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"We no longer have free market capitalism and we no longer have a democracy," David Stockman...

"We no longer have free market capitalism and we no longer have a democracy," David Stockman says, replaced by a system of "crony capitalism" that benefits and even rigs the system in favor of banks. "The Fed is the great enabler" through its free money policies, which "generate results the market wouldn't otherwise provide for," he says.
Comments (12)
  • cbc
    , contributor
    Comments (411) | Send Message
    Truth, justice and the OLD American way. Throw the cronies in the poky. Be sure to include Econdoc!
    25 Apr 2011, 11:42 AM Reply Like
  • Russ Winter
    , contributor
    Comments (687) | Send Message
    Corporations and Plutocrats Given a Tax Holiday as US Heads for Fiscal Trainwreck


    25 Apr 2011, 11:50 AM Reply Like
  • bigazul
    , contributor
    Comments (1041) | Send Message
    You bring the tar and feathers and I'll ring the rail and the rope.
    25 Apr 2011, 11:53 AM Reply Like
  • davidingeorgia
    , contributor
    Comments (2713) | Send Message
    Been that way since time out of mind. It might be worse now than before, but it's nothing new, and it's not just the big banks. Find a tax break written into the code somewhere, and you'll find a wad of politicians bought and paid for to put it there. The Fed is just part of the problem. The main difference today is that they are all a lot less shy about robbing the rest of us out in the open instead of in a smoke-filled back room somewhere.
    25 Apr 2011, 12:05 PM Reply Like
  • Paco
    , contributor
    Comments (4) | Send Message
    For a super and detailed account pf how this was enabled, Ed Griffin's Thr Creature from Jelyll Island is a must read! It is also available on tape. It is unlikely that 99% of the population has no idea The Fed is not part of the Federal Govt., how mu/ch money it has, where/how it gets money, who is on the hook for Fed "loans."
    That number works for the denizens inside the Beltway also.
    25 Apr 2011, 12:05 PM Reply Like
  • kmi
    , contributor
    Comments (4267) | Send Message
    Be prepared for talk about how the Constitution no longer reflects the realities of the current US of A and needs to be 'looked at'...
    25 Apr 2011, 12:27 PM Reply Like
  • cajun190
    , contributor
    Comments (10) | Send Message
    headed toward another secession/civil war if this crap is tried ...
    25 Apr 2011, 12:53 PM Reply Like
  • bigazul
    , contributor
    Comments (1041) | Send Message
    That's been going on for years now... You know, the old "the Constitution should be thought of as a flexible document" argument. The same thing has been done to religion over the years.


    On this trajectory, we will see serious talk of secession from the union within 10 years, probably beginning with Texas, maybe Arizona or Utah. I'm not saying it will happen immediately, but we'll see a ballot initiative within 20 years.


    The "Republic" has cross-hairs on it, don't doubt it. This isn't a Republican v. Democrat issue either. It's a broader and more basic choice than that: The United States of America or America. Unfortunately, most people don't understand the difference.
    25 Apr 2011, 12:59 PM Reply Like
  • D. McHattie
    , contributor
    Comments (1844) | Send Message
    I doubt there will be any 'talk'.


    They will just continue to subvert the words and intent of the constitution in stealth.
    25 Apr 2011, 01:03 PM Reply Like
  • neutrinoman
    , contributor
    Comments (700) | Send Message
    Well, it's been more than 15 years of government and the Fed pushing cheap credit. flooding the world with dollars and exclaiming about "wealth effects" and "global savings gluts." The Fed panders to the government's push for cheap mortgages and universal home ownership, to the government's need to monetize its debt, and to Wall Street's need for XtremeLeverage© capital markets.


    These policies have indentured millions to unnecessary debt and caused the rise and fall of whole industries, like "shadow banking" and subprime lenders. But for the bailed-out, politically connected survivors (such as the major banks), it's a great time floating on a sea of free liquidity. Even for the failures who skirted the law (like the subprime lenders), life hasn't been bad -- no prosecutions, and a carefully protective Congress burying the bodies, while few in the media pay any attention.


    What was that about a "vigorous, free press" being a watchdog? What is the media today, except largely a collection of hacks and court lackeys?
    25 Apr 2011, 01:30 PM Reply Like
  • bigazul
    , contributor
    Comments (1041) | Send Message
    Ever read "The Forgotten Man?" It's worth a read.
    25 Apr 2011, 01:43 PM Reply Like
  • cmattick
    , contributor
    Comment (1) | Send Message
    Good point about media hacks. Matt Taibbi is the only journalist I know who really hits this head-on ... Thank you, Rolling Stone. He's hard-hitting and spot-on.
    25 Apr 2011, 02:30 PM Reply Like
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