Ahh, Milton Friedman. A true prophet. Only problem is this: in order to find out if things are 'safe' in a free market system, people have to get hurt or die.
Friedman is a used douche, and so is anyone who thinks this quack of an economist has any relevance to us today.
I wish there was someone today that could talk like him.... saldy because of the Internet we all have become ADD ridden idiots.. Unable to explain ourselves
I just finished reading Naomi Klein's 'The Shock Doctrine' and started to research Milton Friedman, seeing as he is portrayed as some sort of evil ogre in her book. Low and behold, I've been watching Friedman videos for just over a week now and I completely agree with him. Naomi Klein is full of shit.
@emilylouisechurchos 'The Shock Doctrine' is a well-researched book which provides some excellent examples of how free-market ideas have been abused and misused by various governments around the world. Some might accuse her of cherry-picking, however, as she does not talk about former Soviet Bloc countries in eastern Europe who democratically, peacefully and successfully implemented many of Friedmans ideas.
@emilylouisechurchos Yea, I actually started from the other end. I started watching Milton Friedman when I stumbled upon his documentary: Free to Choose. He's basically shaped all of my political views. Naomi Klein is a fool, and though I've never read her book, her premise is completely ignorant of the facts, and ignorant of the man she's demonizing. Milton Friedman is a genius.
I've said it before, I'll say it again Friedman's job wouldn't be done if he had lived to be 150. The beauty of his genius is that it was accessible to the man on the street, he wasn't a prissy brainiac (in the words of Lisa Simpson). Zombie Friedman for president in 2012!!!!
@brucerby Well stated...he is eerily prophetic when you listen to his examples...world trade in automobile companies is another when Donahue posits that if Chrysler failed, there would only be 2 car companies left which would become a monopoly. Look at how many car choices we have now. This man is one of the most brilliant people ever born. I can't stop listening to him. And he smiles and is warm and friendly the entire time he talks!
I have a gut feeling that in 2012, it's not going to be the ending. But the BEGINNING of another Economic BOOM! only if we get someone in office who follows Friedmans ideas.
Elsoultero, that's laughable. The banking industry is almost as regulated as the oil industry. What caused it was government intervention telling banks to loan people with no credit. And like the great depression was exacerbated by the federal reserve.
Yeah, but just look at the mess we're in now as a consequence of this cynic's legacy. The problem of deregulation is that it let's the crooks and the financial terrorists in.
I wish more talk radio hosts were like Milton. He is so pleasant to listen to as he does not yell or get fired up to falsely emphasize a point. I'm more focused on his content than his voice and volume.
Unless I'm mistaken, since Reagan deregulated the media, it has been dominated by a few big companies that control most of the information we receive. Doesn't this contradict the view that deregulation will protect against monopolies?
@potterfan392 The news is widely produced from hundreds of sources now... deregulation allowed Fox News, talk radio, Air America, and a hundred other sources. We have more TV shows, 24 hour cable, not to mention the internet...
The bottom line is there are those who think (and hope) that govt knows best. That they can take your money and spend it more wisely than you can. This of course represents the liberals and socialists views. Today liberals feel that whenever the govt wastefully spends money, then the answer is just tax rich people more. Nevermind that govt is irresponsible. That is ignored because they need govt to make decisions for them. Govt has too much control and wastes money and we all suffer!
"On November 17, 2004, Kmart announced its intentions to purchase Sears. As a part of the merger, the Kmart Holdings Corporation would change its name to Sears Holdings Corporation. The new corporation announced that it would continue to operate stores under both the Sears and Kmart brands."
@zoulkyud Ok - but the point is that if the free market works - the large companies don't necessarily stay on top. Montgomery Ward was huge, got knocked off and out by JC Penney, and on it goes. If govt. doesn't interfere - new companies can compete with the big dogs of the day.
government regulations are meant to protect established companies from competition, and leave aspiring entrepreneurs out. That is why people that say if Ron Paul is all about freedom, how come he isn't endorsed by corporations, this is why. Ron would mean their control would be over.
@LadyScorpio39 Thanks for the comment but that was sarcasm. We need people like Freidman today. Anyone who uses his logic now are considered heartless or crazy. America is in trouble
Mr Friedman explains things so articulately, that if you don't understand what he's talking about then you should be wearing a helmet. All of Donahue's premises can be lumped into a couple of different beliefs.
1.) People are stupid
and
2.) People can't be trusted
And because of these two logics he somehow turns to govt for safety from the stupid and corrupt ppl around him. And since he is so much smarter than us he has the intellect to choose our masters for us.
@falsehopehero The Republicans were there under bush and thats how we got in to the mess we are in :
Wall street gurus was let loose to do whatever they wanted with people hard earned money. The banks created their own problem with mortgage. Tax was reduced for the rich .Do you really want a continuation of what was there during bush era. The world is changing we have to move away from just having few men contro the economy and the destiny of every one else
@falsehopehero What the HELL does Ron Paul have to do with Milton Friedman? I wish you Ron Paul robots would not ride to coattails of this brilliant economist. Milton Friedman was NOT an END THE FED guy! OK? He was a great economist. Ron Paul denounces Milton Friedman's view of the FED. Milton Friedman, Like Herman Cain, thought Alan Greenspan did a great job while Ron Paul wanted Alan Greenspan fired! So do your homework and stop embarrassing yourselves!
@MrFreeLibertarian Hermaan Cain also supported TARP. Milton Friedman actually opposed the existence of the Federal Reserve. He said he's first choice would be to "abolish the Federal Reserve." See this video where he says it: Youtube "Milton Friedman - Abolish the FED!"
So, I think you have not done your homework, and you have ended up embarrassing yourself.
@RustyL121 I watched that on he does say that, so I stand corrected, He must have changed his opinion shortly before he died because he wasn't saying that before. Check out: "Milton Friedman: The Purpose of the Federal Reserve", and "the Gold Standard,". In both videos he talks about what the Fed should have done to avert the Great Depression but never mentions it should be abolished. These are Friedman's own videos. For most of his career, Friedman was not advocating to abolish the Fed.
Friedman is definitely a genius. However, he's incorrect about larger companies NOT taking over smaller companies when the government didn't step in. The railroad and coal monopolies of the late 19th century were created in EXACTLY that way, until Teddy Roosevelt stepped in and dissolved them. I'm not knocking Friedman, but he is historically incorrect in that comment. 9:50
@straightfacedfsu Thats actually not true. Those Captains of Industry got as big and as powerful as they did because of government. Laws were passed to protect them and increase the barriers of entry to make it so that others could not easily compete.
@SquashDog01 So you're saying that T. Roosevelt DID NOT help to dissolve the railroad and coal monopolies of the 19th century? Search: Preventing J.P. Morgan's railroad monopoly. That monopoly occurred during a time where businesses were regulated less than today. T.R., a republican, felt that unregulated corporate monopolies had an unfair influence on politicians. Are you saying there were MORE regulations on business in 1907? I don't think so. Maybe you didn't understand what I was saying.
That was brutal to watch. I don't particularly agree with all or even most of what Friedman expouses, but his utter destruction and effortless obliteration of Donahue here was profound. That doesn't make him right. But in order to provide a proper balance to the issue, you're going to have to find someone more powerful than Donahue to take on this monster.
if everyone knows Mr. Friedman as the greatest economist this whole time. Why is it that till this day the issues he said would happen actually fkcen happen?!
If old Miltie thinks that defending 'liberty' against other human beings, other spiritual humans like him for God sake, is the way then he's the one with the problem. Alas.
I wonder how many notice that this man is so predictive and far-sighted on this tape he mentions, "The way things are going, Kmart will end up buying Sears..." and in fact, in November, 2004, 25 years after this was broadcast, Kmart BOUGHT Sears.
Milton Friedman was truly the greatest economist of the last 50 years.
@brucerby Bullshit! Old Miltie hated, hated, other human beings around him, who are just as spiritual as him. It's called 'egoism' pal! It's a dark ideology!
@DAVEDSIG Milton seems like a sensible old person. I think your anger at his ideas is spilling over to your anger at him personally. Remember, debate the idea, not the person.
wow a whole buck. now in miami its almost 6 a gallon! we depend on foreign oil, when we, in the US have a good 1/3 of the worlds oil under our feet in the form of shale in colorado. and the price went up when we recently got involved with libya, when we get NONE from there!
Classic example of a liberal operating on an immature, idealistic, emotionally based paradigm being completely overshadowed by the intellect of a clear thinking libertarian! I *love* it
of course it's not easy nor perfect; nothing in life is
however, one of the reasons for unemployment insurance is for this exact scenario
it is not a replacement for employment but it may help in the interim along with a severance package and what not until the person returns to the market
the important thing is that there is a market to return to even if one has to reengage at a lower wage then when one left the market
@2dum2getsocialism I agree but I think that those workers that have been contributing to society/economy should not be punished for the corporation's flaws...they have real children and families to feed. Unlike the fat cats at the top they don't have the same resources or assets to rely on, so to pretend its an easy transition is undermining. Let the companies fail but the citizens should be shown some support from the economy they have supported for so long! Do you think its too much to ask?
So if big companies fail...like they should...who is looking after the workers who did their job well. Is there no consideration for the citizens of this country!? Why do we say that welfare is disgusting and socialist and yet we give welfare to huge corporations, that have not been doing a good job!?
@810connie if workers do their jobs well then they will be hired by someone else, will go into business for themselves, or will find something else to do; too big to fail inhibits free markets from providing one of its most essential functions
i agree with you about the cozy relationship between corporations and government: this is crony capitalism and it is the antithesis of a free market (the best protection against big business is a competing big business)
Listen to this part of the interview carefully - Milton Friedman is, slyly, pulling the wool over your eyes.
He's saying that a cheap car is more important than a "safe" car - "by making them more expensive, they make it to keep an old car on the road longer" o.O - as an excuse to remove governmental safety regulations. Because the "free market" will make them safe.
The car companies operated THAT WAY in the 50's and 60's. Did we get safe, fuel efficent cars? NO!
I like friedman, but I wish he would mention the fact that in the 1800s and early 1900s America was a protectionist nation. Look up the american system of economics. He is also a fan of the FRB, which we really shouldn't have.
@christo930 political protectionism and free markets happened simultaneously. there was some political BS in there, but free economics happened all the same all throughout. we were protectionist, but markets operated openly.
@onojmai That is why I believe in tariffs. Americans have a hard time competing with foreign currencies and foreign manufacturers that are allowed to pollute. It's like going to boxing match where one guy is following the rules and the other guy is kicking, wearing head gear, rabbit punching, hitting on the break, low blows etc. Managed trade, like NAFTA is even worse.
you would think donahue would learn some thing from this man, but obviously he is so indoctrinated in his agenda it's pathetic. nothing ever seems to change. people are painfully ignorant.
@truthslap Maybe you mean far left thinkers? There are plenty of left leaning voices on network television. Fox is a cable channel. Not the same as networks. I hate to even mention the View, but there are two extreme leftists on that show. While they are most certainly not intellectuals, there voice is heard daily.
Can you imagine seeing this on daytime TV today? The devolution of programming content is astounding. I am 30 yrs old and I am amazed this used to be on TV
@Xantheus07 granted the govt. is not perfect, but it does value it's greatest resource,....... the people, more than corporations. in a "perfect" world Freidman's theory would work, but it fails to take in account human nature.............greed.
@blakdog90 government vaules? wtf; get your head out of the unicorn fields; one of uncle miltie's greatest points is that greed is universal and capitalism provides a way to diffuse the concentration and consolidation of greed
nice job of completely misunderstanding friedman's brilliance of concise and precise speaking
@billyboy630 Agreed Donahue may be a leftist, but he is at least a respectful leftist that let his guests voice their argument and state their opinions, instead of arguing with them after every comment. Or at least he was back then, I don't think I can say the same thing about him now.
@thebluemaggot . Yes I dont think he is the same thoughful man today I have only seen him a few times on some talk shows though. Unfortuantely that is the fullfillment of leftism its all emotional based, so when facts overwhelm their emotions they just up the rhetoric, thats what we are seeing now. It's is no different then a child throwing a tantrum. You can see in the interview Donahue is impressed by Friedman's knowledge of facts verse emotion but Donahue at the end is left with his emotions
@billyboy630 Emotions aren't a bad thing to use in a debate as long as they are balanced by logic. After all emotion is the corner stone of Ambition, without ambition we'd all still be flinging our feces at each other. But without Logic emotional debates simply turn to wasteful rhetoric.
@billyboy630 I think perhaps this perspective you hold comes from a place of emotion itself. To see the world in fundamentally decisive terms like "leftism" is, in my opinion, to miss the big picture and the full scope of what is going on. The issues are complicated and we all loose focus on them when we cluster important information into a group of people that we disagree with and so ignore.
@DreamINfiniteMoment The prespective I have comes from facts, Donahue is a leftist, yes we use labels sometimes. He believes the world is unfair and Govt should balance out mans efforts call it what you want. I dont just disagree with him and I certainly don't ignore him nor did Friedman he is on his show thoughfully answering his questions. You can see Donahue cant dispute his facts but he still has a hard time letting go of his euphoric idea of a world that Govt makes fair.
@brad238899 The Federal Reserve has in fact kept inflation quite low, and $1 in 1979 is worth $2.96 in 2010, so the price of gas has kept somewhat stable. Also 1979 was the year when the strong inflation that started in 1972 was reined in through hard Fed policies. Look at other countries, even in the developed world, the US has had a history of very stable prices.
@pithaya The dollar has lost 97% of its value since the Federal Reserve came into being in the early 1900s. If you call that low then there is no point in arguing. Look at their mission statement. They have failed most of it. And there is no point in comparing fiat currencies against other fiat currencies. They're all doomed by the shear fact they can be manipulated by politicians.
Inflation is the cause not the symptom. The Fed's primary job is to "keep prices stable." As a result of declining prices, due to increasing efficiency in production, the Fed prints money in order to keep prices relatively stable. This preceded the crash in 1929 and kick-started the housing boom and inevitable bust after the dot com bubble. By artificially keeping prices stable, it misallocates resources that inevitably leads to a market correction. The only question is the extent & duration.
Actually, inflation isnt as bad as you think. It may take more dollars to buy a gallon of gas than it did 10, 20, or 30 years ago, but it takes LESS man-hours (hours of labor) to buy a gallon of gas. You have to work less to get the same amount of gas. And because all money really is is how we measure the value of our time, the price of gas has gone DOWN.
@apnwahoowa In 1977 minimum wage was $2.00 an hour and gas was 50cents a gallon. Now minimum wage is around $8.00 and gas is well over $3 a gallon. Gas has definetely gone up in those time lines.
@apnwahoowa No, I read it correctly I believe, and my response to you is that it generally took a worker less hours of his time, or a less percentage of his weekly check to buy a gallon of gas in 1977 than it does now. Inflation adjusted, gas has gone up about 50 to 70% since 1977. In 77 a person making $2 an hour had to work 15 minutes for a gallon of gas. Today a person making $8 an hour needs to work almost a half hour for that same gallon of gas. Gas is up, not down, since 1977.
@1971SuperLead What about that fact surprises you? Since 1977 a new market of almost 2 BILLION people has emerged wanting reliable energy-- China is now the greatest consumer of energy in the world, and an increase in gas prices is somehow unforseen?
@jinheneamerican, I was never surprised by increased oil prices. I was just stating thatthere has been an increase in oil prices from 1977 til now even when inflation adjusted.
The question we fail to ask ourselves in our frenzied debates today: "as compared with WHAT?"
apotherix 1 week ago
Every elitist thinks that without government, chaos would ensue. They have it backwards though. Chaos is caused by governments.
ItsAllAboutGuitar 1 week ago
@ItsAllAboutGuitar because liberals believe that people not in government are too stupid to figure things out on their own.
apotherix 1 week ago
I hear this is going to be the topic on the next Maury
polytide51 1 week ago
IRONICALLY , SEARS DID BUY KMART AND THEY BOTH STRUGGLE IN TODAY'S COMPETITIVE MARKET PLACE!
skinnydude911 2 weeks ago
Ahh, Milton Friedman. A true prophet. Only problem is this: in order to find out if things are 'safe' in a free market system, people have to get hurt or die.
Friedman is a used douche, and so is anyone who thinks this quack of an economist has any relevance to us today.
agentssith 2 weeks ago
Lol Kmart DID buy Sears! Hahahaha
moorepower310 4 weeks ago
the holocost never happened
bootiack 4 weeks ago in playlist Milton Friedman on Donahue 1979
Economies are so dynamic with variables affecting other variables affecting even more variables. Let the ripples play out their due effect.
runawaymotor 1 month ago
A president Paul would close the department of energy
mike6459 1 month ago in playlist Milton Friedman on Donahue 1979
Talk shows have really gone downhill.
tynansylvester 1 month ago
I wish there was someone today that could talk like him.... saldy because of the Internet we all have become ADD ridden idiots.. Unable to explain ourselves
sasa1212332 1 month ago
more than a dollar a gallon? how about 3.52 last week...
apknugget17 1 month ago
@apknugget17 You should try paying $1.50c per litre 4.5 litres to an american Gallon that equals over 6$ per gallon in Australia!!!
2wheels88 1 month ago
@2wheels88 and it very well may be here soon as well friend...
apknugget17 4 weeks ago
This has been flagged as spam show
@2wheels88 and it very well may be here soon as well friend...
apknugget17 4 weeks ago
Donahue sounds like a brain washed socialist.
2wheels88 1 month ago
@2wheels88 if it sounds like a duck?
ajgolfer1 1 month ago
LOL "Can Sears buy K-Mart?"
baller84milw 1 month ago
@baller84milw proves how these socialist softies are completely crazy about their obsession with 'monopolies'
DREwestcoast 1 month ago
I just finished reading Naomi Klein's 'The Shock Doctrine' and started to research Milton Friedman, seeing as he is portrayed as some sort of evil ogre in her book. Low and behold, I've been watching Friedman videos for just over a week now and I completely agree with him. Naomi Klein is full of shit.
emilylouisechurchos 1 month ago 9
@emilylouisechurchos 'The Shock Doctrine' is a well-researched book which provides some excellent examples of how free-market ideas have been abused and misused by various governments around the world. Some might accuse her of cherry-picking, however, as she does not talk about former Soviet Bloc countries in eastern Europe who democratically, peacefully and successfully implemented many of Friedmans ideas.
studentofsmith 3 weeks ago
@emilylouisechurchos Yea, I actually started from the other end. I started watching Milton Friedman when I stumbled upon his documentary: Free to Choose. He's basically shaped all of my political views. Naomi Klein is a fool, and though I've never read her book, her premise is completely ignorant of the facts, and ignorant of the man she's demonizing. Milton Friedman is a genius.
Necr0forte 2 weeks ago
In 1979, VW built the diesel Rabbit I drive today. 45mpg. In Pennsylvania.
No wonder Chrysler needed a bailout.
stevemcgee99 2 months ago
"Obviously not" LOL I could listen to him all day long.
rax989 2 months ago
home come i dont see shows like this anymore?
sniped101 2 months ago
@sniped101 The internet is where to find stuff like this now
kardentyrell 1 month ago
I've said it before, I'll say it again Friedman's job wouldn't be done if he had lived to be 150. The beauty of his genius is that it was accessible to the man on the street, he wasn't a prissy brainiac (in the words of Lisa Simpson). Zombie Friedman for president in 2012!!!!
samsamm77 3 months ago
@brucerby Well stated...he is eerily prophetic when you listen to his examples...world trade in automobile companies is another when Donahue posits that if Chrysler failed, there would only be 2 car companies left which would become a monopoly. Look at how many car choices we have now. This man is one of the most brilliant people ever born. I can't stop listening to him. And he smiles and is warm and friendly the entire time he talks!
Betcsbirds 3 months ago
Appalled at $1 per gallon??!!!
arizonatsunami 3 months ago 3
I have a gut feeling that in 2012, it's not going to be the ending. But the BEGINNING of another Economic BOOM! only if we get someone in office who follows Friedmans ideas.
tehatemachine 3 months ago
mmmmmm, a dollar a gallon sounds delicious
Cinnamonbuns13 3 months ago
It's amazing to see him just calmly grin as he is blowing someone's ideas out of the water.
navsquid32 4 months ago
Elsoultero, that's laughable. The banking industry is almost as regulated as the oil industry. What caused it was government intervention telling banks to loan people with no credit. And like the great depression was exacerbated by the federal reserve.
mbuel 4 months ago 3
Yeah, but just look at the mess we're in now as a consequence of this cynic's legacy. The problem of deregulation is that it let's the crooks and the financial terrorists in.
elsoultero 4 months ago
Donahue just thinks mankind is generally evil
Shifty1940 4 months ago
I wish more talk radio hosts were like Milton. He is so pleasant to listen to as he does not yell or get fired up to falsely emphasize a point. I'm more focused on his content than his voice and volume.
tylerjamesstephens 4 months ago
Unless I'm mistaken, since Reagan deregulated the media, it has been dominated by a few big companies that control most of the information we receive. Doesn't this contradict the view that deregulation will protect against monopolies?
potterfan392 5 months ago
@potterfan392 ever heard of the FCC?
dc202009 4 months ago 2
@potterfan392 The news is widely produced from hundreds of sources now... deregulation allowed Fox News, talk radio, Air America, and a hundred other sources. We have more TV shows, 24 hour cable, not to mention the internet...
darwinkilledgod 4 months ago
straight up pimpin with that jacket
thelateoscar 5 months ago in playlist More videos from brittle13
The bottom line is there are those who think (and hope) that govt knows best. That they can take your money and spend it more wisely than you can. This of course represents the liberals and socialists views. Today liberals feel that whenever the govt wastefully spends money, then the answer is just tax rich people more. Nevermind that govt is irresponsible. That is ignored because they need govt to make decisions for them. Govt has too much control and wastes money and we all suffer!
aSingleDallasGuy 5 months ago
I respect Donohue here in that although he disagrees, he actually listens to Friedman.
mjn76 5 months ago
Donahue is such a fantastic interviewer, you don't get that kind of integrity these days
92spectrum 5 months ago 2
@92spectrum I love the questions and challenges Donahue gives in interviews
kardentyrell 5 months ago 2
Nice @9:12 - Can Sears buy K-Mart too?
How times change.
erikig 6 months ago in playlist Milton Friedman on Donahue 1979
sears bought kmart not kmart buying sears. Sears holding owns them bruce.
awishtofall 6 months ago
@awishtofall
Wrong.
"On November 17, 2004, Kmart announced its intentions to purchase Sears. As a part of the merger, the Kmart Holdings Corporation would change its name to Sears Holdings Corporation. The new corporation announced that it would continue to operate stores under both the Sears and Kmart brands."
zoulkyud 6 months ago
@zoulkyud Ok - but the point is that if the free market works - the large companies don't necessarily stay on top. Montgomery Ward was huge, got knocked off and out by JC Penney, and on it goes. If govt. doesn't interfere - new companies can compete with the big dogs of the day.
dccoop2009 6 months ago
@dccoop2009
No I was pointing out awishtofall was wrong. Kmart changed its name to sears. Kmart did buy sears.
zoulkyud 6 months ago
I know Phil has his critics but he really did let the guest speak.I wish Chris Matthews,Bill O'Reilly would watch and learn from this.
nphanlon1973 6 months ago
@nphanlon1973
But how can you have a completely one-sided debate and always be right when you let the other side speak?
jwihde 6 months ago
1979: We have to keep Chrysler going. 2009: We have to keep GM going. 2039: We have to keep Toyota going.
Is it just me or have people forgotten the phrase, "Those who do not learn from history are doomed to repeat it."
ViperAce89 6 months ago
i miss donahue!
back in those days talk show hosts were respectful to there guests, and the topics were of interest.
now days, all we get is crazy people whining about there problems, looking for attention.
LadyScorpio39 6 months ago 3
Milton should state that the concentration camps of Nazi Germany would have cleaned themselves up by themselves.
PikPobedy 6 months ago
@PikPobedy The Nazi concentration camp were a government run system not a free market system.
Obamination2001 6 months ago 21
government regulations are meant to protect established companies from competition, and leave aspiring entrepreneurs out. That is why people that say if Ron Paul is all about freedom, how come he isn't endorsed by corporations, this is why. Ron would mean their control would be over.
carpetburn23 7 months ago
Newt in 2012!
firthoffifthtom 7 months ago
Got to hand it to Donahue for being respectful to Friedman he knew he was in the presence of greatness
clemmertime23 7 months ago
We need a hundred Milton Freidmans now
amitp2 7 months ago
Oh my god what would we do if Sears bought Kmart
sintruder 7 months ago
@sintruder
they did, in 2004? milton made quite a prediction!
LadyScorpio39 6 months ago
@LadyScorpio39 Thanks for the comment but that was sarcasm. We need people like Freidman today. Anyone who uses his logic now are considered heartless or crazy. America is in trouble
sintruder 6 months ago
@LadyScorpio39
ohhh. LOL sorry. i didnt get the sarcasm....LOL
LadyScorpio39 6 months ago
Donahue is such a dumb ass
tjohn1986 7 months ago
Mr Friedman explains things so articulately, that if you don't understand what he's talking about then you should be wearing a helmet. All of Donahue's premises can be lumped into a couple of different beliefs.
1.) People are stupid
and
2.) People can't be trusted
And because of these two logics he somehow turns to govt for safety from the stupid and corrupt ppl around him. And since he is so much smarter than us he has the intellect to choose our masters for us.
EchoMike03 7 months ago
Ron Paul 2012!!! Restore the Republic!
falsehopehero 7 months ago 70
@falsehopehero The Republicans were there under bush and thats how we got in to the mess we are in :
Wall street gurus was let loose to do whatever they wanted with people hard earned money. The banks created their own problem with mortgage. Tax was reduced for the rich .Do you really want a continuation of what was there during bush era. The world is changing we have to move away from just having few men contro the economy and the destiny of every one else
MrOneBlackMan 5 months ago
@MrOneBlackMan It was the federal reserve that blew up the housing bubble, not free markets.
UponInfinity 5 months ago
@falsehopehero What the HELL does Ron Paul have to do with Milton Friedman? I wish you Ron Paul robots would not ride to coattails of this brilliant economist. Milton Friedman was NOT an END THE FED guy! OK? He was a great economist. Ron Paul denounces Milton Friedman's view of the FED. Milton Friedman, Like Herman Cain, thought Alan Greenspan did a great job while Ron Paul wanted Alan Greenspan fired! So do your homework and stop embarrassing yourselves!
MrFreeLibertarian 3 months ago
@MrFreeLibertarian Hermaan Cain also supported TARP. Milton Friedman actually opposed the existence of the Federal Reserve. He said he's first choice would be to "abolish the Federal Reserve." See this video where he says it: Youtube "Milton Friedman - Abolish the FED!"
So, I think you have not done your homework, and you have ended up embarrassing yourself.
RustyL121 3 months ago
Comment removed
MrFreeLibertarian 3 months ago
@RustyL121 I watched that on he does say that, so I stand corrected, He must have changed his opinion shortly before he died because he wasn't saying that before. Check out: "Milton Friedman: The Purpose of the Federal Reserve", and "the Gold Standard,". In both videos he talks about what the Fed should have done to avert the Great Depression but never mentions it should be abolished. These are Friedman's own videos. For most of his career, Friedman was not advocating to abolish the Fed.
MrFreeLibertarian 3 months ago
@MrFreeLibertarian Yeah, he changed his mind later on in life.
RustyL121 3 months ago
@RustyL121 Thanks for the info.
MrFreeLibertarian 3 months ago
Donahue isn't getting shit on this guy. Everyone should be required to read up on this guy.
unclejoe1917 7 months ago
If the Republican Party had more people like Milton Friedman today, then they would truly be an anti Big Government party.
FRSFreeStateNow 7 months ago
My question is: Where are Milton and Ayn Rand when we need them? I say we raise them from the dead and vote Friedman/Rand in 2012 ;)
pittland44 7 months ago
Now the Dept. of "energy" has about 120,000 employees and a budget of $24,000,000...and has still produced bupkus...
TNCelt1 7 months ago 2
Friedman is definitely a genius. However, he's incorrect about larger companies NOT taking over smaller companies when the government didn't step in. The railroad and coal monopolies of the late 19th century were created in EXACTLY that way, until Teddy Roosevelt stepped in and dissolved them. I'm not knocking Friedman, but he is historically incorrect in that comment. 9:50
straightfacedfsu 8 months ago
@straightfacedfsu Thats actually not true. Those Captains of Industry got as big and as powerful as they did because of government. Laws were passed to protect them and increase the barriers of entry to make it so that others could not easily compete.
He was right historically, and you are not.
SquashDog01 7 months ago
@SquashDog01 So you're saying that T. Roosevelt DID NOT help to dissolve the railroad and coal monopolies of the 19th century? Search: Preventing J.P. Morgan's railroad monopoly. That monopoly occurred during a time where businesses were regulated less than today. T.R., a republican, felt that unregulated corporate monopolies had an unfair influence on politicians. Are you saying there were MORE regulations on business in 1907? I don't think so. Maybe you didn't understand what I was saying.
straightfacedfsu 7 months ago
@straightfacedfsu Monopolies only happen when people are controled. Only a government can create a monopoly.
wowzinger 7 months ago
Kmart did buy sears eventually. iRONIC
Somair6469 8 months ago
That was brutal to watch. I don't particularly agree with all or even most of what Friedman expouses, but his utter destruction and effortless obliteration of Donahue here was profound. That doesn't make him right. But in order to provide a proper balance to the issue, you're going to have to find someone more powerful than Donahue to take on this monster.
TheGrandmaster1 8 months ago
$1 in 1979 is around 3.75 or 4.00 today.
ORACLE063 8 months ago
if everyone knows Mr. Friedman as the greatest economist this whole time. Why is it that till this day the issues he said would happen actually fkcen happen?!
Gold3nStat3KiD 8 months ago
If old Miltie thinks that defending 'liberty' against other human beings, other spiritual humans like him for God sake, is the way then he's the one with the problem. Alas.
DAVEDSIG 8 months ago
There is 20,000 people working in the department of energy.......and all of them are making trouble.... LOL
mixmastermeeks 8 months ago
I wonder how many notice that this man is so predictive and far-sighted on this tape he mentions, "The way things are going, Kmart will end up buying Sears..." and in fact, in November, 2004, 25 years after this was broadcast, Kmart BOUGHT Sears.
Milton Friedman was truly the greatest economist of the last 50 years.
brucerby 8 months ago 62
@brucerby Bullshit! Old Miltie hated, hated, other human beings around him, who are just as spiritual as him. It's called 'egoism' pal! It's a dark ideology!
DAVEDSIG 8 months ago
@DAVEDSIG Milton seems like a sensible old person. I think your anger at his ideas is spilling over to your anger at him personally. Remember, debate the idea, not the person.
whitesox889 8 months ago
@brucerby I noticed it and scrolled down to post it until I saw you already had. And, I would say the last 200 years. Friedman was a genius.
LynchColl94 7 months ago
@brucerby
He was no seer but had a natural understanding of the underlying laws of society and economics and was great at seeing other peoples flawed logic.
AbstractDissonance 7 months ago
@brucerby Greatest PHILOSOPHER of the last 50 years.
wcprocom 4 months ago
@brucerby Donahue was the one that brought up the possibility of Kmart buying Sears.
jasonwoody 3 months ago
Amazing to watch this. Recorded 30 years ago, it sounds like it was yesterday. Truly genius.
smottura 9 months ago 3
@smottura Are you kidding me??? He's an egoistic freak show! He's not genuis, he's a fart!
DAVEDSIG 8 months ago
Freedom is one of those timeless things. It will always be relevant as long as humans exist.
aznsbd 8 months ago
wow a whole buck. now in miami its almost 6 a gallon! we depend on foreign oil, when we, in the US have a good 1/3 of the worlds oil under our feet in the form of shale in colorado. and the price went up when we recently got involved with libya, when we get NONE from there!
guineapiggyman 9 months ago
Classic example of a liberal operating on an immature, idealistic, emotionally based paradigm being completely overshadowed by the intellect of a clear thinking libertarian! I *love* it
Valentinegirl73 9 months ago
$3 a gallon...psht, id die for that
cubs5ap 9 months ago
Donahue really makes himself look stupid in this...
chaosrocks08 9 months ago
This feels like a university lecture ... and bless Donahue ... he is out of his depth!
lector0003 9 months ago
Friedman was the tits!!
ftwmiller 9 months ago
Listening to Friedman speak makes me smarter.
xbigd1987x 10 months ago 3
of course it's not easy nor perfect; nothing in life is
however, one of the reasons for unemployment insurance is for this exact scenario
it is not a replacement for employment but it may help in the interim along with a severance package and what not until the person returns to the market
the important thing is that there is a market to return to even if one has to reengage at a lower wage then when one left the market
2dum2getsocialism 10 months ago
@2dum2getsocialism I agree but I think that those workers that have been contributing to society/economy should not be punished for the corporation's flaws...they have real children and families to feed. Unlike the fat cats at the top they don't have the same resources or assets to rely on, so to pretend its an easy transition is undermining. Let the companies fail but the citizens should be shown some support from the economy they have supported for so long! Do you think its too much to ask?
810connie 10 months ago
So if big companies fail...like they should...who is looking after the workers who did their job well. Is there no consideration for the citizens of this country!? Why do we say that welfare is disgusting and socialist and yet we give welfare to huge corporations, that have not been doing a good job!?
810connie 10 months ago
@810connie if workers do their jobs well then they will be hired by someone else, will go into business for themselves, or will find something else to do; too big to fail inhibits free markets from providing one of its most essential functions
i agree with you about the cozy relationship between corporations and government: this is crony capitalism and it is the antithesis of a free market (the best protection against big business is a competing big business)
2dum2getsocialism 10 months ago
Sears buy K-Mart, wow this entire video from the Chrysler bailout to that it's like nothing has changed at all
Jebusrulez 10 months ago
This has been flagged as spam show
Friedman was brilliant. He even predicts K-Mart buying Sears. Just before the 10 minute mark in the video.
thestatmaster 10 months ago
Friedman was brilliant. He even predicts K-Mart buying Sears. Just before the 10 minute mark in the video.
thestatmaster 10 months ago
Substitute Banks for Chrysler and all of this becomes much more current. MF is a genius. See comments 10 minutes in.
sloan1sh 10 months ago
This has been flagged as spam show
Ever since we rescinded the Glass-Steagall Act, "The Biggies" HAVE "eaten up the small ones!"
colyo222 10 months ago
Ever since we rescinded the Glass-Steagall Act, "The Biggies" HAVE "eaten up the small ones"!!
colyo222 10 months ago
It's almost refreshing to listen to someone who speaks in billions of dollars. It's a shame what this country has become....
asleeperj 10 months ago
He then talks about the 1976 oil crisis - saying that the lack of free market competition, and American taxes, kept the oil price high.
He then notes that Canada had "cheap oil".
OF COURSE CANADA HAD CHEAP OIL - THE OIL "CRISIS" WAS A **POLITICAL** EMBARGO OF ARABIAN OIL AIMED AGAINST AMERICA FOR SUPPORTING ISREAL.
Yes - look it up. It was a POLITICAL agenda that caused the oil crisis - the "lack of free market'" line is BULLS&*!.
But to Friedman, and his listeners, it's true.
dinoSnake1 11 months ago
Listen to this part of the interview carefully - Milton Friedman is, slyly, pulling the wool over your eyes.
He's saying that a cheap car is more important than a "safe" car - "by making them more expensive, they make it to keep an old car on the road longer" o.O - as an excuse to remove governmental safety regulations. Because the "free market" will make them safe.
The car companies operated THAT WAY in the 50's and 60's. Did we get safe, fuel efficent cars? NO!
More coming..
dinoSnake1 11 months ago
Amazing how we are dealing with these same issues today,
NewsDenizen 11 months ago
"Can Sears buy K-mart?"
"OF COURSE!"
I laughed out loud on that part... because, now, they have!
WNxShisno 11 months ago
Sears and KMart did end up merging. That is pretty funny. Friedman quipping about $40 a barrell taxpayer funded-produced oil is funny too.
SelfAccountable 11 months ago
I like friedman, but I wish he would mention the fact that in the 1800s and early 1900s America was a protectionist nation. Look up the american system of economics. He is also a fan of the FRB, which we really shouldn't have.
christo930 11 months ago
@christo930 political protectionism and free markets happened simultaneously. there was some political BS in there, but free economics happened all the same all throughout. we were protectionist, but markets operated openly.
onojmai 11 months ago
@onojmai That is why I believe in tariffs. Americans have a hard time competing with foreign currencies and foreign manufacturers that are allowed to pollute. It's like going to boxing match where one guy is following the rules and the other guy is kicking, wearing head gear, rabbit punching, hitting on the break, low blows etc. Managed trade, like NAFTA is even worse.
christo930 11 months ago 3
I absolutely love to listening to this ma talk!
dkswede 11 months ago
this is like watching a monkey play with a computer
hoosierbud 11 months ago
Chrysler bailout, Sears buying K-mart, oil prices. Very timely! :-)
bearcat648 11 months ago
I love how Milton stops Donahue when he is making fact-less statements.
Milton - 100
Donahue - ZERO
tonytonyistony 11 months ago
Is Donahue on coke? :-/
tonytonyistony 11 months ago
@tonytonyistony naw, he's just stupid and uninformed...
mta415 11 months ago
you would think donahue would learn some thing from this man, but obviously he is so indoctrinated in his agenda it's pathetic. nothing ever seems to change. people are painfully ignorant.
jetszombie64 1 year ago
More than a dollar a gallon... hahahaha if they only knew!
devinjroach 1 year ago 2
He brings up Toyota he just destroyed himself he he? Look at: "Why the world isn't flat" With prof Chang
Auraruth8 1 year ago
@truthslap also, try watching Meet The Press, many more left speakers there than right.
pantherfan3763 1 year ago
@truthslap Maybe you mean far left thinkers? There are plenty of left leaning voices on network television. Fox is a cable channel. Not the same as networks. I hate to even mention the View, but there are two extreme leftists on that show. While they are most certainly not intellectuals, there voice is heard daily.
pantherfan3763 1 year ago
@LordSparkisvati Yeah that's basically what I said. Be ready to live in the United Soviet Republic of America
Glenn666 1 year ago
Milton Friedman is the best!
EltonJThe 1 year ago
Capitalism is just the game of musical chairs and the invisible hand is the one that starts and stops the music.
intellectable 1 year ago
@intellectable No, that is facism, socialism and communism. Capitalism is the Liberty to be who you are, not who society makes you.
Glenn666 1 year ago
$1 a gallon! That's rediculous!
EnigmaticWolf1 1 year ago
K-Mart is slaying it X-D
lilbromarky1 1 year ago
Can you imagine seeing this on daytime TV today? The devolution of programming content is astounding. I am 30 yrs old and I am amazed this used to be on TV
nichoju80 1 year ago 2
this is a matter of capitalism v/s morality.
friedman wants a world where corporations are bigger than the govt. ..........that's not going to happen.
blakdog90 1 year ago
@blakdog90 You know whats good about Corporations they compete against each other tell me who does Government compete against?
Xantheus07 9 months ago
@Xantheus07 granted the govt. is not perfect, but it does value it's greatest resource,....... the people, more than corporations. in a "perfect" world Freidman's theory would work, but it fails to take in account human nature.............greed.
blakdog90 9 months ago
@blakdog90 Wow you think Friedman FAILS to take into account greed? Thats just amazing.
Xantheus07 9 months ago
@blakdog90 government vaules? wtf; get your head out of the unicorn fields; one of uncle miltie's greatest points is that greed is universal and capitalism provides a way to diffuse the concentration and consolidation of greed
nice job of completely misunderstanding friedman's brilliance of concise and precise speaking
2dum2getsocialism 9 months ago
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blakdog90 1 year ago
Donahue is a typical emotional thinking leftist, but what a gentleman. This is such a great dialogue
billyboy630 1 year ago
@billyboy630 Agreed Donahue may be a leftist, but he is at least a respectful leftist that let his guests voice their argument and state their opinions, instead of arguing with them after every comment. Or at least he was back then, I don't think I can say the same thing about him now.
thebluemaggot 1 year ago
@thebluemaggot . Yes I dont think he is the same thoughful man today I have only seen him a few times on some talk shows though. Unfortuantely that is the fullfillment of leftism its all emotional based, so when facts overwhelm their emotions they just up the rhetoric, thats what we are seeing now. It's is no different then a child throwing a tantrum. You can see in the interview Donahue is impressed by Friedman's knowledge of facts verse emotion but Donahue at the end is left with his emotions
billyboy630 1 year ago
@billyboy630 Emotions aren't a bad thing to use in a debate as long as they are balanced by logic. After all emotion is the corner stone of Ambition, without ambition we'd all still be flinging our feces at each other. But without Logic emotional debates simply turn to wasteful rhetoric.
thebluemaggot 1 year ago
@billyboy630 I think perhaps this perspective you hold comes from a place of emotion itself. To see the world in fundamentally decisive terms like "leftism" is, in my opinion, to miss the big picture and the full scope of what is going on. The issues are complicated and we all loose focus on them when we cluster important information into a group of people that we disagree with and so ignore.
DreamINfiniteMoment 1 year ago
@DreamINfiniteMoment The prespective I have comes from facts, Donahue is a leftist, yes we use labels sometimes. He believes the world is unfair and Govt should balance out mans efforts call it what you want. I dont just disagree with him and I certainly don't ignore him nor did Friedman he is on his show thoughfully answering his questions. You can see Donahue cant dispute his facts but he still has a hard time letting go of his euphoric idea of a world that Govt makes fair.
billyboy630 1 year ago
Sears buys Kmart. Wow that has happen! :)
Mackingster 1 year ago
$1 a gallon. Haha. The FED has really kicked ass controlling inflation(it's primary job) huh?
brad238899 1 year ago 42
@brad238899 In 1964 it was 25 cents a gallon.
ny1t 11 months ago
@brad238899 The Federal Reserve has in fact kept inflation quite low, and $1 in 1979 is worth $2.96 in 2010, so the price of gas has kept somewhat stable. Also 1979 was the year when the strong inflation that started in 1972 was reined in through hard Fed policies. Look at other countries, even in the developed world, the US has had a history of very stable prices.
pithaya 11 months ago
@pithaya The dollar has lost 97% of its value since the Federal Reserve came into being in the early 1900s. If you call that low then there is no point in arguing. Look at their mission statement. They have failed most of it. And there is no point in comparing fiat currencies against other fiat currencies. They're all doomed by the shear fact they can be manipulated by politicians.
brad238899 10 months ago
And at that, their goals are unnecessary, absurd and detrimental.
Goodatconnect4 10 months ago
Inflation is the cause not the symptom. The Fed's primary job is to "keep prices stable." As a result of declining prices, due to increasing efficiency in production, the Fed prints money in order to keep prices relatively stable. This preceded the crash in 1929 and kick-started the housing boom and inevitable bust after the dot com bubble. By artificially keeping prices stable, it misallocates resources that inevitably leads to a market correction. The only question is the extent & duration.
Goodatconnect4 10 months ago
@brad238899
Actually, inflation isnt as bad as you think. It may take more dollars to buy a gallon of gas than it did 10, 20, or 30 years ago, but it takes LESS man-hours (hours of labor) to buy a gallon of gas. You have to work less to get the same amount of gas. And because all money really is is how we measure the value of our time, the price of gas has gone DOWN.
apnwahoowa 9 months ago
@apnwahoowa You are right but that is economic growth and productivity. Inflation is nominal prices, not what you are talking about.
sabre51 9 months ago
@apnwahoowa In 1977 minimum wage was $2.00 an hour and gas was 50cents a gallon. Now minimum wage is around $8.00 and gas is well over $3 a gallon. Gas has definetely gone up in those time lines.
1971SuperLead 9 months ago
@1971SuperLead you obviously didn't read my comment carefully because I never said prices hadn't gone up.
apnwahoowa 9 months ago
@apnwahoowa No, I read it correctly I believe, and my response to you is that it generally took a worker less hours of his time, or a less percentage of his weekly check to buy a gallon of gas in 1977 than it does now. Inflation adjusted, gas has gone up about 50 to 70% since 1977. In 77 a person making $2 an hour had to work 15 minutes for a gallon of gas. Today a person making $8 an hour needs to work almost a half hour for that same gallon of gas. Gas is up, not down, since 1977.
1971SuperLead 9 months ago
@1971SuperLead What about that fact surprises you? Since 1977 a new market of almost 2 BILLION people has emerged wanting reliable energy-- China is now the greatest consumer of energy in the world, and an increase in gas prices is somehow unforseen?
jinheneamerican 8 months ago
@jinheneamerican, I was never surprised by increased oil prices. I was just stating thatthere has been an increase in oil prices from 1977 til now even when inflation adjusted.
1971SuperLead 8 months ago