Last night I went over to Roosevelt House to hear a lecture by David Stockman who wrote the current bestseller “The Great Deformation; The Corruption of Capitalism in America.”
Roosevelt House is part of Hunter College. Its official name is Roosevelt House/Public Policy Institute at Hunter College. It is located in twin townhouses built by Sara Delano Roosevelt for herself and her son and only child Franklin, and his wife Eleanor and their children.
![]() | ![]() | Roosevelt House on East 65th Street. | ![]() |
The house was built in 1908 and the Roosevelts (including Mama Sara/the mother-in-law) lived there until Franklin and Eleanor and family moved to the White House in 1933.
Hunter’s president Jennifer Raab, in introducing David Stockman last night, remarked about the amusing irony that much of the early economic policies of FDR in the first days of his Presidency, some of which Stockman takes issue with in his book, were very probably hatched in the very room we were sitting in.
I am familiar with the Stockman book, and you may be too. Although I haven’t read it yet, I will because its subject is, in my opinion, as pertinent to the health of our society as ecology is to our planet.
The book and Mr. Stockman have had a lot of media exposure including many of the financial blogs including the non-mainstream financial media. So I was curious to see what he would talk about.
He’s a very good speech-giver. I hadn’t known that he had been a Congressman (from Michigan) before he joined the Reagan Administration at its beginning. He learned well. He began his adult life in Divinity School. His path that led to politics and finances seems entirely coincidental in the telling. Although in retrospect he must have had a proactive attitude about what interested him. His story on how he became involved with Ronald Reagan and Reagan’s first Director of the OMB is a fascinating political anecdote, and an accidentally rewarding story (and a story of political reward).
His lecture, which constantly refers to different chapters in the book, explain the How, What, When, Where and makes a stab at the Why of the financial mess that we and the rest of the world are now in.
His is not the first of this line. What is different, or most effective about his knowledge and opinion is that he remains a man who understands what it means to You and Me -- what used to be called The Man On the Street. He understands the financial mechanisms. He understands the political process, the Wall Street process, and the ramifications that hit You and Me.
It was an engaging and enlightening talk. He communicates on a learned but nevertheless understandable level. He would have been a very good teacher. Because that is basically what his book is. When pressed for a thought on what he thinks this is all leading to, like a consummate politician, he avoided a direct answer but provided other substantive thoughts to consider.
You can tell I was impressed? As I said, it’s a tome, “The Great Deformation.” But I’m not so afraid of tomes anymore, if I think I’m going to learn something. I have a strong feeling this is one of those books.
I also came away from the evening with a much altered personal opinion of this man whose public image and political/economic history was familiar to me. He’s very reliable in telling us about ourselves, which is ultimately what politics and finance are: us and how we respond to the mechanism of corruption in the human condition. |