David Stockman vs. Bain Capital
Reeling from business failures, the former budget director lashes out at Bain and loses again.
The overblown title of a new cover story from the moribund Newsweek magazine is “Mitt Romney: The Great Deformer.” The subtitle reads, “Is Romney really a job creator? Ronald Reagan’s budget director, David Stockman, takes a scalpel to the claims.” There you go again, Dave.
Shortly after Christmas 1980, then-congressman Stockman came to my office at the First National Bank of Chicago to recruit me to be the OMB’s chief economist in the new Reagan administration. (I later declined, and Larry Kudlow took the job.) I was surprised at the time that we were accompanied during the interview by a journalist, William Greider. Any young congressman who thought himself worthy of a personal biographer must have deserved what Greider ultimately delivered in The Education of David Stockman — a scandalous revelation of Stockman as deeply disloyal and arrogantly ignorant about economics. (Given that he is a divinity-school dropout, his economic ignorance is perhaps not surprising.)