A new york times bestseller the great deformation is a searing look at washingtons craven response to the recent myriad of financial crises and fiscal cliffs it counters conventional wisdom with an eighty year revisionist history of how the american state especially the federal reserve has fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus monetary . In the great deformation david stockman former us congressman and budget director under ronald reagan tells the story of the recent crisis and takes direct aim at the conventional wisdom that credits government policy and ben bernanke with rescuing americans from another great depression in this he has made a seminal contribution. A new york times bestseller the great deformation is a searing look at washingtons craven response to the recent myriad of financial crises and fiscal cliffs it counters conventional wisdom with an eighty year revisionist history of how the american state especially the federal reserve has fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus monetary . The great deformation is a searing look at washingtons fiscal crisis it counters conventional wisdom with an 80 year revisionist history of how the american state especially the federal . Nothing that anyone representing the government says should be believed without corroboration from a couple of independent sources david stockman makes a good case for this disposition of distrust in the great deformationspecifically stockman casts doubt on nearly everything high government officials said to justify bailing out their cronies to the tune of billions of tax dollars