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[Excerpted from]
Book Review: David A. Stockman – The Great Deformation – The Corruption of Capitalism in America
The Fed’s policy of cheap and then ever-cheaper credit has not only destroyed the free market by constantly distorting price signals, encouraging reckless debt accumulation and rewarding financial speculation (and consequently widening income and wealth gaps, as Stockman illustrates aplenty), it has thoroughly corrupted the political process as well. Stockman portrays a political system that, courtesy of the Fed’s cheap credit policies and interest rate repression, is now chronically incapable of living within its means, and is thus easy prey for hordes of crony capitalists – from the healthcare industry and the military-industrial complex to the ‘labor aristocracy’ of the united autoworkers union to the ‘too-big-to-fail’ banks, private-equity shops and hedge funds that play the system for a quick profit.
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