If you have food in your fridge, clothes on your back, a roof over your head and a place to sleep you are richer than 75% of the world. If you have money in the bank, your wallet, and some spare change you are among the top 8% of the world's wealthy. If you can read this message you are more fortunate than the 3 billion people in the world who can't read at all.
@atosafi1 - The prosperity you described is all due to economic freedom. Rather than spread freedom to the rest of the world and raise their quality of life, you choose to lower ours by less freedom. You are out of touch with reality.
if africa would grow a brain, and band together as a single country with states...
and stop trying to produce second rate technology
and started importing "John Deere" stuff,
just by being a farming country, they would see a huge increase in their wealth, a huge decrease in their diseases, the size of the average african would grow, and more people in Africa would have jobs.
just by farming
and once they have money, then they can protect the wildlife and do something good.
wow! Brilliant! It made sense to me - does that mean i'm not a moderate liberal anymore!
Though i do think that a lot of what goes on in the USA deviates from this origin of free markets. I think he's maybe talking about a time period that was not this way.
jaghead1 and well intentioned folks like him neglect the fact that the poor of the world, the really poor, are that way as a result of the neglect of their own governments. there is food aplenty in the world - the us has sent countless millions of tons of food to starving nations only to have it sold for profit by corrupt leaders, or left to rot on the docks and in warehouses. socialism and its evil offshoots have never fed nations for very long. the world would be much hungrier sans capitalism.
You do not live in a true socialist country. Google TRUE socialism.
Pol Pot
Stalin
Mao
All three came to power championing the 'common man'. All three were political derivatives of socialism. Trust the government. "We'll make sure you have bread to eat! We won't hurt you, unless you disagree with us."
So no, you do not live in a true socialist society.
@haiiyaa You're lost. Socialism sucks. If it weren't for capitalism, you would still be a third world country. Think about all the inventions from the toaster to the car, and medical etc. etc. etc. All were from a capitalist country. Why? It's because of freedom to profit from your labors. You get to reap the benifits from your own labors. If Henry Ford knew that most of the money he would get for the automobile was going to some losers who doesn't even work. Cont....
@haiiyaa ....cont. People like octo-mom and other wellfare recipients. Inventions might not have ever happened. You should thank God for America, and all it's done for this world.
@haiiyaa We do owe more money then Europe combined, this is true. But to who is the question. We owe money to the same people you do, the same centralized bank. We are no better off then you and the same true the other way. Milton was big on this, he warns the US and other nations to stop relying on a central bank.
@haiiyaa The problem is... Let take your country, Denmark: if you are American, you might thing about it is a socialist country, only a democratic one.
If your root are from the east-block, you might thing of it as a capitalist system.
The point is that there is some blurred lines between capitalism (private ownership, limitation of wealth are created by a competitive market working for profit) and socialism (public ownership, with regulation on the market for the weal being&limit on "greed").
@blkswimmer - Totally agree. Executive compensation is outrageous.
Example - As head of the Walt Disney Company, at his peak, CEO Michael Eisner was raking in more in one month than founder-creator WALT DISNEY made in his lifetime !
@bctvguy dude this guy is a genius thanks for posting this. however I think that the US has moved away from what Friedman represents. one of the biggest examples is bailouts. that is one of the most anti-capitalist thing implemented in this country. why in the world do I have to pay with my taxes for the mess other companies have done to themselves. why is the government using my money to invest in collapsing equities? if companies created this mess its up to them to fix it, not with my taxes...
@bctvguy Eisner added value to the company. Many times over. The shareholders did extremely well due to him. You can bet your boots that he deserved every dollar he got as compensation. He was worth it.
@ninacalifornia - Brothers Walt and Roy Disney created an amazing brand. Eisner and his cronies opened the Disney film vaults and put everything that came before him on VHS which brought in Billions. Then they expanded the number of theme parks. As a Disney shareholder, I watched him closely. The real geniuses at the Disney company in the 80s and early 90s were FRANK WELLS and JEFF KATZENBERG and nephew Roy Disney, not the highly overpaid Eisner.
@Terje1337 - Yes it would. Frank Wells from Warner Brothers was the real deal.
All Eisner did was market what the Disney Brothers and the creative geniuses Disney gathered had already made in the previous 50 plus years. The animated features were made. The live action movies were made. The Disney TV show had been on for 30 years. Disneyland was almost 29 years old. Disney World was over 12.
Anyone with a marketing degree and a good intellect could have done it and for less money.
@blkswimmer There is no way to control anything without skewing it to favor one segment or another. and if you cap profit, then you cap innovation. What cars would be produced in the USA if Honda, Toyota, Nissan, Mercedes etc did not come in to compete in America? Competition and free enterprise drives improvement and makes everything better. It also gives average Americans a path to success without being part of the ruling class.
@blkswimmer In the 1980s, my grandfather tried an experiment simlar to what your suggesting regarding %. He would donate 10% (about $100,000.) of his 1 mil. annual salery to charity. After years of hearing about raises from hie 3,200 employes, he offered a deal, a 10% raise to all 3,200, but with one condition. They must donate 8% to a charity of there choice. Most could only see a 2% raise for themselfs. Many complained and many failed to see the humanitarian lesson being tought. Some did.
@blkswimmer 'Capitalism is great, but there should be rules limiting the % of profit you can take from your business without a certain % going to the employees'.
holy cow. this is sad. the man who built the business has no input on who gets what? if u don't like his policies, don't work for him. if his policies are bad, his business will fail. why do u think u have some kind of right to his property? go start your own business and give your employees all your profit.
@blkswimmer oh yea? The government should get involved with who makes what? Then what? mass unemployment, stagnating companies, limited innovation, and eventually an economic mess reminiscent of guilds in the middle ages.
You're trying to force a model that does not work. That is why countries like France and Britain are beginning to implode or cut government jobs. Because even though the U.S. is effectively subsidizing the europeans' military, their socialist model is still collapsing.
@blkswimmer There are limitations in a capitalist society. The free market allows an emplyee the option to work for another company if they feel they are not compensated fairly. For comanies to survive in a free market and attract good talent they must pay a fair wage or they will go out of business.
@blkswimmer - Capitalism is great and doesn't need govt coercion to force employees to work or owners to hire. Capitalism is the absence of govt coercion you obviously don't understand what capitalism is. AND IF THERE IS NO PROFIT, ARE YOU ALSO IN FAVOR OF EMPLOYEES SHARING THE LOSS BY PAYING RATHER THAN RECEIVING PAY??? Go risk your home and all your assets and start a business and see how much you like the govt telling you how much you are allowed to keep. You dont know what Capitalism is
haha imagine that there is and was stupid people coming to "liberate" us from the capitalist system... haha the true freedom lies in capitalism not in some bureaucratic poetic idiot telling me I can't have my own business and that even if I study I should earn the same as the ones who don't...
Friedman hit it right on the nose and should be considered a patriot. Capitalism is in essence based off of natures design if you will. This being my analysis on capitalism vs socialism. In nature what do you see? The strong surviving in every retrospect. Therefore a system based off of this works. Why? Because those who are physically and mentally capable of creating new ideas do so, and those who can't, follow. These are simple principles that even a child can follow. Denying such is ignorance
What the hell is wrong with you kids? If the gov keeps giving everyone freebees no one works and things get worse. The worse is because you can live without producing so you do and it does. Socialism ends in everyone being equally poor like in Cuba and the former USSR and Chile. Extreme Capitalism is when we all become cogs in a tyrantical wheel. Both are bad but in Capitalism you can educate and work your way out. WE DO NEED TO VOTE SOCIALISTS OUT!
@lonewolfmilitia Agreed. Thats why the 2nd amendment is there. So when an overbearing government comes into play we can overthrow by force. Our system is flawless as long as the people stand behind it.
Capitalism actually makes sense because the harder I work, the more I am awarded.
Socialism supports the idea that no matter how hard you work, you will be awarded the same as everyone else, which is unfair.
Capitalism can create more jobs, and let lower class citizens become entrpeneuers, therefore creating even more jobs, and you can even pick your own opucation.
With Socialism the gov't picks for you and you get taxed more.
@bctvguy Yeah, "sort of". The starving one fifth of the world's population, the 9 million that dies from starvation every year, get a sneer from Friedman. He doesn't even acknowledge their existence, verbally. His subtext is that starvation is a prerequisite to progress.
Compare the prosperous countries with impoverished ones. What is different? The degree of freedom is the difference. Socialist and state-controlled countries have always been MORE impoverished than capitalist ones because the people are less free.
You can scapegoat capitalism for the miseries of the world, but note that the most miserable countries are the ones that failed to transition to free market capitalist economics in the sixteenth and seventeenth centuries.
@jaghed1 Come up with a solution einstein, a United Order and the Law of Consecration are not going to reach every single person and as long the dark desires of mankind exist a collective system is always going to be corrupted, there will always be someone greedy that gets in control and we get another Lenin. We are only free individually, when those African countries get rid of dictators and socialistic thinking and establish republics with libertarian and capitalistic ideals they will grow.
@bctvguy The question is a loaded question. He assumes that capitalism is based on greed and rewards the ability to manipulate the system. These are both false assumptions.
Friedman was absolutely correct not to answer that question directly. He simply made the point that all systems in place today operate under his erroneous assumptions.
I would have liked to see him point out that there are no systems that operate under the rules of capitalism.
@blueshade26 - No bigotry about it, no bigotry intended. The fact is that Jews often answer a question with a question - if you haven't learned yet, you will learn in years to come.
Perhaps b/c PD asked a loaded question based on the false assumption that Capitalism CAUSES poverty.
The causes of poverty are many and varied. Lawless societies and corrupt governments cause poverty. Oppressive governments cause poverty. Civil wars cause poverty. Physical or mental disabilities can cause poverty. Etc.
@jaghed1 Didn't answer the question. What are you talking about? I agree with Friedman on everything but even if I didn't, I would have to admit that he gave a complete and absolute answer.
Watch it again. Then read Free To Choose. If our current president read and understood this book, he could change our country for the better. Instead of undermining all that is good in a hopeless effort to level the playing field.
@jaghed1 he does answer the question. Greed is always going to happen, regardless on what society you believe, so it is part of running an economical system.
I dont want communism here in the USA. This land is suppose to be a free Republic under a capitalistic system. GO TO FRANCE OR CHINA OR RUSSIA IF YOU WANT COMMUNISM OR SOCIALISM. You should be shot dead for pushing it here in America where millions have died fighting to be free.
Einstein did not construct this theory for money, mozart died a pauper! einstein after he was famous was given a big teaching salary he said he didn't need it he could survive on minium wage, he had some wacky ideas did that bloke!!! Jonas salk give humanity the cure for polio and never asked for a penny. these people who so enrich our world do so because they love music, their theory is beautiful or it's the right thing to do friedman is the worst in all of us!!!!!
@torturedgenius314 - Einstein sought fame and fortune through his scientific work and served on the faculties of universities in Europe and at Princeton where he had a beautiful home in an idyllic town. He never turned down a salary or prize money.
Mozart sought his fame and fortune through his music but he developed major financial problems and died young at age 35.
Salk's polio vaccine saved millions of lives and yes he did decline to patent it. However, he was not poor.
@bctvguy I think you're missing the totality of Friedman's point, which is that an individual will maximize his well-being by pursuing his self-interest, and no one is better at figuring out what the individual's self-interest than that individual. Salk and Einstein both pursued their self-interests when making discoveries in both medicine and physics, and Mozart certainly enjoyed writing music. Certainly this is a more total refutation of Marxist/Marxian materialism.
@torturedgenius314 Socialist politicians do what they do for money, steal the welath of a country. Mozart was rich compared to most people in his country. All the people you mentioned plus every human on earth would want to be a millionaire, I have never met anyone who did not want to be rich, especially socialist politicians.
@torturedgenius314 'these people who so enrich our world do so because they love music, their theory is beautiful or it's the right thing to do friedman is the worst in all of us!!!'
this is pitiful. u'r right that these dudes did what they did because it was their passion. and u would deny them monetary gain from it?! really? your message is 'be brilliant, do good things, give those things to the folks, and we'll take everthing u have left away from you?!'. u gotta be kidding me.
jdgrab1 said that "85% of wealth in America is inherited"
For a quick look at how much of a friggan' dumb ass THIS guy is, simply look it up in Google.
Around 70% of wealthy Americans EARNED there own way. Maybe twenty years ago it was a different story, but scan the web and you'll quickly see the picture that not only a vast amount of wealthy people are hard workers, but that that percent is slowly increasing. The myth of inheritance is just a myth for lazy jealous people to feel better.
@MoralDeQue actually, even if this percent you state were true, it would be skewed. What does wealthy mean? Why are people who are born poor remain poor? Is it because they had such a fun time growing up that they wanted to enjoy it some more in adulthood? Why has the income gap spread (in the US and World), is it because people are lazier today than they were 10 years ago? If being a hard worker was all it took to be "wealthy" than our country would have about 200 million millionaires.
That's not true because there aren't 200 million people willing to do what it takes to become truly wealthy. Most of us can't tolerate the risk involved in becoming wealthy. A close example to me: my sister quit a job paying 6 figures to start her own business. She now employs people. She works more hours than before but she is more successful. It takes more than just hard work. You have to have that something extra. Anyone CAN do it, but many don't have what it takes.
Socialism can be manipulated and taken advantage of just as well as any other system! Bottom line is that absolute power corrupts absolutely! Socialism is absolute power! In a free market republic, separate interest compete for power so power is never consolidated in one entity! Our founding fathers acknowledged that there is no perfect form of government, but our Republic of laws and freedom is the next best thing!
Hate the wealthy? Give to the less fortunate? "Even the playing field" ?
Here are average yearly incomes of several countries:
Brazil $8,135
Venezuela $11,444
India $1,054
China $3,212
USA $45,835
To even the playing field, we must "de-develop the USA" , redistribute the wealth globally (take your income). How does socialism look to you now? It's not taking money from the wealthy -- it's taking your money!
American Capitalism is the one system that gives people the opportunity to embrace their human potential to get out, work hard, and make something of themselves. Simple as that, quit being lazy. And second, conservatives don't want a total abolition of government, just a minimal presence. So quit listening to lies that the liberal media keeps spewing out.
@jdgrab1 How can you even say that when enterprise is constantly growing. Especially when you have companies like Google or Costco who started from nothing which are now billionaire corporations. Neither of those companies anyone can say is evil or corrupt considering how well they treat their employees. Starbucks being another once family owned operation now a global success. Find actual facts before throwing your ideology around.
@jdgrab1 yes I inherited wealth from my grandfather, w/a 9th grade education, who was a boy during the great depression and lived on a dirt floor with no utilities. he worked for a farmer and saved enough to buy an old bus and converted it to a "rolling store" delivering and selling goods to rural areas. from there he saved for his own service station where eventuly my mom was born in the back. By the end of his life he owned 50+ convenience stores. THATS hard work. You feed the parasites.
Two of the problems with socialism is it leads to inefficiency (as public servants don't want things to go too smoothly or they'll be out of a job) and second, it blinds people to what world view does the most good for society. Because it is too difficult to explain the problems with socialism here and what would be a better alternative, I've added a link on my channel which ends with ideologyandstate.htm
Socialism goes against everything that the American idea proposes. It is impossible to read the Constitution and find any tenet of socialism in it's contents. Socialism is bad or good, it's just an idea that doesn't resonate with what America stands for. You don't start seeing it in America until Theodore Roosevelt (Repub). It has slow become more acceptable as more entitlement programs are introduced. It has even become a 'dirty' word in America, mainly because it doesn't mesh with our values.
I found the flaw in this free market system- it's very obvious, but for some reason, Donahue just doesn't bring it up- or he does later in the vid, who knows.
Friedman's system only works when the market is kept in check by an educated, well-informed consumer. I don't think anybody would argue that the American consumer, the world's leading consumer by a large margin, is well educated, or well informed, generally speaking of course.
@tristramshandy3 Actually as consumers Americans are quite savvy. It's as voters that they fall down on the job. Check out the concept of "rational ignorance" to understand why people put more effort into choosing a car than choosing a political candidate.
@tristramshandy3 And I doubt anyone would argue that those in socialist countries are better educated than any American. China? No. Venezuela? No. Iran? Hell no.
America has free markets and free flowing information of all quality. And I believe that when given the choice most Americans would rather be unequal in Freedom, as individuals, than equal in slavery and dependence to the elite in the government.
Milton you are the man. I just downloaded the PBS series Free to Choose. So far every time I've heard the man speak it's been nothing but great material, so I'm intrigued.
This is a fairly black and white viewpoint: Outright capitalism does not work, just like outright communism does not. He's not really arguing for Capitalism as we have it today, not is he arguing against socialism as we have it today.
@PaladinX500 being a left capitalist, i agree. make provisions for the poor, give them a decent standard living, but always always protect the rights of individuals to make their own wealth. take away the ability to make private wealth, other things follow.
To become wealthy take a very high degree of risk, be it money-wise or a huge sacrifice in a sort of way. Why would you want to live in a world were hard work is not rewarded. Not every rich person inherits their wealth most are 1st gen. Be the master of your own destiny and do something with your life instead of looking at others end result. Wealth and leadership is not for everybody.
Obama simply fails to recognize that there is no profit in socialism. Free enerprise is the natural economic system.
Instead the socialists try to transfer wealth using the global warming myth (cap-and-trade legislation), demand population control (abortion), and hate free speech (Obama's war on Fox News, the attempts to stifle talk radio (Fairness Doctrine) and the Internet (Internet Neutrality). Socialism violates the very basis of democracy and human rights!
Socialist mean well, they truly want to do good for society but want you & me to pay for it. Caring is not a liberal thing, a conservative thing, a capitalist thing or a socialist thing...it's a personal thing. Socialism robs individuals of their natural instinct and desire to give & help others by allowing govt to control & dictate how your money is spent. Milton Friedman was a good man as well as a brilliant one...Never before has a country needed his kind as much as America does right now.
The current Democratic Party leadership is tainted by corruption, and the liberals among us are supporting Socialists with their agendas based on implementing Fascist, Marxist and Communist political doctrines into our own government. These Socialists are clearly a threat to everything we hold sacred in America, and they are gaining evermore control over our Democratic Party, our Nation, and the American people.
Socialism is a government that pretty much gives everything to the citizens.
When the Government gives you everything you have, they can just as easily take it away for the greater cause. May the cause be good or evil, we don't have a choice.
The basic ideas of Socialism and Communism-unity and equality, are not bad ideas. However, when Communism takes hold, people become to reliant on a motherly hand to provide them with the basic needs of survival. Then, when democracy and capitalism take hold, people to not know what to do with themselves. Just take a look at Russia and post Soviet-bloc countries in the 1990's. People didn't know what to do after 70 years of Communism.
Saying that societies that are worst off are the one that depart the most from free trade is interesting. Except it is the exact opposite of the truth. Poverty has increased in every single third world country that has applied IMF/World Bank free trade policies. It has decreased in the countries that haven't applied these policies.
@MrAlzed That's not exactly what he said. He said the poorest countries departed from capitalism 'and largely free trade.' Free trade is not a synonym for capitalism, as you surely know.
socialism is a crutch that should be used by the people during a time a weakness such as when your going back to school finacial aid or when unemployed food stamps only a fool willing to be a slave would consider a lifestlye of socialism
I can´t beleive people are so stupid in 21 Century, millions still beleiving in socialism, in a paternalist State "who give you everything you want"... in exchange to your freedom
It's refreshing to see a little bit of inteligence injected into the steaming pile of emotion that is the entire modern liberal movement. Donahue is a perfect example of how emotion tends to overwhelm inteligent thought in todays talk show society.
I think we all go through a time in our lives where we have doubts about capitalism, but most of us eventually realize that capitalism is a better system overall. I think it's still very relevant to the current debate we're having. We have a responsibility to curb the abuses of capitalism, but it is the best economic system.
Well, ya see. We don't live in a capitalism system. We live in a Democratic-Republic (with a Constitution). And throughout history was have had a federal government that guided and written the laws within this country that has provided protection of rights and private property. As well as defining public property. It's when one thinks in absolutes that the ideology becomes a utopian pipe dream. As you did when you think that we live in a pure capitalistic system. We do not.
theres plenty of societys that dont run on greed especially indiginous ones of the past n present. Greed is ok?? why not ambtion w a little compasion?
No kidding. For the longest time, man thought that everything was "hunky-dorey" when major societies didn't exist. They created a magical land that had only households in complete bliss - all the food and provisions you can grow and make.
This is obviously false
You would only survive so long as you were the strongest. It was only when trade started happening that societies actually worked with each other. There is significant amount of evidence to prove that markets are moral.
Capitalism does not run on greed. That is a common misunderstanding. It works through people pursuing their goals and co-operating through the market mechanism. What those aims are is not important. As Israel Israel Kirzner points out even a society of saints would achieve their aims best in a market order.
People are too absolutist on the issue. Yah greed is human nature, but you have to have certain regulations. Its good for iPods and cars but not so good for Police departments and roads. You can't just let people starve either. When companies move over seas to places where workers settle for 50 cents an hour and people here blindly support the cause of their joblessness in their own, increasingly post-industrial country, it shows a serious dysfunction.
Friedman is wrong. Japan is very weathy now precisely because they did not allow free trade and worked together as a country for the common good. Ditto with Korea. Countries that have opened up and allowed free enterprise to flourish have not always been rewarded. Example Iceland. History is not even close to being crystal clear.
Maldistribution of wealth? The maldistribution of wealth is assholes like Donahue wanting to take money out of my pocket. I didn't know Donahue was a communist? His wig must be overheating his brain. Communism wants to destroy the individual by taking away self-determinism. I'm glad this jerkoff went off the air. What does he mean, "Underdeveloped"? By whose standards? Ours or theirs? Why are we trying to play parents to the world? Donahue go live in Russia.
that is a brilliant statement the wealthy want people to be poor! I guess the rotten rich bill gates wants people to be poor so they CANT buy his products. Think before you speak jealousy has made you bitter. A rich corporation gave me my job and now I am thankful to them because I can provide a good life for my family.
I made my company wealthy and they eliminated my position. I do not take free enterprise for granted, but spare me the sanctimony of capitalism. It is far from perfect.
First of all, Donahue is celebrity fool who is not fit to be challenging an evil genius of neoliberal economics. Second, corporations and banks don't think of the long term big picture beyond their immediate myopic profit raising interests. If they did, we wouldn't have just narrowly escaped a depression. I love how corporations rail against perceived "socialism", yet when it comes to their own asses, they come screaming for government bailouts and subsidies like a baby for momma's teet :^)
Of course, man. Obviously they will accept billions of dollars if we give it too them. We just shouldn't give them money, and let bad businessmen fail.
Why do you think they did bail businessman out!? Look up the Community Reinvestment Act and know that it was politicians who demanded businessmen hand homes out in redistributing the wealth! Politicians couldn't turn around and prosecute them as businessmen would turn and point their fingers at the politicians.
ChipsShot - You are exactly right. Lenders were pressured by the Barney Franks, Charlie Rangels, Chris Dodds, Ted Kennedys and their ilk as well as groups like ACORN and others to make loans to unqualified borrowers.
Bush Jr also played a part because he wanted home ownership to increase under his watch - no matter what.
Banks also took advantage of the situation using Fannie Mae & Freddie Mac to offset their losses.
The whole mess drove up housing prices to ridiculous levels.
@Mordecia You're right, the corporations screaming for help were asking for socialism to save them. The bailout didn't save us from anything. In a capitalist system, bad business are allowed to fail. When you allow business to interfere with politics you get corporatism. It's easier to make it illegal for a competitor to compete via regulation, than it is to keep your customer base with a superior product/service. Watch "Beer Wars", it's a very good example of this.
The wealth in America is more concentrated than ever before in our lifetimes. The workers have been stripped of all power, and are treated like disposable units of labor, while Corporate CEO's are rewarded in a manner beyond imagining. But, it is in the interests of the wealthy, to keep workers unemployed and hungry. The rich are too polite to say it aloud, but they know that poverty rocks for them. Poverty is profitable for them. Poverty makes their stocks go up, and labor costs go down!
If this happens I will coordinate demonstations outside the whitehouse everyday of every week of every month until Obama is gone and we can move on with our tattered country.
YES FINALLY, a sect of people I can agree with, great comments guys.
Socialism can't work for the simple fact you can't redistribute the wealth to everyone and expect the ones pulling more for the ones that don't to stride to keep paying into a system where they make less then what they earned.
I would also like to comment that any goverment insight in any FREE MARKET will turn it into a Monopoly since it damages competition causing a massive tilt. We are all able to do anything no excuses.
There is so much tit sucking go on at your expense, you do not want even imagine it. Defense contracting, subsidies, tax rules, government enterprises, food stamps (Big Ag is heavy on this) etc.There is no free market, but there is tax payer supported capitalism. It comes at all our expense.
Great video and great comments. Socialism kills, mentally, physically and spiritually. Freedom works every time it's tried. It is the solution to the human condition. Good Day.
The Pilgrim's PLYMOUTH COLONY started out as a socialist type settlement.
Within 3 years, they realized it wasn't working and dropped the idea.
Obama, Emanuel, Geithner and their ilk are trying to turn the USA into a socialist nation AGAIN - They want to destroy the middle class and the rich and resdistribute their wealth to the poor, thereby making everyone dependent on big government.
Socialism didn't work in 1620, and it doesn't work now.
The Pilgrim's PLYMOUTH COLONY started out as a socialist type settlement.
Within 3 years, they realized it wasn't working and dropped the idea.
Obama, Emanuel, Geithner and their ilk are trying to turn the USA into a socialist nation AGAIN - They want to destroy the middle class and the rich and resdistribute their wealth to the poor, thereby making everyone dependent on big government.
Socialism didn't work in 1620, and it doesn't work now.
Everyone who thinks socialism is a better answer than capitalism, first off, STOP messing with this country and the way it's been since 1776! Now sell everything you have here in the U.S. Donate it to charity except for your ticket to get to the other country. Start with nothing at your new socialist nation. Get a job try to make a living and see why so many people risk their lives to come to the United States! Hey this could be a new reality show.HAHA!
I love it man you put it exactly right... in fact why don't we put Obamas ass on a plane over to some other socialist country leave him there for a bit then se how he feels about it
100% accurate. Donahue (so typical of many liberals) is so out of his league with his naive do good socialism based on no fact, that it's like Friedman is talking to a child.
Putting that piece of shit Donohue in his place haha. He's still unreformed however and still spews this shit everytime I see him. He needs to be awarded the Order of Lenin for all the work he has done on behalf of communism.
his deregulation ideas are largely responsible for the "take the money and run" policies that got us in this mess. you see what his influence on reagan, thatcher and pinochet got the hard working people of the world. Sad to see a reactionary worship of someone whose time has come and most certainly, gone.
It was the at the insistence of big government that banks were forced to make mortgage loans to people who were not qualified to get them. That drove up housing prices to artificially high levels that were unsustainable and the hosing bubble finally burst.
Add that to the excessive compensation of corporate managers who didn't perform and incompetent financial types and day traders and there you have the mess we're in today.
Look, pinhead. The 60's are over. And so are proto-socialist terms like "reactionary". We know hippie wannabes like yourself still think that Marx's ridiculous ideas can work if they are just done right, but the fact remains, socialism and its spin-offs=death, capitalism=life
socialism=bondage
capitalism=liberty
socialism=stagnation
capitalism=creativity
socialism=welfare addiction
capitalism=creation of wealth for all who are hard-working, bright and capable. Not fair? Tough shit, comrade
Wrong--the leftists in government interfered in the free markets with their affirmative-action, forcing banks to make loans to deadbeat minorities...all lending standards soon disappeared, and Wall Street merely sought creative ways to spin off all the risk brought by all the government-encouraged absence of credit standards.
Capitalism would have served us better than the socialism of the Community Reinvestment Act and Obama's ACORN racial shakedown of CITIBank, and all theother "diversity."
deregulation? What deregulation. Every government regulatory agency got a record increase in funding since 2000. If you think that the past 10 years have had anything to do with what Friedman envisioned, you are hopeless to reason with.
If you have food in your fridge, clothes on your back, a roof over your head and a place to sleep you are richer than 75% of the world. If you have money in the bank, your wallet, and some spare change you are among the top 8% of the world's wealthy. If you can read this message you are more fortunate than the 3 billion people in the world who can't read at all.
This is capitalism in a nutshell.
Friedman seems to be out of touch with reality.
atosafi1 1 year ago
@atosafi1 - The prosperity you described is all due to economic freedom. Rather than spread freedom to the rest of the world and raise their quality of life, you choose to lower ours by less freedom. You are out of touch with reality.
tdetko 1 year ago
A. Love the actual intelligent discussion as opposed to today's 5 second sound bite shouting match
B. Government programs created nuclear technology & the space program; by far the 2 biggest achievements of the 20th century
C. Keynes economics saved us from the Depression; not the free market (comparatively)
D. Capitalism has limits; FREE MARKET capitalism bears heavy costs
E. Politicians aren't angels but democracy CAN (not IS) be a far better compass then greed (in certain cases)
Hopeful71 1 year ago
Sit back Donahue Shut up and listen!
DrHogfan 1 year ago
if africa would grow a brain, and band together as a single country with states...
and stop trying to produce second rate technology
and started importing "John Deere" stuff,
just by being a farming country, they would see a huge increase in their wealth, a huge decrease in their diseases, the size of the average african would grow, and more people in Africa would have jobs.
just by farming
and once they have money, then they can protect the wildlife and do something good.
ArborMate 1 year ago
Obama is trying to jam socialism on us right now. Thx God he wil be rejected 11-2.
franco3001a 1 year ago
wow! Brilliant! It made sense to me - does that mean i'm not a moderate liberal anymore!
Though i do think that a lot of what goes on in the USA deviates from this origin of free markets. I think he's maybe talking about a time period that was not this way.
areyouquitemad 1 year ago
Wow. Terribly one sided. Donahue didn't even care about the argument. He just read straight from his cards.
With that in mind, Friedman was all political. What did Hitler have to do with virtue in Capitalism?
NeoFryBoy 1 year ago
jaghead1 and well intentioned folks like him neglect the fact that the poor of the world, the really poor, are that way as a result of the neglect of their own governments. there is food aplenty in the world - the us has sent countless millions of tons of food to starving nations only to have it sold for profit by corrupt leaders, or left to rot on the docks and in warehouses. socialism and its evil offshoots have never fed nations for very long. the world would be much hungrier sans capitalism.
fr8liner 1 year ago
It is simple. Without incentive people will not achieve. And if taken care of, people will become lazy and useless.
jbranstetter04 1 year ago 10
Why do Americans assert that Socialism Hasn't worked anywhere..ever?
Every western Socialist country has a better quality of Life than Americans do,
Live Longer
Are more likely to surpass their parents economically..(Fact)
Google for yourself...
And Most of all.. have a much better balanced book than Americans do.
I don't get where all the Americana righteousness comes from....
You owe More money than almost all of Europe combined...
haiiyaa 1 year ago
@haiiyaa
You do not live in a true socialist country. Google TRUE socialism.
Pol Pot
Stalin
Mao
All three came to power championing the 'common man'. All three were political derivatives of socialism. Trust the government. "We'll make sure you have bread to eat! We won't hurt you, unless you disagree with us."
So no, you do not live in a true socialist society.
Darkrunner1975 1 year ago
@haiiyaa You're lost. Socialism sucks. If it weren't for capitalism, you would still be a third world country. Think about all the inventions from the toaster to the car, and medical etc. etc. etc. All were from a capitalist country. Why? It's because of freedom to profit from your labors. You get to reap the benifits from your own labors. If Henry Ford knew that most of the money he would get for the automobile was going to some losers who doesn't even work. Cont....
MrOTLChamp 1 year ago
@haiiyaa ....cont. People like octo-mom and other wellfare recipients. Inventions might not have ever happened. You should thank God for America, and all it's done for this world.
MrOTLChamp 1 year ago
@haiiyaa We do owe more money then Europe combined, this is true. But to who is the question. We owe money to the same people you do, the same centralized bank. We are no better off then you and the same true the other way. Milton was big on this, he warns the US and other nations to stop relying on a central bank.
tbscrazy12 1 year ago
@haiiyaa And who is the big dog? Who do you bitches come crying to every time you need help?
bloodthirst72 1 year ago
@haiiyaa The problem is... Let take your country, Denmark: if you are American, you might thing about it is a socialist country, only a democratic one.
If your root are from the east-block, you might thing of it as a capitalist system.
The point is that there is some blurred lines between capitalism (private ownership, limitation of wealth are created by a competitive market working for profit) and socialism (public ownership, with regulation on the market for the weal being&limit on "greed").
therrydicule 1 year ago
Milton Friedman was one of the greatest minds of the 20th century.
willmickel71 1 year ago 3
Capitalism is great, but there should be rules limiting the % of profit you can take from your business without a certain % going to the employees.
blkswimmer 1 year ago
@blkswimmer - Totally agree. Executive compensation is outrageous.
Example - As head of the Walt Disney Company, at his peak, CEO Michael Eisner was raking in more in one month than founder-creator WALT DISNEY made in his lifetime !
bctvguy 1 year ago
@bctvguy dude this guy is a genius thanks for posting this. however I think that the US has moved away from what Friedman represents. one of the biggest examples is bailouts. that is one of the most anti-capitalist thing implemented in this country. why in the world do I have to pay with my taxes for the mess other companies have done to themselves. why is the government using my money to invest in collapsing equities? if companies created this mess its up to them to fix it, not with my taxes...
Sexisttroll 1 year ago
@bctvguy Eisner added value to the company. Many times over. The shareholders did extremely well due to him. You can bet your boots that he deserved every dollar he got as compensation. He was worth it.
ninacalifornia 1 year ago
@ninacalifornia - Brothers Walt and Roy Disney created an amazing brand. Eisner and his cronies opened the Disney film vaults and put everything that came before him on VHS which brought in Billions. Then they expanded the number of theme parks. As a Disney shareholder, I watched him closely. The real geniuses at the Disney company in the 80s and early 90s were FRANK WELLS and JEFF KATZENBERG and nephew Roy Disney, not the highly overpaid Eisner.
bctvguy 1 year ago
@bctvguy Do you think Disney would be what it is today without Eisner?
Terje1337 1 year ago
@Terje1337 - Yes it would. Frank Wells from Warner Brothers was the real deal.
All Eisner did was market what the Disney Brothers and the creative geniuses Disney gathered had already made in the previous 50 plus years. The animated features were made. The live action movies were made. The Disney TV show had been on for 30 years. Disneyland was almost 29 years old. Disney World was over 12.
Anyone with a marketing degree and a good intellect could have done it and for less money.
bctvguy 1 year ago
@blkswimmer There is no way to control anything without skewing it to favor one segment or another. and if you cap profit, then you cap innovation. What cars would be produced in the USA if Honda, Toyota, Nissan, Mercedes etc did not come in to compete in America? Competition and free enterprise drives improvement and makes everything better. It also gives average Americans a path to success without being part of the ruling class.
fast2882 1 year ago
@blkswimmer In the 1980s, my grandfather tried an experiment simlar to what your suggesting regarding %. He would donate 10% (about $100,000.) of his 1 mil. annual salery to charity. After years of hearing about raises from hie 3,200 employes, he offered a deal, a 10% raise to all 3,200, but with one condition. They must donate 8% to a charity of there choice. Most could only see a 2% raise for themselfs. Many complained and many failed to see the humanitarian lesson being tought. Some did.
CanYouAffordObama 1 year ago
@blkswimmer 'Capitalism is great, but there should be rules limiting the % of profit you can take from your business without a certain % going to the employees'.
holy cow. this is sad. the man who built the business has no input on who gets what? if u don't like his policies, don't work for him. if his policies are bad, his business will fail. why do u think u have some kind of right to his property? go start your own business and give your employees all your profit.
richardarichard 1 year ago
@blkswimmer oh yea? The government should get involved with who makes what? Then what? mass unemployment, stagnating companies, limited innovation, and eventually an economic mess reminiscent of guilds in the middle ages.
You're trying to force a model that does not work. That is why countries like France and Britain are beginning to implode or cut government jobs. Because even though the U.S. is effectively subsidizing the europeans' military, their socialist model is still collapsing.
beepandbop 1 year ago
@blkswimmer There are limitations in a capitalist society. The free market allows an emplyee the option to work for another company if they feel they are not compensated fairly. For comanies to survive in a free market and attract good talent they must pay a fair wage or they will go out of business.
TDSchmitz12 1 year ago
@blkswimmer - Capitalism is great and doesn't need govt coercion to force employees to work or owners to hire. Capitalism is the absence of govt coercion you obviously don't understand what capitalism is. AND IF THERE IS NO PROFIT, ARE YOU ALSO IN FAVOR OF EMPLOYEES SHARING THE LOSS BY PAYING RATHER THAN RECEIVING PAY??? Go risk your home and all your assets and start a business and see how much you like the govt telling you how much you are allowed to keep. You dont know what Capitalism is
tdetko 1 year ago
@blkswimmer Amazing how you contradict youself within the same sentence.
wwwE5150com 1 year ago
haha imagine that there is and was stupid people coming to "liberate" us from the capitalist system... haha the true freedom lies in capitalism not in some bureaucratic poetic idiot telling me I can't have my own business and that even if I study I should earn the same as the ones who don't...
Sexisttroll 1 year ago
Friedman hit it right on the nose and should be considered a patriot. Capitalism is in essence based off of natures design if you will. This being my analysis on capitalism vs socialism. In nature what do you see? The strong surviving in every retrospect. Therefore a system based off of this works. Why? Because those who are physically and mentally capable of creating new ideas do so, and those who can't, follow. These are simple principles that even a child can follow. Denying such is ignorance
drlovebutton 1 year ago
What the hell is wrong with you kids? If the gov keeps giving everyone freebees no one works and things get worse. The worse is because you can live without producing so you do and it does. Socialism ends in everyone being equally poor like in Cuba and the former USSR and Chile. Extreme Capitalism is when we all become cogs in a tyrantical wheel. Both are bad but in Capitalism you can educate and work your way out. WE DO NEED TO VOTE SOCIALISTS OUT!
lonewolfmilitia 1 year ago
@lonewolfmilitia Agreed. Thats why the 2nd amendment is there. So when an overbearing government comes into play we can overthrow by force. Our system is flawless as long as the people stand behind it.
drlovebutton 1 year ago
Capitalism actually makes sense because the harder I work, the more I am awarded.
Socialism supports the idea that no matter how hard you work, you will be awarded the same as everyone else, which is unfair.
Capitalism can create more jobs, and let lower class citizens become entrpeneuers, therefore creating even more jobs, and you can even pick your own opucation.
With Socialism the gov't picks for you and you get taxed more.
Socialism is unfair, but thats just my opinion.
jawsfan95 1 year ago 3
Are you guys braindead? Don't you see friedman doesn't answer the question?
jaghed1 1 year ago
@jaghed1 - Jews are well known for answering a question with a question.
However in doing so in this case, Friedman does sort of answer Donahue's question.
bctvguy 1 year ago
@bctvguy Yeah, "sort of". The starving one fifth of the world's population, the 9 million that dies from starvation every year, get a sneer from Friedman. He doesn't even acknowledge their existence, verbally. His subtext is that starvation is a prerequisite to progress.
jaghed1 1 year ago
@jaghed1 -
Most of the poverty in the world is caused by overpopulation and sloth - whether it's in third world countries or anywhere else.
.
bctvguy 1 year ago 3
@bctvguy And places which have experienced socialism themselves ;) Friedman is a hero.
Firearmor 1 year ago
@jaghed1
Compare the prosperous countries with impoverished ones. What is different? The degree of freedom is the difference. Socialist and state-controlled countries have always been MORE impoverished than capitalist ones because the people are less free.
You can scapegoat capitalism for the miseries of the world, but note that the most miserable countries are the ones that failed to transition to free market capitalist economics in the sixteenth and seventeenth centuries.
Rorschach65 1 year ago
@jaghed1 Come up with a solution einstein, a United Order and the Law of Consecration are not going to reach every single person and as long the dark desires of mankind exist a collective system is always going to be corrupted, there will always be someone greedy that gets in control and we get another Lenin. We are only free individually, when those African countries get rid of dictators and socialistic thinking and establish republics with libertarian and capitalistic ideals they will grow.
davedavedaveannoy1 1 year ago
@jaghed1 You collectivists just don't get it do you?
davedavedaveannoy1 1 year ago
@bctvguy The question is a loaded question. He assumes that capitalism is based on greed and rewards the ability to manipulate the system. These are both false assumptions.
Friedman was absolutely correct not to answer that question directly. He simply made the point that all systems in place today operate under his erroneous assumptions.
I would have liked to see him point out that there are no systems that operate under the rules of capitalism.
ItsAllAboutGuitar 1 year ago
@bctvguy
lol you sound like a bigot but your answer made me chuckle
blueshade26 1 year ago
@blueshade26 - No bigotry about it, no bigotry intended. The fact is that Jews often answer a question with a question - if you haven't learned yet, you will learn in years to come.
bctvguy 1 year ago
@jaghed1 he uses rhetorical questions to answer the question itself, dumbass.
xsumuhdihx 1 year ago
@xsumuhdihx Yeah. He's a real idiot isn't he.
You on the other hand are smart. Thanks for your contribution to the discussion.
tylertown100 1 year ago
@jaghed1
Perhaps b/c PD asked a loaded question based on the false assumption that Capitalism CAUSES poverty.
The causes of poverty are many and varied. Lawless societies and corrupt governments cause poverty. Oppressive governments cause poverty. Civil wars cause poverty. Physical or mental disabilities can cause poverty. Etc.
ConservativeClarity 1 year ago
@jaghed1 Didn't answer the question. What are you talking about? I agree with Friedman on everything but even if I didn't, I would have to admit that he gave a complete and absolute answer.
Watch it again. Then read Free To Choose. If our current president read and understood this book, he could change our country for the better. Instead of undermining all that is good in a hopeless effort to level the playing field.
tylertown100 1 year ago
@jaghed1 You must be brain dead. Intellects answer a question with a further question. Such is philosophy.
drlovebutton 1 year ago
@jaghed1 he does answer the question. Greed is always going to happen, regardless on what society you believe, so it is part of running an economical system.
cobracarg 1 year ago 2
This guy is awesome.
harvinsi 1 year ago 2
I dont want communism here in the USA. This land is suppose to be a free Republic under a capitalistic system. GO TO FRANCE OR CHINA OR RUSSIA IF YOU WANT COMMUNISM OR SOCIALISM. You should be shot dead for pushing it here in America where millions have died fighting to be free.
1arcocat 1 year ago
Einstein did not construct this theory for money, mozart died a pauper! einstein after he was famous was given a big teaching salary he said he didn't need it he could survive on minium wage, he had some wacky ideas did that bloke!!! Jonas salk give humanity the cure for polio and never asked for a penny. these people who so enrich our world do so because they love music, their theory is beautiful or it's the right thing to do friedman is the worst in all of us!!!!!
torturedgenius314 1 year ago 5
@torturedgenius314 - Einstein sought fame and fortune through his scientific work and served on the faculties of universities in Europe and at Princeton where he had a beautiful home in an idyllic town. He never turned down a salary or prize money.
Mozart sought his fame and fortune through his music but he developed major financial problems and died young at age 35.
Salk's polio vaccine saved millions of lives and yes he did decline to patent it. However, he was not poor.
bctvguy 1 year ago
@bctvguy I think you're missing the totality of Friedman's point, which is that an individual will maximize his well-being by pursuing his self-interest, and no one is better at figuring out what the individual's self-interest than that individual. Salk and Einstein both pursued their self-interests when making discoveries in both medicine and physics, and Mozart certainly enjoyed writing music. Certainly this is a more total refutation of Marxist/Marxian materialism.
cnerd2025 1 year ago
@torturedgenius314 Socialist politicians do what they do for money, steal the welath of a country. Mozart was rich compared to most people in his country. All the people you mentioned plus every human on earth would want to be a millionaire, I have never met anyone who did not want to be rich, especially socialist politicians.
warriorprince1010 1 year ago
@torturedgenius314 'these people who so enrich our world do so because they love music, their theory is beautiful or it's the right thing to do friedman is the worst in all of us!!!'
this is pitiful. u'r right that these dudes did what they did because it was their passion. and u would deny them monetary gain from it?! really? your message is 'be brilliant, do good things, give those things to the folks, and we'll take everthing u have left away from you?!'. u gotta be kidding me.
richardarichard 1 year ago
jdgrab1 said that "85% of wealth in America is inherited"
For a quick look at how much of a friggan' dumb ass THIS guy is, simply look it up in Google.
Around 70% of wealthy Americans EARNED there own way. Maybe twenty years ago it was a different story, but scan the web and you'll quickly see the picture that not only a vast amount of wealthy people are hard workers, but that that percent is slowly increasing. The myth of inheritance is just a myth for lazy jealous people to feel better.
MoralDeQue 1 year ago
@MoralDeQue actually, even if this percent you state were true, it would be skewed. What does wealthy mean? Why are people who are born poor remain poor? Is it because they had such a fun time growing up that they wanted to enjoy it some more in adulthood? Why has the income gap spread (in the US and World), is it because people are lazier today than they were 10 years ago? If being a hard worker was all it took to be "wealthy" than our country would have about 200 million millionaires.
pnggolfer9 1 year ago
@pnggolfer9
That's not true because there aren't 200 million people willing to do what it takes to become truly wealthy. Most of us can't tolerate the risk involved in becoming wealthy. A close example to me: my sister quit a job paying 6 figures to start her own business. She now employs people. She works more hours than before but she is more successful. It takes more than just hard work. You have to have that something extra. Anyone CAN do it, but many don't have what it takes.
robert0380 1 year ago
Socialism can be manipulated and taken advantage of just as well as any other system! Bottom line is that absolute power corrupts absolutely! Socialism is absolute power! In a free market republic, separate interest compete for power so power is never consolidated in one entity! Our founding fathers acknowledged that there is no perfect form of government, but our Republic of laws and freedom is the next best thing!
MrWatchdawg77 1 year ago
Hate the wealthy? Give to the less fortunate? "Even the playing field" ?
Here are average yearly incomes of several countries:
Brazil $8,135
Venezuela $11,444
India $1,054
China $3,212
USA $45,835
To even the playing field, we must "de-develop the USA" , redistribute the wealth globally (take your income). How does socialism look to you now? It's not taking money from the wealthy -- it's taking your money!
vechorik 1 year ago
Margaret Thatcher put it this way:
“The problem with socialism is that you eventually run out of other people’s money.”
Winston Churchill – who saw the failure of socialism firsthand – was even more damning:
“Socialism is a philosophy of FAILURE, the creed of IGNORANCE, the gospel of ENVY; it’s inherent virtue is the equal sharing of MISERY.”
bctvguy 1 year ago 3
@bctvguy Thank you! for posting those two quotes. They are of course completely right, in my opinion.
charlesmar 1 year ago
Making money is just a matter of luck. And of course of how rich your parents were.
Capitalism is just a lottery. Thinking that everyone is evil is just a way to justify yourself for it.
rockndorm 1 year ago
American Capitalism is the one system that gives people the opportunity to embrace their human potential to get out, work hard, and make something of themselves. Simple as that, quit being lazy. And second, conservatives don't want a total abolition of government, just a minimal presence. So quit listening to lies that the liberal media keeps spewing out.
BigDally13 1 year ago
@BigDally13 85% of wealth in America is inherited. So much for those hardworking wealthy people.
jdgrab1 1 year ago
@jdgrab1 - Can you substantiate that factoid by citing a source? It sounds very unlikely.
bctvguy 1 year ago 5
@jdgrab1 thats horseshit
xsumuhdihx 1 year ago
@jdgrab1 How can you even say that when enterprise is constantly growing. Especially when you have companies like Google or Costco who started from nothing which are now billionaire corporations. Neither of those companies anyone can say is evil or corrupt considering how well they treat their employees. Starbucks being another once family owned operation now a global success. Find actual facts before throwing your ideology around.
drlovebutton 1 year ago
@jdgrab1 yes I inherited wealth from my grandfather, w/a 9th grade education, who was a boy during the great depression and lived on a dirt floor with no utilities. he worked for a farmer and saved enough to buy an old bus and converted it to a "rolling store" delivering and selling goods to rural areas. from there he saved for his own service station where eventuly my mom was born in the back. By the end of his life he owned 50+ convenience stores. THATS hard work. You feed the parasites.
possum89 1 year ago
Two of the problems with socialism is it leads to inefficiency (as public servants don't want things to go too smoothly or they'll be out of a job) and second, it blinds people to what world view does the most good for society. Because it is too difficult to explain the problems with socialism here and what would be a better alternative, I've added a link on my channel which ends with ideologyandstate.htm
BBBradH 1 year ago
Socialism goes against everything that the American idea proposes. It is impossible to read the Constitution and find any tenet of socialism in it's contents. Socialism is bad or good, it's just an idea that doesn't resonate with what America stands for. You don't start seeing it in America until Theodore Roosevelt (Repub). It has slow become more acceptable as more entitlement programs are introduced. It has even become a 'dirty' word in America, mainly because it doesn't mesh with our values.
chirobob 1 year ago
Perhaps a quote from Winston Churchill will help you understand:
"The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries".
Prosperinfreedom 1 year ago 3
wow, smart old dude
zmajski777 1 year ago
I found the flaw in this free market system- it's very obvious, but for some reason, Donahue just doesn't bring it up- or he does later in the vid, who knows.
Friedman's system only works when the market is kept in check by an educated, well-informed consumer. I don't think anybody would argue that the American consumer, the world's leading consumer by a large margin, is well educated, or well informed, generally speaking of course.
Mass corruption accompanies mass ignorance.
viva Montaigne!
tristramshandy3 1 year ago
@tristramshandy3 Actually as consumers Americans are quite savvy. It's as voters that they fall down on the job. Check out the concept of "rational ignorance" to understand why people put more effort into choosing a car than choosing a political candidate.
studentofsmith 1 year ago
@tristramshandy3 And I doubt anyone would argue that those in socialist countries are better educated than any American. China? No. Venezuela? No. Iran? Hell no.
America has free markets and free flowing information of all quality. And I believe that when given the choice most Americans would rather be unequal in Freedom, as individuals, than equal in slavery and dependence to the elite in the government.
TheRealTaco87 1 year ago
It was true than it is true today.
Mackenziella 1 year ago
Milton you are the man. I just downloaded the PBS series Free to Choose. So far every time I've heard the man speak it's been nothing but great material, so I'm intrigued.
accursedheretic 1 year ago
This is a fairly black and white viewpoint: Outright capitalism does not work, just like outright communism does not. He's not really arguing for Capitalism as we have it today, not is he arguing against socialism as we have it today.
PaladinX500 1 year ago 5
@PaladinX500 being a left capitalist, i agree. make provisions for the poor, give them a decent standard living, but always always protect the rights of individuals to make their own wealth. take away the ability to make private wealth, other things follow.
chrispollock 1 year ago
Brilliant Debate..Phil was sucking like a lil piggy..!
robsurfin 1 year ago
Excellent vid. Stark truth re contrasts between liberty & socialism. Here you have it.
ziglet53 1 year ago
Socialism starts with insanity. A few decades later it ends in bankruptcy and disaster.
FreeRangeMeatHunter 1 year ago 4
That was absolutely brilliant..
smokytehbear 1 year ago 4
100% right on!!
EVERYONE is greedy! Not even a socialist can change human nature.
ericclaptonismygod31 1 year ago 5
Milton Friedman, Champion of Freedom!! He is much missed...
xuxis2008 1 year ago
To become wealthy take a very high degree of risk, be it money-wise or a huge sacrifice in a sort of way. Why would you want to live in a world were hard work is not rewarded. Not every rich person inherits their wealth most are 1st gen. Be the master of your own destiny and do something with your life instead of looking at others end result. Wealth and leadership is not for everybody.
triangle1990 1 year ago 6
Both systems deserve to be viewed as utmost productive.
Capitalism produces wealth.
Socialism produces gulags.
scholion 1 year ago 9
Obama simply fails to recognize that there is no profit in socialism. Free enerprise is the natural economic system.
Instead the socialists try to transfer wealth using the global warming myth (cap-and-trade legislation), demand population control (abortion), and hate free speech (Obama's war on Fox News, the attempts to stifle talk radio (Fairness Doctrine) and the Internet (Internet Neutrality). Socialism violates the very basis of democracy and human rights!
AcePilot101 2 years ago
Socialist mean well, they truly want to do good for society but want you & me to pay for it. Caring is not a liberal thing, a conservative thing, a capitalist thing or a socialist thing...it's a personal thing. Socialism robs individuals of their natural instinct and desire to give & help others by allowing govt to control & dictate how your money is spent. Milton Friedman was a good man as well as a brilliant one...Never before has a country needed his kind as much as America does right now.
GabbyLee85 2 years ago 5
The current Democratic Party leadership is tainted by corruption, and the liberals among us are supporting Socialists with their agendas based on implementing Fascist, Marxist and Communist political doctrines into our own government. These Socialists are clearly a threat to everything we hold sacred in America, and they are gaining evermore control over our Democratic Party, our Nation, and the American people.
geofiles 2 years ago
Socialism is a government that pretty much gives everything to the citizens.
When the Government gives you everything you have, they can just as easily take it away for the greater cause. May the cause be good or evil, we don't have a choice.
MasterKine420 2 years ago 5
like Cuba and China?
abelotano71 2 years ago
Excellent post....
cnin242 2 years ago
The basic ideas of Socialism and Communism-unity and equality, are not bad ideas. However, when Communism takes hold, people become to reliant on a motherly hand to provide them with the basic needs of survival. Then, when democracy and capitalism take hold, people to not know what to do with themselves. Just take a look at Russia and post Soviet-bloc countries in the 1990's. People didn't know what to do after 70 years of Communism.
2401PenitentTangent7 2 years ago
Saying that societies that are worst off are the one that depart the most from free trade is interesting. Except it is the exact opposite of the truth. Poverty has increased in every single third world country that has applied IMF/World Bank free trade policies. It has decreased in the countries that haven't applied these policies.
MrAlzed 2 years ago
@MrAlzed That's not exactly what he said. He said the poorest countries departed from capitalism 'and largely free trade.' Free trade is not a synonym for capitalism, as you surely know.
4yearsandout 1 year ago
socialism is a crutch that should be used by the people during a time a weakness such as when your going back to school finacial aid or when unemployed food stamps only a fool willing to be a slave would consider a lifestlye of socialism
gonzo361 2 years ago 5
Milton Friedman= Charming genius
You can actually feel yourself getting more intelligent from listining him.
My he RIP.
To quote Winston Churchill
"Capitalism is the unequal distribution of joy"
"Wherelse Communism is the equal distribution of misery"
JONNOG88 2 years ago 3
I can´t beleive people are so stupid in 21 Century, millions still beleiving in socialism, in a paternalist State "who give you everything you want"... in exchange to your freedom
trifulquita13 2 years ago
Fantastic.
Thanks for uploading.
Ebbagull 2 years ago 2
Brilliant. Absolutely brilliant. He smacked down every argument with pure concise logic, and he did with with such intellectual ellegance.
PatriotMan09 2 years ago
It's refreshing to see a little bit of inteligence injected into the steaming pile of emotion that is the entire modern liberal movement. Donahue is a perfect example of how emotion tends to overwhelm inteligent thought in todays talk show society.
palehorse2032 2 years ago
I think we all go through a time in our lives where we have doubts about capitalism, but most of us eventually realize that capitalism is a better system overall. I think it's still very relevant to the current debate we're having. We have a responsibility to curb the abuses of capitalism, but it is the best economic system.
theamazingmistern 2 years ago 6
Well, ya see. We don't live in a capitalism system. We live in a Democratic-Republic (with a Constitution). And throughout history was have had a federal government that guided and written the laws within this country that has provided protection of rights and private property. As well as defining public property. It's when one thinks in absolutes that the ideology becomes a utopian pipe dream. As you did when you think that we live in a pure capitalistic system. We do not.
gizmo2084 2 years ago
I completely agree. Capitalism is far from perfect, but it is the best system we have today.
misanthropeify 2 years ago 5
theres plenty of societys that dont run on greed especially indiginous ones of the past n present. Greed is ok?? why not ambtion w a little compasion?
mikealangelo 2 years ago
If you think that American Indian tribes all lived in harmony with one another, then you have a lot of history to learn.
bctvguy 2 years ago 5
No kidding. For the longest time, man thought that everything was "hunky-dorey" when major societies didn't exist. They created a magical land that had only households in complete bliss - all the food and provisions you can grow and make.
This is obviously false
You would only survive so long as you were the strongest. It was only when trade started happening that societies actually worked with each other. There is significant amount of evidence to prove that markets are moral.
Offatwork 2 years ago
Capitalism does not run on greed. That is a common misunderstanding. It works through people pursuing their goals and co-operating through the market mechanism. What those aims are is not important. As Israel Israel Kirzner points out even a society of saints would achieve their aims best in a market order.
Malthus0 2 years ago 6
tell it to Obama
Adammmm124 2 years ago 4
Whoa, someone needs to debate Obama like this... great points!
retsep81 2 years ago 2
And those jewish bankers on wall street from those sub prime mortgage loans.
MrTabby5000 2 years ago 3
I love Phils blank stare.
The lights are on but nobodys home!
itscork 2 years ago 9
@itscork -
Yes - and capitalism made Phil Donahue a very wealthy man.
PD is another stereotypical limousine liberal.
Liberals like him, Obama, Biden, Kerry, Pelosi and others are very anxious to spread OTHER people's money around - just not theirs.
YT: watch?v=jcJvOnCD1ls
"Obama socialism - Spread the wealth around"
bctvguy 1 year ago 12
To those Americans who say they prefer to live in a socialist country, there are plenty of places in the world to choose from.
Emigrate already !
Nothing's holding you here.
You're free to go.
bctvguy 2 years ago
Nice, I like that. I'm gonna use that from now on. This is the first time I've heard Milton Freidman speak. I'm gonna look up more of his work.
btotts925 2 years ago 4
Why does he always answer a question with a question?
kureem 2 years ago
People are too absolutist on the issue. Yah greed is human nature, but you have to have certain regulations. Its good for iPods and cars but not so good for Police departments and roads. You can't just let people starve either. When companies move over seas to places where workers settle for 50 cents an hour and people here blindly support the cause of their joblessness in their own, increasingly post-industrial country, it shows a serious dysfunction.
TheClassicalLiberal 2 years ago
Friedman is wrong. Japan is very weathy now precisely because they did not allow free trade and worked together as a country for the common good. Ditto with Korea. Countries that have opened up and allowed free enterprise to flourish have not always been rewarded. Example Iceland. History is not even close to being crystal clear.
FreemanGordan 2 years ago
Maldistribution of wealth? The maldistribution of wealth is assholes like Donahue wanting to take money out of my pocket. I didn't know Donahue was a communist? His wig must be overheating his brain. Communism wants to destroy the individual by taking away self-determinism. I'm glad this jerkoff went off the air. What does he mean, "Underdeveloped"? By whose standards? Ours or theirs? Why are we trying to play parents to the world? Donahue go live in Russia.
maximusuper 2 years ago 3
Love this video!! Email a link to it to your contacts and post the video on your facebook pages. People need to see it and start thinking.
just56refounders 2 years ago 2
Good vid! Phil Donahue, had a decent show. But I was a child then.
& he did go way left of center Back then.
he'd fit right in, with the osamabamabots
of today.
SIC SEMPER TYRANNIS!
RebelStangII 2 years ago
Donahue got fucking walked all over.
Senniemiec 2 years ago 8
In the very beginning, America tried socialism.
It was at Plymouth Colony Massachusetts in 1620.
Within 3 years, they abandoned it because even among like-minded people, incentive is destroyed.
Socialism doesn't work.
SEE a 3 minute video about the social experiment on YT.
watch?v=igdCrePWTF4
or SEARCH YouTube:
Thanksgiving: Overcoming Socialism
bctvguy 2 years ago
Capitalism is great...except if your lazy and unproductive.
Socialism claims you can have a perfect country, no poverty and suffering. BULLSHIT.
Your neighbor can work 3 hours a day while you work 12 and you both get the same from the government.
SENTRY000 2 years ago 4
that is a brilliant statement the wealthy want people to be poor! I guess the rotten rich bill gates wants people to be poor so they CANT buy his products. Think before you speak jealousy has made you bitter. A rich corporation gave me my job and now I am thankful to them because I can provide a good life for my family.
qwertyuiop19526 2 years ago 12
I made my company wealthy and they eliminated my position. I do not take free enterprise for granted, but spare me the sanctimony of capitalism. It is far from perfect.
coliseumdog 2 years ago 8
There is no system that is perfect. BUT, capitalism has been the best one developed as of yet. :)
parrotsnest 2 years ago 2
and come on.. if you truly did make your company wealthy, odds are you'd still be there. Let's be reasonable..
parrotsnest 2 years ago
First of all, Donahue is celebrity fool who is not fit to be challenging an evil genius of neoliberal economics. Second, corporations and banks don't think of the long term big picture beyond their immediate myopic profit raising interests. If they did, we wouldn't have just narrowly escaped a depression. I love how corporations rail against perceived "socialism", yet when it comes to their own asses, they come screaming for government bailouts and subsidies like a baby for momma's teet :^)
mordecia100 2 years ago
Of course, man. Obviously they will accept billions of dollars if we give it too them. We just shouldn't give them money, and let bad businessmen fail.
TtL2424 2 years ago 3
Why do you think they did bail businessman out!? Look up the Community Reinvestment Act and know that it was politicians who demanded businessmen hand homes out in redistributing the wealth! Politicians couldn't turn around and prosecute them as businessmen would turn and point their fingers at the politicians.
Are we catching on yet??
ChipsShot 2 years ago 3
ChipsShot - You are exactly right. Lenders were pressured by the Barney Franks, Charlie Rangels, Chris Dodds, Ted Kennedys and their ilk as well as groups like ACORN and others to make loans to unqualified borrowers.
Bush Jr also played a part because he wanted home ownership to increase under his watch - no matter what.
Banks also took advantage of the situation using Fannie Mae & Freddie Mac to offset their losses.
The whole mess drove up housing prices to ridiculous levels.
bctvguy 2 years ago
@Mordecia You're right, the corporations screaming for help were asking for socialism to save them. The bailout didn't save us from anything. In a capitalist system, bad business are allowed to fail. When you allow business to interfere with politics you get corporatism. It's easier to make it illegal for a competitor to compete via regulation, than it is to keep your customer base with a superior product/service. Watch "Beer Wars", it's a very good example of this.
slidecube 2 years ago 3
The wealth in America is more concentrated than ever before in our lifetimes. The workers have been stripped of all power, and are treated like disposable units of labor, while Corporate CEO's are rewarded in a manner beyond imagining. But, it is in the interests of the wealthy, to keep workers unemployed and hungry. The rich are too polite to say it aloud, but they know that poverty rocks for them. Poverty is profitable for them. Poverty makes their stocks go up, and labor costs go down!
CosmicFork 2 years ago
If this happens I will coordinate demonstations outside the whitehouse everyday of every week of every month until Obama is gone and we can move on with our tattered country.
zZCrAzYBamZz 2 years ago
YES FINALLY, a sect of people I can agree with, great comments guys.
Socialism can't work for the simple fact you can't redistribute the wealth to everyone and expect the ones pulling more for the ones that don't to stride to keep paying into a system where they make less then what they earned.
I would also like to comment that any goverment insight in any FREE MARKET will turn it into a Monopoly since it damages competition causing a massive tilt. We are all able to do anything no excuses.
TheFrankieE 2 years ago 3
There is so much tit sucking go on at your expense, you do not want even imagine it. Defense contracting, subsidies, tax rules, government enterprises, food stamps (Big Ag is heavy on this) etc.There is no free market, but there is tax payer supported capitalism. It comes at all our expense.
coliseumdog 2 years ago
Great video and great comments. Socialism kills, mentally, physically and spiritually. Freedom works every time it's tried. It is the solution to the human condition. Good Day.
Stickmodee 2 years ago 3
The Pilgrim's PLYMOUTH COLONY started out as a socialist type settlement.
Within 3 years, they realized it wasn't working and dropped the idea.
Obama, Emanuel, Geithner and their ilk are trying to turn the USA into a socialist nation AGAIN - They want to destroy the middle class and the rich and resdistribute their wealth to the poor, thereby making everyone dependent on big government.
Socialism didn't work in 1620, and it doesn't work now.
bctvguy 2 years ago
Socialists are either mental slaves that need a slave master (Government) to take care of them .
Or slave masters (politicians) that think they can run your life better than you can.
America was built from people wanting to rid themselves of the slave master governments.
And now IM afraid the mental slaves have out numbered the mentally free. and they want the slave masters back in power.
They will learn the hard way.
toobsucker 2 years ago 14
A government big enough to give you everything you need is big enough to take away everything you have!
mmtot 2 years ago 10
Capitalism has given you the billion dollar computer you are using for the cost of a few days work.
. The misunderstanding is Phil is worried about those abusing the system.
Friedman is speaking to the general principle of capital formation in free societies.
Donahue must feel some redemption re. the wall street thieves of late.
So, Yes to capital formation in a free society. No to the thieves at the top who work the system.
socratic1968 2 years ago
.
The Pilgrim's PLYMOUTH COLONY started out as a socialist type settlement.
Within 3 years, they realized it wasn't working and dropped the idea.
Obama, Emanuel, Geithner and their ilk are trying to turn the USA into a socialist nation AGAIN - They want to destroy the middle class and the rich and resdistribute their wealth to the poor, thereby making everyone dependent on big government.
Socialism didn't work in 1620, and it doesn't work now.
.
bctvguy 2 years ago
Everyone who thinks socialism is a better answer than capitalism, first off, STOP messing with this country and the way it's been since 1776! Now sell everything you have here in the U.S. Donate it to charity except for your ticket to get to the other country. Start with nothing at your new socialist nation. Get a job try to make a living and see why so many people risk their lives to come to the United States! Hey this could be a new reality show.HAHA!
funkypratt 2 years ago 46
I love it man you put it exactly right... in fact why don't we put Obamas ass on a plane over to some other socialist country leave him there for a bit then se how he feels about it
zZCrAzYBamZz 2 years ago
100% accurate. Donahue (so typical of many liberals) is so out of his league with his naive do good socialism based on no fact, that it's like Friedman is talking to a child.
sansured 2 years ago 60
Socialism takes the incentive out of people and destroys liberty. It's definitely not American.
truthinstyle 2 years ago 51
Is there any other solution? yes !
How about the Mix? or make it balance.
Democratic socialism = JAPAN , German
HIYASHI007 2 years ago
Have you taken a look at how Japan's economy has fallen in the last 18 years or so?
bctvguy 2 years ago
Wow, that is an immediate favorite, how did I miss that episode?
VegasRage 2 years ago 22
Wow, this guy is on the money. Donahue, aren't you a capitalist, you ^&^& hypocrite.
onetocome 2 years ago 20
Putting that piece of shit Donohue in his place haha. He's still unreformed however and still spews this shit everytime I see him. He needs to be awarded the Order of Lenin for all the work he has done on behalf of communism.
sprife142 2 years ago
I wonder what year this was done? Funny how things "change" the more they stay the same (or get worse!)
TheLibertyFactor 2 years ago
Recorded in Chicago, Illinois - 1979
bctvguy 2 years ago
It isn't that complicated, people. You have X-number of years on this planet; how do you want to use them?
oriskany 2 years ago
his deregulation ideas are largely responsible for the "take the money and run" policies that got us in this mess. you see what his influence on reagan, thatcher and pinochet got the hard working people of the world. Sad to see a reactionary worship of someone whose time has come and most certainly, gone.
cathcartiii 2 years ago
It was the at the insistence of big government that banks were forced to make mortgage loans to people who were not qualified to get them. That drove up housing prices to artificially high levels that were unsustainable and the hosing bubble finally burst.
Add that to the excessive compensation of corporate managers who didn't perform and incompetent financial types and day traders and there you have the mess we're in today.
bctvguy 2 years ago
Look, pinhead. The 60's are over. And so are proto-socialist terms like "reactionary". We know hippie wannabes like yourself still think that Marx's ridiculous ideas can work if they are just done right, but the fact remains, socialism and its spin-offs=death, capitalism=life
socialism=bondage
capitalism=liberty
socialism=stagnation
capitalism=creativity
socialism=welfare addiction
capitalism=creation of wealth for all who are hard-working, bright and capable. Not fair? Tough shit, comrade
erinmochuishle 2 years ago
Wrong--the leftists in government interfered in the free markets with their affirmative-action, forcing banks to make loans to deadbeat minorities...all lending standards soon disappeared, and Wall Street merely sought creative ways to spin off all the risk brought by all the government-encouraged absence of credit standards.
Capitalism would have served us better than the socialism of the Community Reinvestment Act and Obama's ACORN racial shakedown of CITIBank, and all theother "diversity."
philosopheromone 2 years ago 5
deregulation? What deregulation. Every government regulatory agency got a record increase in funding since 2000. If you think that the past 10 years have had anything to do with what Friedman envisioned, you are hopeless to reason with.
benjleeru 2 years ago 7