In a world of Democrats, there will be time for them to make profits.

Now is not that time.

And Republicans.

I've abandoned free market principles to save the free market system.

You need a voice of liberty.

Look no further.

You've found it.

Tom Woods.

Beware, citizen.

You are now departing from the world of allowable opinion.

The Tom Woods Show.

Welcome to the Tom Woods Show, episode 406.

Well, I bet you have been in this situation. You've been talking to your friends about the state of the economy and that you're unhappy with the president's performance, and you've had a no-at-all friend who said, no, no, no. Actually, the president's economic performance has been quite good, notwithstanding the crazy criticisms of you incorrigible right-wingers and so on and so forth.

I mean, that's what you'll get. Well, how do you answer some of these claims? And it so happens that today we're going to have David Stockman on the program.

And normally I just talked about what's going on today, but I thought, you know, instead of just doing current events and what he's talking about on his blog, let's ask

David Stockman himself, how he would respond to some of the most common defenses of so-called

Obamonomics. David Stockman served in the U.S. Congress before resigning in 1981 to accept appointment as

director of the Office of Management and Budget under Ronald Reagan, a position he held until

1985. He had a career on Wall Street. He eventually started his own private equity fund company

based in Greenwich, Connecticut.

And I strongly recommend to you his recent book, The Great Deformation, the Corruption of Capitalism in America,

a sweeping revisionist economic history of the 20th century, and the best response to the arguments for the bailouts that I have ever seen.

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