David Stockman's Second Act

Reagan's budget guy is charged with fraud. Didn't he practice his fiscal finagling on the master?

Keith Bedford / Reuters

David Stockman, former budget director for former U.S. President Ronald Regan, speaks to members of the media as he leaves his arraignment at Manhattan Federal Court.

If the [Securities and Exchange Commission] had jurisdiction over the White House, we might have all had time for a course in remedial economics at Allenwood Penitentiary.

THAT CHOICE QUOTE IS FROM The Triumph of Politics, David Stockman's 1986 memoir of life in the Reagan Administration. As Ronald Reagan's first Budget Director, Stockman helped produce the huge deficits that followed Reagan's election on the promise of a balanced budget. Then Stockman ratted out his colleagues in a magazine interview and in his book (it seems they had made no serious attempt to cut spending) and moved to Wall...

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