Lied to, Robbed and Misled is the title of an article in Business Insider that reviews the book, The Great Deformation: The Corruption of Capitalism in America by David Stockman, former director of the OMB under President Reagan. Stockman was interviewed this morning on MSNBC’s Morning Joe. He took no prisoners. None. He is especially pissed at Fed Chairs Greenspan and Bernanke as well as Paulson.
Stockman contends that the few were enriched at the expense of the many. Gosh, where in history has this already been documented? He says that the historic low Fed rates have allowed the engorgement of Wall Street Banks on the backs of the middle class, fixed-income group. My people! Not only that, but we saved those banks with my money! Or rather, my potential money- the interest income that I did not receive on my savings.
Democracy? Free market capitalism? Justice for all?