Talk about a story that seems to have come out of nowhere:
“David A. Stockman, 60, the former Michigan congressman and budget director for President Ronald Reagan, and three others — J. Michael Stepp, the chief financial officer; David R. Cosgrove, the controller; and Paul C. Barnaba, director of purchasing [for Collins & Aikman] — now face charges that include bank fraud and conspiracy and obstruction of justice. All four defendants surrendered yesterday and all pleaded not guilty in Federal District Court in Manhattan. All were released on bond.”
Wow. You remember David Stockman from the 80’s, right? He was Reagan’s OMB Director and the chief advocate of “Trickle Down Economics”; the lame-brain theory that massive tax cuts to the rich will eventually lead to investments, jobs and a better life for those at the bottom of the economic ladder. Also known as “supply-side economics”, or what Poppy Bush affectionately called “Voodoo Economics”, Stockman was the wunderkind of the Reagan administration’s early years, berating the poor, and trying to sell a wary public so much snake oil.
After being dumped by the Reaganauts a few years later (and writing the dishy “The Triumph of Politics: Why the Reagan Revolution Failed”) Stockman entered private life, maintaining his belief that screwing the poor was correct economic theory; it was just all those darned Republican congressmen who wouldn’t cut spending that were at fault. I believe the way he infamously put the entire Washington experience was “a veritable incubator of short cuts, schemes and devices to overcome the truth.”
Deliciously ironic, given the description of Stockman et al by Michael J. Garcia, the United States attorney for the Southern District of New York: “They resorted to lies, tricks and fraud. In the end, Stockman and his co-conspirators were unable to hide the truth.”
[snicker] Better watch out, Mr. Garcia. You may be receiving an email any day now from Fredo Gonzales regarding your “performance initiative.”
Chalk this up as yet another sign that Conservatism and its attendant “Reagan Revolution” is dead.
Cross posted from AoF