David Stockman on TARP, the Fed, Ron Paul and Reagan [FULL VERSION]
Sign in to YouTube
Sign in to YouTube
Sign in to YouTube
Uploaded on Jan 3, 2011
At the very start of the "Reagan revolution," David Stockman exposed the myth that Ronald Reagan and the modern Republican Party are dedicated to small government.
In 1981, the 35-year-old Stockman gave up his Michigan seat in Congress to become Reagan's budget director. A vocal critic of what he continues to call the "welfare-warfare state," Stockman had signed on because he believed in the limited government rhetoric that Reagan espoused. Once inside the White House, Stockman quickly became disenchanted, and gave an interview to journalist William Greider that became the basis for an explosive Atlantic Monthly article in which Stockman admitted that Reagan's spending cuts had been a "Trojan horse" used to justify tax cuts. In his 1985 memoir, The Triumph of Politics, Stockman chronicled Reagan's reluctance to fulfill his campaign promise of shrinking the size and scope of government and balancing the budget. The result? The gross federal debt tripled while Reagan was in office.
Last fall, Stockman was the GOP-defector du jour once more, arguing against extending George W. Bush's tax rates in the New York Times, on 60 Minutes, the Colbert Report, Parker-Spitzer, ABC, NPR, and MSNBC. Stockman's argument - that it's irresponsible to cut taxes when cumulative U.S. debt is steadily mounting as a percentage of GDP - is based on the simple principle that balanced budgets come only when revenues actually meet expenditures. If we're not willing to actually shrink government spending, he says, then we should pay full freight now, rather than forcing our children and grandchildren to foot the bill down the line.
Here's what didn't come across in Stockman's media blitz: Since writing The Triumph of Politics he says he has "completed his homework" by reading libertarian economists such as Ludwig von Mises, Friedrich Hayek, and Murray Rothbard. He thinks TARP was a big-government boondoggle and the bailouts of GM and Chrysler unconscionable. Stimulus spending is a hoax. He sees the abandonment of the gold standard in favor of floating exchange rates as the root cause of both the country's fiscal problems and the 2008 financial crisis. He says that Rep. Ron Paul (R-Texas) is the only politician today "who gets it" and he's hopeful that Paul's growing power may begin to shed light on "the scholastic arrogance" of the Federal Reserve. He's still against the welfare-warfare state and he thinks government should be cut down to size.
Reason.tv's Nick Gillespie sat down with Stockman for a wide-ranging discussion that touched on tax cuts, monetary policy, TARP, Ronald Reagan, his tenure as a Michigan Congressman, and the gold standard. The complete 42-minute interview is here.
If you're in a hurry, check out the eight-and-a-half minute cut with selections from the same interview:
Camera by Jim Epstein and Hawk Jensen. Edited by Epstein and Joshua Swain.
Go to Reason.tv for downloadable version of this and all our videos and subscribe to Reason.tv's YouTube channel to receive automatic notification when new material goes live.
Standard YouTube License
- 54:00 David Stockman: Blame the Fed!by ChrisMartensondotcom Featured 3,855
- 1:07:09 David Stockman: The Great Deformation - May 29, 2013by The Kansas City Public Library6,065 views
- 56:34 David Stockman: We've Been Lied To, Robbed, And Misleadby ChrisMartensondotcom46,970 views
- 6:09 David Stockman: Fed Inflation Is Red Herringby Bloomberg3,343 views
- 3:26 Bill Maher OWNED On Government Spending By David Stockmanby YOUTUBE NEWS16,191 views
- 9:50 Fareed Zakaria -- Dollar Crash Armageddon Inflation Pt 1by weakbody5,801 views
- 34:35 Bill Moyers Interviews David Stockman on Crony Capitalism of Washington & Wall St.by PenguinProseMedia17,301 views
- 15:17 Stephanopoulos David Stockman Paul Krugmanby crapgametx18,324 views
- 6:40 Nigel Farage EU buying its own debt will mean ECB debt crisisby Charles Town13,286 views
- 7:26 Reaganomics FAILED us ALLby boredjoewo13,757 views
- 5:53 David Stockman: We Will Suffer One Crisis After Anotherby VulgarTrader13,882 views
- 5:16 David Stockman: This Is a Giant Ponzi Scheme, It's Just Debt on Top of More Debtby selfownership153,558 views
- 6:20 David Stockman: You're Now In The "Bernanke Bear Trap"by selfownership13,716 views
- 7:49 Fed Is Deadly 'Instrument of Speculation': Stockmanby Bloomberg6,698 views
- 56:49 Stockman, Orszag in budget battle royaleby Reuters TV9,089 views
- 35:43 How Crony Capitalism Corrupts the Free Market | David Stockmanby misesmedia35,024 views
- 28:04 David Stockman on Federal Reserve Arrogance and Monetary Mission Creep!by CapitalAccount27,378 views
- 6:33 David Stockman: Ben Bernanke Is The Most Dangerous Man In US Historyby selfownership132,419 views
- 7:36 DAVID STOCKMAN: "WHERE ARE THE HALF-MILLION JOBS?" 2-4-2011by traynickel2,858 views
- 2:40 David Stockman on Crony Capitalismby MoyersandCompany2,889 views
- Loading more suggestions...