Reagan’s Budget Director Excoriates Republican Economic Philosophy

David Stockman calls GOP economic policies "bubble finance" and "crony capitalism"

Part 1 of a multipart series By Frank Thomas and John Lawrence  David Stockman, an integral part of the Reagan administration, has produced a great book, "The Great Deformation," in which he blames Republican Presidents starting with Richard Nixon for the sad state of the US economy, but he saves his worst invective for Ronald Reagan and George W Bush for their abandonment of sound economic policy and their wild "deficits don't matter" spending. He indicts the Reagan administration for a needless, wasteful military build-up and the creation of what he calls the "warfare state." He also condemns the fiscal profligacy of Republican economic policy for condoning any and all tax cuts for any reason whatsoever, for coddling Wall Street and for decades of money printing and market rigging by the Federal Reserve.