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Friday, April 19, 2024, Rebecca Goldstein
18 hours ago
Tuesday, January 24, 2012
Stockman on Crony Capitalism
Holy socialization of losses, Batman. I had no idea I was channeling David Stockman when I wrote this post. Thing is, Stockman is an unreformed free-market Reaganite supply-sider. But not quite the free market guy I imagined him to be, as it turns out - a least as it regards Glass-Steagall and derivatives regulation. He's all about a certain kind of creative destruction, though, that I find myself applauding.
Notable quote: "If it's to big to fail, it's too big to exist."
I listened to this with an ear toward finding something I would disagree with. The most I can come up with is his cry for "free market capitalism," past the the 30 minute mark. Amazingly, at the end, he even channels Bernie Sanders. I'll never be a Stockman fan, though.
What's striking is that when someone as far to the right as he is lines up on the same side of an issue as I do, it shows just how far out of bounds things have gone.
David Stockman on Crony Capitalism from BillMoyers.com on Vimeo.
Huge H/T to Daniel Becker in comments at AB.
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Stockman quit the Reagan Administration out of disgust over the huge deficits Reagan was running, so he's never been afraid to criticize Republicans that he thinks are wrong. He's a Conservative with a capital-C, sort of like Pat Buchanan without the swastikas. There's nothing conservative about corporate socialism, and as with Pat, this is what I expect to hear from Stockman. Doesn't mean I'd want him to be my next Congressman or, god forbid, President, though...
-- Badtux the Unsurprised Penguin
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