A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from October 19, 2012
Great Deformation

David Stockman, the Reagan administration’s Director of the Office of Management and Budget (1981–1985), announced in 2012 his new book, The Great Deformation: How Crony Capitalism Corrupts Free Markets and Democracy (2013). Stockman wrote an article for The Daily Beast in October 2012 titled Mitt Romney: The Great Deformer, and beginning:

“Bain Capital is a product of the Great Deformation. It has garnered fabulous winnings through leveraged speculation in financial markets that have been perverted and deformed by decades of money printing and Wall Street coddling by the Fed. So Bain’s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.”

The term “Great Deformation” is similar to “Great Reformation” (Protestant Reformation). Stockman states that the United States financial system is out of control and is deforming, not reforming.


Wikipedia: David Stockman
David Alan Stockman (born November 10, 1946) is a former U.S. politician and businessman, serving as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985).

OCLC WorldCat record
The Great Deformation: Polanyi, Poland and the Terrors of Planned Spontaneity
Author: M Glasman
Publisher: [London, New Left Review Ltd.]
Edition/Format:  Article : English
Publication: New Left review. no. 205, (1994): 59
Database: ArticleFirst

OCLC WorldCat record
The Great Deformation : How Crony Capitalism Corrupted Free Markets and Democracy.
Author: David Stockman
Publisher: Perseus Books Group 2013.
Edition/Format:  Book : English

Amazon.com
The Great Deformation: How Crony Capitalism Corrupts Free Markets and Democracy [Hardcover]
David A. Stockman (Author)
Book Description
Release Date: March 26, 2013
David Stockman was the architect of the Reagan Revolution meant to restore sound money principles to the U.S. government. It failed, derailed by politics, special interests, welfare, and warfare. In The Great Deformation Stockman describes how the working of free markets and democracy has long been under threat in America, and provides a nonpartisan, surprising catalog of the corrupters and defenders. His analysis overturns the assumptions of Keynesians and monetarists alike, showing how both “liberal” and “neo-conservative” interference in markets has proved damaging and often dangerous. Over time, crony capitalism has made fools of us all, transforming Republican treasury secretaries into big government interventionists, and populist Democrat presidents into industry wrecking internationalists. Today’s national debt stands at nearly $16 trillion. Divided equally among taxpayers, each of us is $52,000 in debt. This book explains how we got here—and why this warped crony capitalism has betrayed so many of our hopes and dreams.

The Daily Beast
Mitt Romney: The Great Deformer
Oct 15, 2012 1:00 AM EDT
Is Romney really a job creator? Ronald Reagan’s budget director, David Stockman, takes a scalpel to the claims.
Bain Capital is a product of the Great Deformation. It has garnered fabulous winnings through leveraged speculation in financial markets that have been perverted and deformed by decades of money printing and Wall Street coddling by the Fed. So Bain’s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • (0) Comments • Friday, October 19, 2012 • Permalink