post #3

---

For a very long time:

---

I haven't seen a newer one. If I do I send the link.

(It's probably down real close to the x axis.)

They posted this at the NY Times, giddy that this guy was bashing Reagan. Of course they ignored everything else he said.

Bashing Reagan was all that was important.