David Stockman is the author of The Great Deformation: The Corruption of Capitalism in America and the #1 New York Times bestseller The Triumph of Politics. He was elected as a Michigan congressman in 1976 and joined the Reagan White House in 1981. Serving as budget director, he was one of the key architects of the Reagan Revolution. He joined Salomon Brothers in 1985 and later became one of the early partners of the Blackstone Group. During nearly two decades at Blackstone and at a firm he founded, Stockman was a private equity investor. Stockman attended Michigan State University and Harvard Divinity School and went to Washington as a congressional aide in 1970.

Wall Street

Thanks to the Fed’s absurd monetary policy and widespread crony capitalism, the 1 percent has roared back from the recession. David Stockman on how the collapse of auto company Delphi epitomizes the rotten central bank policies that transfer vast windfalls to the richest Americans. An adaptation from his new book, The Great Deformation.