Comments about ‘Crony capitalism: Stockman is disgusted with own party’

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Published: Thursday, Aug. 7 2014 12:00 a.m. MDT

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Salt Lake City, UT

I recommend one and all to stream from PBS the Frontline episodes "Money, Power and Wall Street" It's four hours worth of outstanding reporting and analysis.

It documents that the center of American capitalism is a thoroughly corrupt banking system which is little better than a casino.

It had to be rescued to save capitalism, though. Too bad.

The casino is still intact and threatening.

Burke, VA

"President Eisenhower’s preference for balancing the budget over tax cuts...and slashing of defense budgets, warning us of a rising "military-industrial complex"."

Excellent article illustrating that it's hard, even for conservatives, to determine "which" conservative to follow. From Eisenhower to Reagan to Ted Cruz is a bumpy road to travel and proof that the word conservative has been abused by anybody with an agenda different from the liberal wing of the Democratic Party.

Why is it necessary for us to spend more than $200B every year - not on military personnel - but on weapons and the research and development of them. Who in the world has weapons (I'm talking about fighter jets, submarines and tanks) as sophisticated as we do and if we just kept those same weapons and DIDN'T spend another $200B on new weapons next year, who would be ahead of us then?

And that is just the military industrial complex. Think of all the ways the government can stop subsidizing business (think of Walmart's typical worker qualifying for food stamps and subsidized housing) and start helping people that really need it. Just where are the conservatives of today?

LDS Liberal
Farmington, UT

God bless you Prof. Mary Barker!

and my the DN have the good wisdom to see past their Neo-Con filters and keep you,
better yet - give you a raise for doing such fine work!

seattle, WA

Amen, Mr. Stockman, Amen.

It usually takes "one of your own" to show the truth about things. Paying attention Republican/Tea Party folks?

clearfield, UT

David Stockman was against Ronald Reagans tax policy from early in Reagans first term. That was way back around 1983. He soon left the administration and wrote the requisite bite the hand that feeds you book. This Stockman stuff is not old news, it's ancient history.

Far East USA, SC

How dare Mr Stockman tell the emperor he has no clothes. He will now be banned from the tent.

There are so many gems in this article.

Crony capitalism .... depends on sweetheart deals in the corridors of Washington.

It is only open to "those with sufficient resources to fund campaigns, pay lobbyists "

Crony capitalism means that profits are garnered through the manipulation of power and influence rather than through ingenuity and contributions to the real economy.

Mr Stockman hits the nail on the head. While the GOP leads in promoting and protecting this arena, rest assured that the Democrats are willing participants and benefactors.

I am yet to see anyone who is anti capitalism. Unfortunately, in this day and age, capitalism is anything but a free market. It has been purchased by large corps and unions. This is what people are against.

I am still amazed that both R and D alike do not come together in meaningful campaign finance reform and lobby reform. The politicians wont do it on their own.

Protecting and furthering Crony Capitalism has become a platform of the GOP.

Proof will follow. Just read the comments...

Virginia Beach, VA

"David Stockman, a former congressman and director of the OMB under President Reagan, is disgusted with his party. "

I understand that. I'm ashamed of Republicans too.

Twin Lights
Louisville, KY

Amen and amen.

Happy Valley Heretic
Orem, UT

SCfan "This Stockman stuff is not old news, it's ancient history."

Yep, and he was right then, as he is now.
More people need to be aware they aren't alone in noticing the shift away from reality by the republicans.

Might I suggest watching "outfoxed" which will give some insight into the shift.

Sandy, UT

It's so good to see an article written in the Deseret News about Stockman's marvelous book. It's an incredible read. Mary Barker does an admirable job of summarizing Stockman's message.
The only thing I would add are his view of past and current chairmen of the Federal Reserve. He has high praise for William McChesney Martin and Paul Volcker, but is merciless in his criticism of Arthur Burns' support of LBJ's "guns and butter" polices, as well as Alan Greenspan and Ben Bernanke for their "too big to fail" policies and their role in turning the stock market into a casino. Of course, there's much much more, but this article is a good start. The book is a "must read!"

salt lake city, utah

Thank you DN for continuing to publish Ms. Barker.

So blame aside we know we have a corrupt financially driven economy that produces nothing of value just creates wealth for a few while shutting out everyone else. In addition we have a bought and paid for Congress that not only enables this but actively propagates it and this situation is at least three decades old. Now what?

How do you convince many of the posters on this thread that kids don't have jobs coming out of college not because Obama is a socialist but because the emphasis of the economy is to create financial wealth not jobs.

How do you fix a bought and paid for Congress when half of the country has been convinced that the culprit for all of our woes is a single person?

How do you fix an infrastructure that couldn't support an industrial revival even if it did occur when half the nation is convinced debt is bad, wars are good, and military spending is sacred?

Just asking.

John Charity Spring
Back Home in Davis County, UT

No reasonable person can deny that the American way of life is under direct attack by those who seek to replace it with European style post Christian socialist dogma. That is evidenced here.

Virginia Beach, VA

Hey SCFan -

"David Stockman was against Ronald Reagans tax policy from early in Reagans first term."

And he was and is absolutely right in despising Reagan's tax policy that has done so much harm to this nation.

Reagan's trickle down economics does not work, and it has NEVER worked.

The only reason the economy rebounded during the Reagan administration is because the price of world oil dropped to less than 1/3 of what it had been during the Carter administration. That economic rebound was certainly not due to Reagan's tax policies.

Think about it and make comparisons. We experienced a WORLD WIDE recession back then (except for OPEC countries), and then a WORLD WIDE economic rebound . . . That coincided with plummeting oil prices. Attributing that economic recovery to Reagan's policies is ridiculous.

Reagan's trickle down economics has done NO GOOD for the vast majority of America. Only a small percentage have profited at the expense of everyone else.

We need to raise taxes for high earners back to Pre-Reagan levels ASAP.

Mike Richards
South Jordan, Utah

Wouldn't it be wonderful to live in an ivory tower and pontificate about the art of business without having ever owned a business?

1. Private businesses pay all taxes. Any government entity that pays taxes to another government entity first has to take that money from the private industry.

2. All jobs are created by private business. Without tax revenue, there would be no government jobs. All tax revenue comes from private business.

3. All businesses require start up capital, either from the proprietor or from stock holders, who become the owners via their capital.

4. All regulations, tax breaks, handouts, come from government, not from business. No business can legislate itself a tax break, bail itself out with tax payer money or give itself special favors from government.

5. Corrupt politicians disregard their sworn duty to uphold the Constitution when they favor one business over another, when they give special breaks to one business over another, when they sell themselves to the highest bidder.

Put blame where it belongs - on the government.

Give credit where it is due - to businesses, large and small.

Sandy, UT

There was a time when conservatives believed in policies that Stockman espouses. That was the pre-Buckley era of the early 1950's. William F. Buckley, Jr., and his National Review staff hijacked the conservative movement and veered it off into the neoconservative era, something very different from that exemplified by "Mr. Republican" Robert Taft. Taft and Stockman would be very much in agreement. Buckley and his acolytes are mortified (as illustrated by some comments above). Stockman detests what neoconservatives have done to both the Republican and Democratic parties (yes, it infects BOTH parties!). By the way, Stockman is a strong critic of both Hoover and FDR in their handling of economic crises in the 1930's and 1940's.

The Real Maverick
Orem, UT

Brilliant article! Nailed it! Amen and amen!

Conservatives today are being exposed for the hypocrites that they are. They aren't against big government and spending as long as it goes to big military industrial complex. We need more awareness! Methinks once more people see the GOP for what they truly are they'll lose even more elections. They'll be forced to change, which will be wonderful.

We just spend so much on weapons and in defense it's silly! I want my country back!

Sandy, UT

Mike Richards: are you talking about Stockman or Mary Barker? Stockman is NO ivory tower pontificate. He has learned how things work as an insider. In fact, some call him an insider's insider! His book exposes crony capitalism down to its rotten core. He demonstrates step-by-step how people like Mitt Romney (the quintessential crony capitalist) obtain wealth at the expense of others while dismantling the capitalistic system he purportedly defends. Read the book.

Far East USA, SC

"5. Corrupt politicians disregard their sworn duty to uphold the Constitution when they favor one business over another, when they give special breaks to one business over another, when they sell themselves to the highest bidder."

You just described every politician. When they take campaign contributions, it inevitably buys "special breaks"

If we do not allow our politicians to receive ANYthing from Anyone, then we are assured that they are not "selling themselves to the highest bidder"

Tell me Mr Richards. Would you favor that, or do you prefer to allow them to keep getting money and HOPE that it does not corrupt them?

A judge could not preside over a case where someone had paid him anything. Why not the same standard for our politicians?

clearfield, UT

Happy Valley Heretic

I suggest you watch Fox News, to see what the left/Democrats have done and are doing in the country these days. They are not the Democrats of Ronald Reagans era. If you are only watching the DNC (Democrat News Channels), you are missing a lot of what is happening in our country, as there is a big reason 75% of Americans don't think Obama is up to the job. That by the way is polling data, not opinion.

clearfield, UT

Gary O

Check out the Laffer curve in economics. It proves that raising taxes reaches a point where it stops economic growth. Ronald Reagan went by that, and we had a great 80s economy. Taxes only work to a point, one which most Democrats will take the country way beyond, which causes downturns. That's why Reagan cut taxes, and caused more money to go into the treasury. It is a simple principle that has been proven.

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