"When you see around the world the mal-distribution of wealth..." The flaw to Donahue's, and liberals in general is wrapped up in this short sentiment. They believe that "wealth" is static and should be distributed, which is a false premise and the basis for the statist ideology. Capitalism flies in the face of this notion becase it CREATES wealth. The reason statists dismiss this concept is because if we are free to support oursleves we have no need for their distributive programs.
Milton said government does have a place and it was very simple; He said that when two people work a deal and that deal adversely affects a 3rd person then the government can place restrictions on those that deal. I don't know why Donahue never expanded on that point, it seems that was the whole discussion yet don let that go by. It seems to me to get anywhere to make progress you need to start somewhere where you both agree. Don wanted to argue, must be better for ratings! (capitalism)
@SuperDelderfield: Yes, young 'un, TV was like this in the 70s! I grew up watching this and many other old shows. Comedy was MUCH better! But the choices were extremely limited. Most of Donahue's guests were not this quality...and almost all were not able to disassemble his liberal thoughts and words as eloquently as Milton Friedman.
Anyone who chooses a discredited source is equally discredited. Rule number one in economics is to never consider a particular linguist for any progressive discourse.
That's if you want to get anywhere in the discussion..
@elsoutero Because free trade is blocked by regulation doesn't make it a charade. Professor Friedman is making the point that government regulation harms the free market, and therefore the consumer's ability to receive the best product at the best price. Or did you just watch until you heard the phrase free trade uttered and then posted your comment?
Anyone one wanting to know about this ridiculous charade called 'free-trade' should read a bit of Chomsky. Americans and the British have for a long time been the biggest obstacle in allowing free-trade.
It's true that "Einstein didn't construct his theory under order from a bureaucrat", but there was no plausible market-driven motivation for him to come up with his theories either. When he published his famous 1905 papers, they were unrelated to his day job (incidentally, as a government bureaucrat in a patent office). From childhood, Einstein was driven by profound curiosity about the laws of nature. Scientists don't get paid when their papers are published. Market incentives are irrelevant.
@cavalrycome The point is that he wasn't forced to do so. It was his self-interest that motivated him to pursue it. Allowing people to pursue their self-interested goals does more for society than a well-meaning authority dictating what we ought to be interested in.
@Atreus21 You seem to be dubiously using 'self-interest' interchangeably with 'intellectual interest'. In the case of Einstein, you can't mean 'financial interest' or 'selfish interest' and his example can't be used to justify deregulation of the market beyond the kind of society he lived in. Your final sentence is just a naked assertion that appears to rely on cherry picking examples. Was MLK motivated by self-interest? Was Mohamed Bouazizi? Nothing like as simple as Friedman suggested.
@cavalrycome It's a simple question of whether or not you allow people the freedom to pursue their interest, whether its "financial", "selfish", or whatever. People will pursue their own goals far more doggedly and efficiently than they will someone else's.
At 2:30 there's a great bit where Milton Friedman just explained that the only cure for poverty yet discovered was the free market, that the world has progressed from famine, disease, and barbarism only when free trade is allowed. Then Donahue completely ignores that and says, "But it doesn't seem to reward virtue..."
I sometimes wonder where Democrats care about the poor at all or if they only care about punishing the rich.
@AntiSchiff I'm confused... A negative income tax isn't a welfare state exactly. It still allows the market to work - the poor spend where they want to spend. It's like vouchers, a big republican idea that came from Milton. What they (and Milton) object to is government run programs because the incentives are wrong.
That all said, I agree with you; Ron Paul is as close to Milton as we have, and they hate him.
I have to admire Donahue for giving Freidman a platform to communicate his views even though Donahue my not necessarily agree and/or understand Friedman's views. It's always good to challenge your own wiews much less other's views.
@spanieaj Friedman was not a supporter of Austrian economics; while him and Hayek agreed on the great bulk of things, Friedman was a 'monetarist', unlike Hayek.
@spanieaj Friedman was not a supporter of Austrian economics; while him and Hayek agreed on the great bulk of things, Friedman was a 'monetarist', unlike Hayek.
Milton is nice because he's got these amazing ideas that would be called "conservative" today, but without the idiotic tendencies of today's conservatives.
@UponInfinity Like Friedman said elsewhere "Government is government, it doesn't matter who is running it."
If you're talking about conservatives who aren't in government I don't think you can say a majority love big government. Friedman is probably one of their most beloved public intellectuals. As for conservatives in government? Well, "government is government".
i absolutly agree with milton on capitalism. it has is faults (greed of big business), but it works. people at least have a chance to better themselves in a capitalist society.
socialism leads to communism. no one could be trusted to run it, or see that everyting is fair. it would never work. karl marx obviously did not know much about human nature when he first suggested socialism.
he made 2 mistakes, he assumed this is what people would want, and assumed that this would make them happy.
Donahue(and socialists in general) just can't get over the inequalities in the world and is blinded by trying to control it. What he doesn't realize is every time you add an artificial constraint to the system you end up making it worse because you cannot predict what the unintended consequences will be.
They also fail to realize that capitalism finds the best solution. It is nature at work(economic and social evolution) and it will do it's thing... maybe too slow for some people...
@TheManiacalSatanist6 Material :- noun anything that serves as crude or raw matter to be used or developed: in short Matter!!!! now then why am I an idiot your the one who doesn't know what material is
@torturedgenius314 you could say that socrates didn't have self interest at heart when he became voluntarily poor if you a speaking purely materially, but his reasoning for doing so DID break down to self interest. i'm sure einstein had something to gain from his work. you don't do things unless you get something out of it. self interest doesn't have to be material, but is government any more capable of creating intrinsic self interest than it is of creating material self interest?
@samm1809 I don't know what you mean I have already said i didn't mean material gain if you want to argue if einstein did it for gain at all that is something else and it is not the point. The point is he DIDN'T do it for money and nither did jonas salk. Give me a doctor who loves being a doctor and helping people over one who does it for the money anyday. money is not a good motivator and humans are in special cases better and more beautiful than that, i worry that people r being more greedy!
@torturedgenius314 i definitely agree with you on that point, and many people i know that intended to do medicine or law or in my case accounting at university changed courses because they realised that they were just doing it for the money and prestige, but should we be critical of someone for doing things for money?
@samm1809 depends how much money and what it is that they are doing ? the real world works on money and the universe works on physics both of which require, in order to understand them the same tools, that being value, and quantity hence mathematics. My worry is where the human being sits on that equation !
@torturedgenius314 money isn't just a simple lust object, there are lots of other intrinsic values that people can and do have in money, i.e. the ability to use it to help someone else or provide for their family. if someone profits from something, it's because someone else wants it and in turn can PAY for it because someone else wanted THEIR services.
@samm1809 NOT TRUE !!! If some one profits from something it is not due to there services being good, they my have a monopoly, they may be taxing some1 or something. There is this mis-conception that money buys freedom and choice it doesn't. If a company is providing a human need and has a monopoly on that thing where is the choice ? If my income is such that i can only live in one place, I have to pay rent there even if the service is crap. If I can only afford the cheapest where is my choice ?
@torturedgenius314 that is a fair point, but the sort of monopolies that you refer to result BECUASE of government. you see the TSA going around shutting down anything that they see as unfit, but you never see them shut down a Mcdonald's. you never see them shut down a KFC. both are junk that i wouldn't eat if my life depended on it, but most people assume it's OK because the government seems to think so.
@samm1809 If the government didn't say this is healthy this is not who would ? the consumer ? just because something sells DOES NOT MAKE IT GOOD OR GOOD FOR YOU !!!! look at tobacco. If there was no rules or regulation on heath it would be horrendous surely your not advocating that. If that was the case you can not tell me hygiene would go up ! I think you give the consumer too much creadit. the average person is an idiot look at how much money KFC make and there product is SHIT !!
it's our responsibility as citizens to boycott things that we see as of low quality. if people do so then an unfair or total market share is prevented. besides, how often do you see a company with a monopoly on a human need? that only ever happens when either the government interferes or the government has the monopoly itself.
@samm1809 Very idealist what if exercising the freedom you say that market gives people, that people choose not to follow this responsibility ? and who if not the goverment is to say what is low quality ? If I live in a small town make mini wage and walmart moves in and undercuts ma&pa cos they can cos they r walmart my town doesn't have a Kmart so walmart has a monopoly on human need the goverment had nothing to do with it and I am not driving miles as i can efford it. I am forced to buy crap!!
@torturedgenius314 well if you were shopping at the mom and pop store before why did you have to stop just because walmart moved into town? if people choose to shop at walmart just because it's cheaper then so be it. they're idiots in my opinion, but who am i to say what they should do? and it's the same with quality.
@samm1809 They are voteing thats what people like you and milton say it's you whole point. If everyone but you shoped at walmart they would vote for walmart and mom and pop would go under and i would have to shop there full stop !! If there wasn't enough people buying single malt scotch something I enjoy it would not be cost effective for the distilleries to make em and you would have less choice and end up with a worse product !
@torturedgenius314 i agree. fortunately, scotch drinkers ARE evidently people that (like yourself) value quality, and as a result scotch has maintained it's industry and quality. the laws on what is legally scotch are only a hinderance. if they had the same laws for beer, lager would never have existed. if you liked scotch and nobody else did, you could make it yourself. do you think that if the government was to decide what should be made that they would make alcohol at all?
@torturedgenius314 on the other hand, if someone wants to GIVE something to someone because they feel that the person is in need, then there is nothing wrong with that either. it's just simple fact that money is what is used to make the world go around in a society that has moved beyond a state where we can rely on solidarity, religion and alturism as means of allocating resources.
@samm1809 money makes the world go around that I would agree with to quote churchhill "capitalism is the worst system except for all the others". but my worry is that its simply not sustainable the cracks are beginning to show now the $ in trouble so is the euro, greed is distructive and unhealthy. Communism fails instantly As does capitalism in its purist form, both are very destructive, the diluted capitalism we have still fails just takes a bit longer.
@torturedgenius314 the failures you refer to are very evidently the result of interventions in the free market. any free market MUST rely on sound money. the dollar and the euro are fiat currencies that are crashing because fools with little knowledge of economics were convinced by bankers that they could use the money supply to negate business cycles. then they print money and bail out companies that should fail, which devalues everybody else's money. that's not capitalism.
@samm1809 What is it then ?? All I know is everytime someone talks about economic growth i shudder. I am a physic grad and a law of physics and maths is you can not CAN NOT have continues growth of anything with out eventual total collapse. Hence what we have now what ever you want to call it is not sustainable!! You want to blame the goverment but most goverments are in bed with big business, Apple can buy and sell the US atm so who is really running things ?
@torturedgenius314 well then as a scientist i would think that you would understand why many free market economists feel that the social sciences are still to learn what the physical sciences have already accepted- that it is impossible to design a system involving 6 billion individual units and an infinite number of variables.
@samm1809 I totally agree !! but the design of your system is faulted also ! we have massive economic problems, social problems, environmental, population problems plus the oils running out. I am not optimistic about the furture at all and I think one way or the other we headed for doom in the next 30-50 years ! and I think a system which is run by and soley focuses on individual greed and wealth just makes most of the problems worse !!
@torturedgenius314 well what's a better solution? to have a group of snobby harvard science grads and politicians on big salaries sitting around at UCLA coming up with ideas like covering europe in wind turbines that freeze in winter, or carbon taxes that MAY display evidence in 1000 years? or to allow the next einstein working away in his basement to keep more of the fruits of his labour from working at the patent office to contribute to his efforts in discovering a new source of energy?
@samm1809 I think scientists should run things ! thats the and of it I have this silly notion that things should be run by people of KNOW what they are doing ! the common man doesn't know about climate change he hasn't read peer reviewed journels, but for some reason his opinnion is taken into account ? If you had cancer would you ask the guy next door about it or scientist/doctor ? the media don't understand ! the politicians don't understand either
@samm1809 you could have a guy with no qualifications and no knowledge at all about transport working as transport minister because he's friends with the P.M who him self is not qualified but just get voted in. and this only happen cos of the media who are in turn in bed with big buiness the whole system is a joke! the only people who don't have an agender and tell the truth are scientists. you can not corrupt facts! the world should be run by the right people who are in the know!!
@samm1809 You have a problem, the solution if there is one is normally using technology. If it wasn't for technology man would be living in caves and hunting for food. I know about technology ! I have the solution but I don't have a voice. I am telling people the solution but the people with the power are buinessmen and politicians. nither of which has a clue one has money the other has won a popularity contest using the others money. £ trumps sense and thats not good !
@torturedgenius314 well that won't be a problem for much longer because the internet has made journalism and advertisment much cheaper ventures, and people are slowly turning off their tv's and turning to each other for the truth. there IS change coming and i think the best way to nourish it is to support the likes of ron paul and in your case (assuming you're british since you used the pound as a money symbol) nigel farage. my country (aus) is still in want of a champion of freedom and peace.
@samm1809 I don't tend to do politics cos I don't think you really have a choice and it's all bullshit but if i was to vote it would be for nigel farage and ~UKIP!! At last we have someone in politics who makes sense and tells the truth. the reason is he's not a classical politician and that shows as he does not talk bullshit you "trust" him and in your faviour his back ground is buiness but the internet gives every1 a soap box informed or not and people still have to sieve out the BS !!
The rock solid arguments of the Austrian School shine again. Milton Friedman says it best when he tells us that the way to stop inflation is to have the government stop spending and printing money. I wish ''Owe''bama would have seen this video or Osama Ben Bernanke at the Federal Reserve as Federal as Federal Express. The US Dollar is toast. I left the country and bought gold, silver, land, and francs-euros. Peter Schiff is a modern day Friedman.
6:50 don't agree with his statement here. No one in their right mind would want inflation. Yes a manufacturer of goods wants to sell things at a higher price... BUT he also has lots of cost of running his business. When prices go up his costs go up. A manufacturer wants to sell things at a higher price because he has a better product not because ALL prices went up. He doesn't come out ahead that way.
~1:14 BEST INTELLECTUAL SMACK DOWN I'VE EVER HEARD!!!!!
The greediest entity in this country is the Fed Govt! Not an oil company, or an ins company, or an auto company. It's the govt that sucks up over 2 Trillion dollars of our money to pay themselves. All the companies listed above can all go bankrupt and be sued. Think the govt plays by those rules? Hell no? They just vote themselves more of your money to support their ridiculous schemes.
Wake up ppl. It's time to put Pandora back in her box
This was my favorite clip. "What country DOESN'T Run on greed"? That is so true. However, I think the point would be that power, concentrated in too small a body, is always dangerous. The only regulations should be to keep power distributed, rather than focused into a small number of individuals. I think that's why the American system works so well; the distribution of power is very broad and keeps itself in equilibrium to some degree.
@1971SuperLead Kmart isn't gone btw , still one around here ...there's 1 sears and 1 kmart within 50 miles of my house. Infact they are both across the street from eachother heh.
@Wonglow Kmart went out of business when I lived in California....and there were many! Tucson and Denver are devoid of Kmarts. I just figured Kmart was caput.
@1971SuperLead Medium-sized Sears ate little Kmart...so that now merged they may compete with Big fish Walmart! this was before the explosion of walmart. Kmart and Sears were two of the largest retailers at the time.
Donahue was being very good. he presented all the right questions and listened intently and most of all respected Friedman's views. Just imagine a cunt like Bill O Riley doing the show..
@Silversong88 i think donahue is getting too much credit; look at all these uncle miltie vids; milton friedman commands this respect through his speaking ability and the beauty of the "message"; when i imagine bill o'reilly interviewing friedman i see him sitting deferentially and possibly engaging in a dialogue rather than a monologue of two blowhards shouting talking points past each other
Yeah i got to agree Donahue is being a great host here. He is asking questions and letting his quest answer them without interrupting him, to bad this is a rarity now a days.
This segment of the show seems a little staged to me. Donahue, up to this point was interupting and really trying to debate, then when he asked this question about greed and so forth he sat back like he wasn't supposed to talk during this answer, the camera angles zoomed in on Friedman making it seem so dramatic, stage angles changed to capture a man of power in a certain light. seems staged. I didn't see it the first time and thought 'holy shit, this guys good!', but when i watched it again...
What is amazing is how many time Friedman wins the argument but Phil will not change his thinking even though he knows he is wrong. He simply cannot fathom the thought that he has been wrong his entire life.
Ok, so far I love this guy. But I do have one question I wish I could ask him. What about standard oil corporation? I would definitely classify that as a business too large. They controlled 95% of american crude oil. Shouldn't that be broken apart by the Justice Dept.?
These oil companies are so large because of govt regualtions, not inspite of them. The regulations on the books now ensure that the process to start and maintain and energy company are so costly, and constraining, that it makes it practically impossible for anyone who tries, and scares off those who would even try to attempt it. Forget the Justice Dept, relieve the regualtions and cost manipulations, and loow honest people start more companies, and then allow then to COMPETE.
@ohheckyeah17 Standard oil bribed certain government officials to outlast their charter, The biggest threat to the free market is corrupt government officials allowing a monopoly. Under a real free market it would almost impossible for any one company to have a monopoly.
@ohheckyeah17 Aside from the fact that it only got this big thanks to government as pointed out by others - what's the problem with big companies, anyway? Why should companies be broken up once they reach a certain size? Just 'cause?
@fab006 At its height, Standard Oil controlled 90% of the US oil market, meaning that in many major cities like Pittsburgh, Chicago, New York City, etc., they were the only oil supplier, meaning that they could set whatever price they wanted for their product, and people would be forced to buy it. That's why the Sherman Anti-Trust act was enacted in the early 20th century, requiring the courts to break up any business "in restraint of trade."
@ohheckyeah17 _Did_ they charge these insane prices?
So they controlled 90%, what about the other 10%? Why couldn't individual companies (or cities) choose to buy their oil out of that 10%? What would happen, of course, is that Standard Oil's profit would go down, forcing it to either undercut those prices or cede some of their 90% to those other, better companies.
@ohheckyeah17 but they lowered the price of a gallon of kerosene from 68 cents to 28 ... helping average people... by the time of the Sherman Anti-Trust act, Standard Oil was already losing market share. All the Sherman Act did was help the coal industry
2nd time said: "Owned" GM...nice call Phil (the evil corporation that devours the entire country), the Mighty SUPER Corporation; GM>>>and what do you know, K-Mart takes out SEARS...
I don't find it ironic, I find it extremely insightful, that Friedman (jokingly) predicted that K-Mart would own Sears back in 1979. Sure enough, in 2005, they did. :)
@koabarra why do you think I mean that this would be a government requirement? I think schools should not be government run, but this doesn't mean they wouldn't have curriculum requirements that they set themselves. Sheesh!
At least Jimmy Carter was honest about the inflation. Today we all just lie about it by messing with the statistics.Carter taught all future presidents(and all politicians) that the US population does NOT want bad news, they want blind optimism, total denial of the state of affairs and the economy, blind patriotism and American exceptional-ism.. Little did Friedman know that the mighty Paul Volker was about to become the fed chairman and end that bout of inflation.
Phil tries to dominate and intimidate by standing over Dr Friedman, looming over him in his attempts to outwit and intellectually outmaneuver him, almost leaning in his face. Rude and obnoxious, and way out of his league. Lucky for Phil, Dr Friedman is a class act, and counters with what is to Phil an ever elusive characteristic: brilliant common sense.
@shiekastate I don't find anything in this interview to be hostile or ego driven by Donahue. He is always very expressive with his body language and zeal for the conversation at hand. Perhaps he disagrees with the man, perhaps he shares some common viewpoints. He has done his job by providing a very intelligent man very constructive opportunities to voice his views. Let us not forget that only of these two men is an expert in economics, the other is just an interested party seeking answers.
@LordVigeous666999 - I agree. Donohue was a great interviewer. I am also glad he asked the questions he did, that way people all over the internet can watch and listen.
@DreamINfiniteMoment The best way to prove a point is to give counterarguments and disprove them. Donahue is giving counterarguments, and Friedman is disproving them, thereby proving his original statements. Whether or not Donahue agrees with Friedman's point of view is irrelevant. The same points wouldn't be proven by someone who absolutely agreed with Friedman, because they wouldn't try to contradict him. So, you're right, Donahue is doing a great job here.
@DreamINfiniteMoment Thank you, I am tired of all these comments about Donahue getting owned or what not, he is just asking the questions and trying to understand what Friedman is saying.
@shiekastate I got to disagree. Donahue was being a good host. Rude would be if he asked him a question then interrupted him while he was trying to answer.
@Xantheus07 I agree with you. You will never see this type of thoughtful discussion on today's "talk shows". Can you imagine seeing this on Oprah? Won't happen.
I absolutely love this debate. Two men with strong opposing opinions voicing their opinions and rebuttal in civilized debate. This is the mark of intelligent men. So sad that nowadays all we have a party line voters whos only rebuttal comes in the form of "F$%k you your F%^king idiot my way is the right way because I said so". And unfortunately people like this are allowed to vote.
@thebluemaggot Because political correctness has forever changed the rules of engagement for the worse. If Friedman were "debating" the likes of Al Sharpton today, the minute he started talking about the minimum wage being detrimental to black youth, he'd simply be shouted down for being a racist and not allowed to finish his argument. Phil Donahue actually looks relatively thoughtful here compared to the caricature he's become today.
This film should be shown on :Movie Night at the White House. Actually, it would be a great substitution for Obama's upcoming Address to the Nation.
Oh, I forgot. Milton Friedman has the GOOD of this country in mind, whereas every administration I can remember has had polar opposite for its Main Agenda. Whoooppeeee to the Illuminati & NWO!
Seriously...where has Milton Friedman BEEN all my life? He's fantastic, genuine and tells the truth,. And uses logic. Great upload! Thanks!
@aaronsingram We don't have high school economics courses anymore, unfortunately. A person could go through high school and college without taking any economics courses. That's why you see so many liberals wanting big brother to take over everything.
@Drahthaar422 When you think of Texas, do you think of cowboys and rednecks? Well, you're wrong. We have one of the strongest educational systems in the country, and economics is a required class in high school. So maybe you should think about the fact that Texas, the supposed hick state, has a better educational system than "great" states like, oh I don't know, California, New York, Massachusetts...
Economics should be a required class everywhere...
@rsaettone234 You're right, Texas has a great educational system, probably the best in the US. I went to school with a lot of Texas kids, mostly from everywhere between Texarkana and Dallas. The thing I like most is that they hold their schools accountable for failure.
I graduated from one of the supposedly best high schools in Arkansas and didn't take any economics courses whatsoever. I did in college, though.
@Drahthaar422 I don't know if Texas schools are the best in the US, but they're excellent. I moved to Texas from California and one of the first things I noticed was the schools. They have NO GRAFFITTI, they are very clean and the kids wear normal clothes. Another thing I've noticed here is that the local people have better language skills than Californians.
he should have had serious doubts after the Chicago Boys advised Chile to implement their laissez-faire ideasafter Allende was overthrown. It was a disaster.
Wake up...the bail outs were only partially about bailing out their golfing buddies on wall street and in the banking industry, it primarily to slight of hand attention away their (the ruling elites/politicians) responsibility for the economic collapse...and NOW the attempt to raise deficit cap is to completely destroy the future existence of an America for the people by the people.
6:40 Milton Friedman, a Genius, states the fundamental facts, of what's wrong with government...ruling elites taxing (stealing), borrowing (i.e. printing currency, to stealing power by devaluing wealth), and spending (stealing by lining the pockets of the people they bribe through entitlements, perks, and pork)!
I like when Milton makes a factual point.. Phil replies with ..." hmm hmm just one more point" priceless he was totally shut down. Phil uses the typical lib tactic, when you see all the disparity and greed,don't you think" yeah phil I do think.. that capitalism is great! that's WHY we have this abundant wealth.. they that don't have the free system , don't have wealth.. DOH! Phil has no reply " exit stage right, commercial break" lol This show was aired when Carter was pres. Tells u a lot
@myhipsi no. it is very clear we are a constitutional republic. The founders hated democracy.
John Adams said, "Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There was never a democracy yet that did not commit suicide."
Score:1 Capitalism. Score: -1,000,000 Socialism.
baller84milw 2 weeks ago
Lol... the guy adjusting his tie at 8:22 is such a douche.
itcanbecheezcaketime 2 weeks ago in playlist Milton Friedman on Donahue
"When you see around the world the mal-distribution of wealth..." The flaw to Donahue's, and liberals in general is wrapped up in this short sentiment. They believe that "wealth" is static and should be distributed, which is a false premise and the basis for the statist ideology. Capitalism flies in the face of this notion becase it CREATES wealth. The reason statists dismiss this concept is because if we are free to support oursleves we have no need for their distributive programs.
EchoMike03 1 month ago
Milton said government does have a place and it was very simple; He said that when two people work a deal and that deal adversely affects a 3rd person then the government can place restrictions on those that deal. I don't know why Donahue never expanded on that point, it seems that was the whole discussion yet don let that go by. It seems to me to get anywhere to make progress you need to start somewhere where you both agree. Don wanted to argue, must be better for ratings! (capitalism)
silentmajor 1 month ago
@SuperDelderfield: Yes, young 'un, TV was like this in the 70s! I grew up watching this and many other old shows. Comedy was MUCH better! But the choices were extremely limited. Most of Donahue's guests were not this quality...and almost all were not able to disassemble his liberal thoughts and words as eloquently as Milton Friedman.
Betcsbirds 2 months ago
@Betcsbirds Comedy sucked in the 70s... I've been watching reruns of MASH, Family Ties, and Happy Days. I can barely get through them!
darwinkilledgod 6 days ago
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18chigirl 4 days ago
This has been flagged as spam show
Anyone who chooses a discredited source is equally discredited. Rule number one in economics is to never consider a particular linguist for any progressive discourse.
That's if you want to get anywhere in the discussion..
dibaterman 2 months ago
@elsoutero Because free trade is blocked by regulation doesn't make it a charade. Professor Friedman is making the point that government regulation harms the free market, and therefore the consumer's ability to receive the best product at the best price. Or did you just watch until you heard the phrase free trade uttered and then posted your comment?
navsquid32 3 months ago
Anyone one wanting to know about this ridiculous charade called 'free-trade' should read a bit of Chomsky. Americans and the British have for a long time been the biggest obstacle in allowing free-trade.
elsoultero 3 months ago
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dibaterman 2 months ago
Biggies eat up the smallies
Shifty1940 3 months ago
It's true that "Einstein didn't construct his theory under order from a bureaucrat", but there was no plausible market-driven motivation for him to come up with his theories either. When he published his famous 1905 papers, they were unrelated to his day job (incidentally, as a government bureaucrat in a patent office). From childhood, Einstein was driven by profound curiosity about the laws of nature. Scientists don't get paid when their papers are published. Market incentives are irrelevant.
cavalrycome 3 months ago
@cavalrycome The point is that he wasn't forced to do so. It was his self-interest that motivated him to pursue it. Allowing people to pursue their self-interested goals does more for society than a well-meaning authority dictating what we ought to be interested in.
Atreus21 3 months ago
@Atreus21 You seem to be dubiously using 'self-interest' interchangeably with 'intellectual interest'. In the case of Einstein, you can't mean 'financial interest' or 'selfish interest' and his example can't be used to justify deregulation of the market beyond the kind of society he lived in. Your final sentence is just a naked assertion that appears to rely on cherry picking examples. Was MLK motivated by self-interest? Was Mohamed Bouazizi? Nothing like as simple as Friedman suggested.
cavalrycome 3 months ago
@cavalrycome It's a simple question of whether or not you allow people the freedom to pursue their interest, whether its "financial", "selfish", or whatever. People will pursue their own goals far more doggedly and efficiently than they will someone else's.
Atreus21 3 months ago
At 2:30 there's a great bit where Milton Friedman just explained that the only cure for poverty yet discovered was the free market, that the world has progressed from famine, disease, and barbarism only when free trade is allowed. Then Donahue completely ignores that and says, "But it doesn't seem to reward virtue..."
I sometimes wonder where Democrats care about the poor at all or if they only care about punishing the rich.
darwinkilledgod 3 months ago 13
@darwinkilledgod I freakin' love his speech on greed at 1:20!
AndrewAllenBrown 1 month ago
@darwinkilledgod
And yet Friedman wanted a negative income tax welfare state. Conservatives don't know the first thing about Friedman or economics.
AntiSchiff 6 days ago
@AntiSchiff I'm confused... A negative income tax isn't a welfare state exactly. It still allows the market to work - the poor spend where they want to spend. It's like vouchers, a big republican idea that came from Milton. What they (and Milton) object to is government run programs because the incentives are wrong.
That all said, I agree with you; Ron Paul is as close to Milton as we have, and they hate him.
darwinkilledgod 6 days ago
@darwinkilledgod
Uh, the negative income tax is an income subsidy. That's wealth redistribution and Paul doesn't support that.
I agree, it's vastly superior to the various bureaucracies we have to deal with social welfare, but it is a social welfare policy.
AntiSchiff 6 days ago
Donahue looks like he's wearing a really bad wig.
henrycate 3 months ago
The part about inflation was fantastic. You don't hear that kind of straight talk much anymore.
sgame79 4 months ago
Is what TV was like in the 70's? TV has gone downhill if you ask me!
SuperDelderfield 4 months ago in playlist Milton Friedman on Donahue 1979 39
@SuperDelderfield It's only one example
SkepticThink 2 months ago
@SuperDelderfield thatts because these days the people who own the media don't want us to think about this stuff. Sheeple are easier to govern
CollegeMan8 1 month ago in playlist Milton Friedman on Donahue (1979)
I have to admire Donahue for giving Freidman a platform to communicate his views even though Donahue my not necessarily agree and/or understand Friedman's views. It's always good to challenge your own wiews much less other's views.
spanieaj 5 months ago 2
sounds like Ron Paul today. he wants a small govt, no auto bailouts, ect.
onenikkione 5 months ago
@onenikkione Ron Paul sounds like Friedman because they are devotees of Austrian economics. F.A. Hayek and Ludwig Von Mises. =)
spanieaj 5 months ago 2
@spanieaj Friedman was not a supporter of Austrian economics; while him and Hayek agreed on the great bulk of things, Friedman was a 'monetarist', unlike Hayek.
spader49 4 months ago
This has been flagged as spam show
@spanieaj Friedman was not a supporter of Austrian economics; while him and Hayek agreed on the great bulk of things, Friedman was a 'monetarist', unlike Hayek.
spader49 4 months ago
what about islam mester zionist. islam was a very god system. exuse my englishe.
acawache 5 months ago
Milton is nice because he's got these amazing ideas that would be called "conservative" today, but without the idiotic tendencies of today's conservatives.
briandee 5 months ago
@briandee Today's "conservatives" love big government.
UponInfinity 4 months ago
@UponInfinity Like Friedman said elsewhere "Government is government, it doesn't matter who is running it."
If you're talking about conservatives who aren't in government I don't think you can say a majority love big government. Friedman is probably one of their most beloved public intellectuals. As for conservatives in government? Well, "government is government".
JackGriffin2 4 months ago
i absolutly agree with milton on capitalism. it has is faults (greed of big business), but it works. people at least have a chance to better themselves in a capitalist society.
socialism leads to communism. no one could be trusted to run it, or see that everyting is fair. it would never work. karl marx obviously did not know much about human nature when he first suggested socialism.
he made 2 mistakes, he assumed this is what people would want, and assumed that this would make them happy.
LadyScorpio39 5 months ago
Can you imagine if this man hadn't existed, noone else would have able to explain capitalism so honestly and charismatically to marxists.
seppsters 5 months ago
Donahue(and socialists in general) just can't get over the inequalities in the world and is blinded by trying to control it. What he doesn't realize is every time you add an artificial constraint to the system you end up making it worse because you cannot predict what the unintended consequences will be.
They also fail to realize that capitalism finds the best solution. It is nature at work(economic and social evolution) and it will do it's thing... maybe too slow for some people...
AbstractDissonance 6 months ago
that Donahue "go to commercial" music strongly reminds me of being a kid.
VegasBilgeRat 6 months ago
Einstein didn't do what he did cos of bureaucraticy but he didn't do it for personal gain either !!!
torturedgenius314 6 months ago
@torturedgenius314 Everyone has personal gain in something.
TheManiacalSatanist6 6 months ago
@TheManiacalSatanist6 I was talking about personal material gain
torturedgenius314 6 months ago
@torturedgenius314 Define material and you'll see why you're an idiot.
TheManiacalSatanist6 6 months ago
@TheManiacalSatanist6 Material :- noun anything that serves as crude or raw matter to be used or developed: in short Matter!!!! now then why am I an idiot your the one who doesn't know what material is
torturedgenius314 6 months ago
@torturedgenius314 you could say that socrates didn't have self interest at heart when he became voluntarily poor if you a speaking purely materially, but his reasoning for doing so DID break down to self interest. i'm sure einstein had something to gain from his work. you don't do things unless you get something out of it. self interest doesn't have to be material, but is government any more capable of creating intrinsic self interest than it is of creating material self interest?
samm1809 6 months ago
@samm1809 I don't know what you mean I have already said i didn't mean material gain if you want to argue if einstein did it for gain at all that is something else and it is not the point. The point is he DIDN'T do it for money and nither did jonas salk. Give me a doctor who loves being a doctor and helping people over one who does it for the money anyday. money is not a good motivator and humans are in special cases better and more beautiful than that, i worry that people r being more greedy!
torturedgenius314 6 months ago
@torturedgenius314 i definitely agree with you on that point, and many people i know that intended to do medicine or law or in my case accounting at university changed courses because they realised that they were just doing it for the money and prestige, but should we be critical of someone for doing things for money?
samm1809 6 months ago
@samm1809 depends how much money and what it is that they are doing ? the real world works on money and the universe works on physics both of which require, in order to understand them the same tools, that being value, and quantity hence mathematics. My worry is where the human being sits on that equation !
torturedgenius314 6 months ago
@torturedgenius314 money isn't just a simple lust object, there are lots of other intrinsic values that people can and do have in money, i.e. the ability to use it to help someone else or provide for their family. if someone profits from something, it's because someone else wants it and in turn can PAY for it because someone else wanted THEIR services.
samm1809 6 months ago
@samm1809 NOT TRUE !!! If some one profits from something it is not due to there services being good, they my have a monopoly, they may be taxing some1 or something. There is this mis-conception that money buys freedom and choice it doesn't. If a company is providing a human need and has a monopoly on that thing where is the choice ? If my income is such that i can only live in one place, I have to pay rent there even if the service is crap. If I can only afford the cheapest where is my choice ?
torturedgenius314 6 months ago
@torturedgenius314 that is a fair point, but the sort of monopolies that you refer to result BECUASE of government. you see the TSA going around shutting down anything that they see as unfit, but you never see them shut down a Mcdonald's. you never see them shut down a KFC. both are junk that i wouldn't eat if my life depended on it, but most people assume it's OK because the government seems to think so.
samm1809 6 months ago
@samm1809 If the government didn't say this is healthy this is not who would ? the consumer ? just because something sells DOES NOT MAKE IT GOOD OR GOOD FOR YOU !!!! look at tobacco. If there was no rules or regulation on heath it would be horrendous surely your not advocating that. If that was the case you can not tell me hygiene would go up ! I think you give the consumer too much creadit. the average person is an idiot look at how much money KFC make and there product is SHIT !!
torturedgenius314 6 months ago
it's our responsibility as citizens to boycott things that we see as of low quality. if people do so then an unfair or total market share is prevented. besides, how often do you see a company with a monopoly on a human need? that only ever happens when either the government interferes or the government has the monopoly itself.
samm1809 6 months ago
@samm1809 Very idealist what if exercising the freedom you say that market gives people, that people choose not to follow this responsibility ? and who if not the goverment is to say what is low quality ? If I live in a small town make mini wage and walmart moves in and undercuts ma&pa cos they can cos they r walmart my town doesn't have a Kmart so walmart has a monopoly on human need the goverment had nothing to do with it and I am not driving miles as i can efford it. I am forced to buy crap!!
torturedgenius314 6 months ago
@torturedgenius314 well if you were shopping at the mom and pop store before why did you have to stop just because walmart moved into town? if people choose to shop at walmart just because it's cheaper then so be it. they're idiots in my opinion, but who am i to say what they should do? and it's the same with quality.
samm1809 6 months ago
@samm1809 They are voteing thats what people like you and milton say it's you whole point. If everyone but you shoped at walmart they would vote for walmart and mom and pop would go under and i would have to shop there full stop !! If there wasn't enough people buying single malt scotch something I enjoy it would not be cost effective for the distilleries to make em and you would have less choice and end up with a worse product !
torturedgenius314 5 months ago
@torturedgenius314 i agree. fortunately, scotch drinkers ARE evidently people that (like yourself) value quality, and as a result scotch has maintained it's industry and quality. the laws on what is legally scotch are only a hinderance. if they had the same laws for beer, lager would never have existed. if you liked scotch and nobody else did, you could make it yourself. do you think that if the government was to decide what should be made that they would make alcohol at all?
samm1809 5 months ago
@torturedgenius314 on the other hand, if someone wants to GIVE something to someone because they feel that the person is in need, then there is nothing wrong with that either. it's just simple fact that money is what is used to make the world go around in a society that has moved beyond a state where we can rely on solidarity, religion and alturism as means of allocating resources.
samm1809 6 months ago
@samm1809 money makes the world go around that I would agree with to quote churchhill "capitalism is the worst system except for all the others". but my worry is that its simply not sustainable the cracks are beginning to show now the $ in trouble so is the euro, greed is distructive and unhealthy. Communism fails instantly As does capitalism in its purist form, both are very destructive, the diluted capitalism we have still fails just takes a bit longer.
torturedgenius314 6 months ago
@torturedgenius314 the failures you refer to are very evidently the result of interventions in the free market. any free market MUST rely on sound money. the dollar and the euro are fiat currencies that are crashing because fools with little knowledge of economics were convinced by bankers that they could use the money supply to negate business cycles. then they print money and bail out companies that should fail, which devalues everybody else's money. that's not capitalism.
samm1809 6 months ago
@samm1809 What is it then ?? All I know is everytime someone talks about economic growth i shudder. I am a physic grad and a law of physics and maths is you can not CAN NOT have continues growth of anything with out eventual total collapse. Hence what we have now what ever you want to call it is not sustainable!! You want to blame the goverment but most goverments are in bed with big business, Apple can buy and sell the US atm so who is really running things ?
torturedgenius314 5 months ago
@torturedgenius314 well then as a scientist i would think that you would understand why many free market economists feel that the social sciences are still to learn what the physical sciences have already accepted- that it is impossible to design a system involving 6 billion individual units and an infinite number of variables.
samm1809 5 months ago
@samm1809 I totally agree !! but the design of your system is faulted also ! we have massive economic problems, social problems, environmental, population problems plus the oils running out. I am not optimistic about the furture at all and I think one way or the other we headed for doom in the next 30-50 years ! and I think a system which is run by and soley focuses on individual greed and wealth just makes most of the problems worse !!
torturedgenius314 5 months ago
@torturedgenius314 well what's a better solution? to have a group of snobby harvard science grads and politicians on big salaries sitting around at UCLA coming up with ideas like covering europe in wind turbines that freeze in winter, or carbon taxes that MAY display evidence in 1000 years? or to allow the next einstein working away in his basement to keep more of the fruits of his labour from working at the patent office to contribute to his efforts in discovering a new source of energy?
samm1809 5 months ago
@samm1809 I think scientists should run things ! thats the and of it I have this silly notion that things should be run by people of KNOW what they are doing ! the common man doesn't know about climate change he hasn't read peer reviewed journels, but for some reason his opinnion is taken into account ? If you had cancer would you ask the guy next door about it or scientist/doctor ? the media don't understand ! the politicians don't understand either
torturedgenius314 5 months ago
@samm1809 you could have a guy with no qualifications and no knowledge at all about transport working as transport minister because he's friends with the P.M who him self is not qualified but just get voted in. and this only happen cos of the media who are in turn in bed with big buiness the whole system is a joke! the only people who don't have an agender and tell the truth are scientists. you can not corrupt facts! the world should be run by the right people who are in the know!!
torturedgenius314 5 months ago
@samm1809 You have a problem, the solution if there is one is normally using technology. If it wasn't for technology man would be living in caves and hunting for food. I know about technology ! I have the solution but I don't have a voice. I am telling people the solution but the people with the power are buinessmen and politicians. nither of which has a clue one has money the other has won a popularity contest using the others money. £ trumps sense and thats not good !
torturedgenius314 5 months ago
@torturedgenius314 well that won't be a problem for much longer because the internet has made journalism and advertisment much cheaper ventures, and people are slowly turning off their tv's and turning to each other for the truth. there IS change coming and i think the best way to nourish it is to support the likes of ron paul and in your case (assuming you're british since you used the pound as a money symbol) nigel farage. my country (aus) is still in want of a champion of freedom and peace.
samm1809 5 months ago
@samm1809 I don't tend to do politics cos I don't think you really have a choice and it's all bullshit but if i was to vote it would be for nigel farage and ~UKIP!! At last we have someone in politics who makes sense and tells the truth. the reason is he's not a classical politician and that shows as he does not talk bullshit you "trust" him and in your faviour his back ground is buiness but the internet gives every1 a soap box informed or not and people still have to sieve out the BS !!
torturedgenius314 5 months ago
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torturedgenius314 6 months ago
The rock solid arguments of the Austrian School shine again. Milton Friedman says it best when he tells us that the way to stop inflation is to have the government stop spending and printing money. I wish ''Owe''bama would have seen this video or Osama Ben Bernanke at the Federal Reserve as Federal as Federal Express. The US Dollar is toast. I left the country and bought gold, silver, land, and francs-euros. Peter Schiff is a modern day Friedman.
msungs 6 months ago
6:50 don't agree with his statement here. No one in their right mind would want inflation. Yes a manufacturer of goods wants to sell things at a higher price... BUT he also has lots of cost of running his business. When prices go up his costs go up. A manufacturer wants to sell things at a higher price because he has a better product not because ALL prices went up. He doesn't come out ahead that way.
freezazoid 6 months ago
That look at the end by Donahue made me lol.
Donahue: General Motors has the power to grow.
Friedman: No
Donahue: okay.jpg
Paomnnehal 6 months ago
We create inflation by voting for Democrats, in others words.
AussieKen1972 6 months ago
~1:14 BEST INTELLECTUAL SMACK DOWN I'VE EVER HEARD!!!!!
The greediest entity in this country is the Fed Govt! Not an oil company, or an ins company, or an auto company. It's the govt that sucks up over 2 Trillion dollars of our money to pay themselves. All the companies listed above can all go bankrupt and be sued. Think the govt plays by those rules? Hell no? They just vote themselves more of your money to support their ridiculous schemes.
Wake up ppl. It's time to put Pandora back in her box
EchoMike03 6 months ago
@EchoMike03 so true. And Donahue obviously knows it to and completely admits that he got embarrassed.
smellynoellie95 6 months ago
@smellynoellie95 *too
smellynoellie95 6 months ago
Standing up for Individual Freedom should never be unpopular
FRSFreeStateNow 6 months ago
This was my favorite clip. "What country DOESN'T Run on greed"? That is so true. However, I think the point would be that power, concentrated in too small a body, is always dangerous. The only regulations should be to keep power distributed, rather than focused into a small number of individuals. I think that's why the American system works so well; the distribution of power is very broad and keeps itself in equilibrium to some degree.
straightfacedfsu 7 months ago
so is milton syaing that politicians want us to pay less taxes so that as a result, the excuse to print more money?
Gold3nStat3KiD 7 months ago
Donahues face at 09:25 is priceless :-)
nyhanare 7 months ago 20
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msdsrx1 7 months ago
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msdsrx1 7 months ago
The biggest lesson in this entire interview is in this section.
"What is greed? After all none of us are greedy. It's only the other fellas who's greedy."
Atreus21 7 months ago 2
Too bad all this wisdom has since been completely lost on Donahue through the years.
limboslam 7 months ago
and "ate" is a deceiving word, since the two parties merged under mutual consent.
akouns 7 months ago
K-Mart is gone and Sears remains. Big fish ate the little fish?
1971SuperLead 8 months ago
@1971SuperLead Kmart isn't gone btw , still one around here ...there's 1 sears and 1 kmart within 50 miles of my house. Infact they are both across the street from eachother heh.
Wonglow 7 months ago
@Wonglow Kmart went out of business when I lived in California....and there were many! Tucson and Denver are devoid of Kmarts. I just figured Kmart was caput.
Damn, just when I thought I knew everything!
1971SuperLead 7 months ago
@1971SuperLead Medium-sized Sears ate little Kmart...so that now merged they may compete with Big fish Walmart! this was before the explosion of walmart. Kmart and Sears were two of the largest retailers at the time.
akouns 7 months ago
@akouns Thank you.
1971SuperLead 7 months ago
Donahue was being very good. he presented all the right questions and listened intently and most of all respected Friedman's views. Just imagine a cunt like Bill O Riley doing the show..
Silversong88 8 months ago
@Silversong88 i think donahue is getting too much credit; look at all these uncle miltie vids; milton friedman commands this respect through his speaking ability and the beauty of the "message"; when i imagine bill o'reilly interviewing friedman i see him sitting deferentially and possibly engaging in a dialogue rather than a monologue of two blowhards shouting talking points past each other
2dum2getsocialism 8 months ago
Yeah i got to agree Donahue is being a great host here. He is asking questions and letting his quest answer them without interrupting him, to bad this is a rarity now a days.
Xantheus07 8 months ago
Donohue is a dick... hahahaha...
simoncpu 8 months ago
This segment of the show seems a little staged to me. Donahue, up to this point was interupting and really trying to debate, then when he asked this question about greed and so forth he sat back like he wasn't supposed to talk during this answer, the camera angles zoomed in on Friedman making it seem so dramatic, stage angles changed to capture a man of power in a certain light. seems staged. I didn't see it the first time and thought 'holy shit, this guys good!', but when i watched it again...
bobb944 9 months ago
The man is a genius
ThePoliticalPugilist 9 months ago 60
@ThePoliticalPugilist
Very true! KMart bought Sears!
UtopianSeeker 8 months ago
@ThePoliticalPugilist His mind was like a razor.
killer3596 7 months ago
@ThePoliticalPugilist shame your not !!!
torturedgenius314 6 months ago
Maybe Bernanke should watch this video, figure out what inflation actually is
Jebusrulez 9 months ago
Amen! Required viewing.
Gaius8666a 9 months ago
Donahue is such a schmuck. Milton Friedman put him in his place.
joecow12 9 months ago
Now sears owns kmart.
bugsz1 9 months ago
What is amazing is how many time Friedman wins the argument but Phil will not change his thinking even though he knows he is wrong. He simply cannot fathom the thought that he has been wrong his entire life.
jerrycody11 9 months ago
I love watching Friedman slap down Phil each and every time!
mdwilliams79 10 months ago
I love the free market and Milton Friedman but I can't help with an ignorat comment... 5:50 - does this lady shit her pants at end of her question?
curryay 10 months ago
Ok, so far I love this guy. But I do have one question I wish I could ask him. What about standard oil corporation? I would definitely classify that as a business too large. They controlled 95% of american crude oil. Shouldn't that be broken apart by the Justice Dept.?
ohheckyeah17 10 months ago
@ohheckyeah17
These oil companies are so large because of govt regualtions, not inspite of them. The regulations on the books now ensure that the process to start and maintain and energy company are so costly, and constraining, that it makes it practically impossible for anyone who tries, and scares off those who would even try to attempt it. Forget the Justice Dept, relieve the regualtions and cost manipulations, and loow honest people start more companies, and then allow then to COMPETE.
EchoMike03 10 months ago
@ohheckyeah17 Standard oil bribed certain government officials to outlast their charter, The biggest threat to the free market is corrupt government officials allowing a monopoly. Under a real free market it would almost impossible for any one company to have a monopoly.
FabiusMaximus1000 9 months ago
@ohheckyeah17 Aside from the fact that it only got this big thanks to government as pointed out by others - what's the problem with big companies, anyway? Why should companies be broken up once they reach a certain size? Just 'cause?
fab006 9 months ago
@fab006 At its height, Standard Oil controlled 90% of the US oil market, meaning that in many major cities like Pittsburgh, Chicago, New York City, etc., they were the only oil supplier, meaning that they could set whatever price they wanted for their product, and people would be forced to buy it. That's why the Sherman Anti-Trust act was enacted in the early 20th century, requiring the courts to break up any business "in restraint of trade."
ohheckyeah17 9 months ago
@ohheckyeah17 _Did_ they charge these insane prices?
So they controlled 90%, what about the other 10%? Why couldn't individual companies (or cities) choose to buy their oil out of that 10%? What would happen, of course, is that Standard Oil's profit would go down, forcing it to either undercut those prices or cede some of their 90% to those other, better companies.
fab006 9 months ago
@ohheckyeah17 but they lowered the price of a gallon of kerosene from 68 cents to 28 ... helping average people... by the time of the Sherman Anti-Trust act, Standard Oil was already losing market share. All the Sherman Act did was help the coal industry
dmowings 9 months ago
2nd time said: "Owned" GM...nice call Phil (the evil corporation that devours the entire country), the Mighty SUPER Corporation; GM>>>and what do you know, K-Mart takes out SEARS...
4EdGibbon 10 months ago
You know, its nice to see such a good, respectful discussion. Compare this to the horeshit screaming you see on Fox, CNN or MSNBC today.
You may not like Donohue, but he was a good respectful interviewer even with people he obviously does not agree with.
johnycannuk 10 months ago 3
The greater question should be:
Did God Create Earth for Man?
or
Did God Create Man for Earth?
a00120002 10 months ago
@a00120002 Or did Man create God for *insert reason*?
pithaya 9 months ago
I don't find it ironic, I find it extremely insightful, that Friedman (jokingly) predicted that K-Mart would own Sears back in 1979. Sure enough, in 2005, they did. :)
God, I love capitalism!
2gstrategies 10 months ago
@koabarra why do you think I mean that this would be a government requirement? I think schools should not be government run, but this doesn't mean they wouldn't have curriculum requirements that they set themselves. Sheesh!
carnabyfudge 10 months ago
I forgot how much of a wannabe socialist hack Donahue is...
mta415 10 months ago
At least Jimmy Carter was honest about the inflation. Today we all just lie about it by messing with the statistics.Carter taught all future presidents(and all politicians) that the US population does NOT want bad news, they want blind optimism, total denial of the state of affairs and the economy, blind patriotism and American exceptional-ism.. Little did Friedman know that the mighty Paul Volker was about to become the fed chairman and end that bout of inflation.
christo930 10 months ago
Brittle youre my hero! Good job, sir!
pureaggression 10 months ago
It's painful listening to Donahue's strawman characterizations of Smith when it's painfully obvious he has no idea what he's taking about.
objectivist1 10 months ago
the socialist donahue gets butt kicked. i love this .
palovlm07 10 months ago
8:21 is the look of a man who made a poopy in his pants.
jtropeano 10 months ago
3:05 fucking OWNED!!!
suchafool990 11 months ago
Phil tries to dominate and intimidate by standing over Dr Friedman, looming over him in his attempts to outwit and intellectually outmaneuver him, almost leaning in his face. Rude and obnoxious, and way out of his league. Lucky for Phil, Dr Friedman is a class act, and counters with what is to Phil an ever elusive characteristic: brilliant common sense.
shiekastate 11 months ago
@shiekastate I don't find anything in this interview to be hostile or ego driven by Donahue. He is always very expressive with his body language and zeal for the conversation at hand. Perhaps he disagrees with the man, perhaps he shares some common viewpoints. He has done his job by providing a very intelligent man very constructive opportunities to voice his views. Let us not forget that only of these two men is an expert in economics, the other is just an interested party seeking answers.
DreamINfiniteMoment 11 months ago 31
I agree. I disagree with donohue, but he is smart and respectful guy
Class act all the way. Even though he is wrong
LordVigeous666999 9 months ago 2
@LordVigeous666999 - I agree. Donohue was a great interviewer. I am also glad he asked the questions he did, that way people all over the internet can watch and listen.
lector0003 8 months ago
@DreamINfiniteMoment The best way to prove a point is to give counterarguments and disprove them. Donahue is giving counterarguments, and Friedman is disproving them, thereby proving his original statements. Whether or not Donahue agrees with Friedman's point of view is irrelevant. The same points wouldn't be proven by someone who absolutely agreed with Friedman, because they wouldn't try to contradict him. So, you're right, Donahue is doing a great job here.
straightfacedfsu 7 months ago
@DreamINfiniteMoment Thank you, I am tired of all these comments about Donahue getting owned or what not, he is just asking the questions and trying to understand what Friedman is saying.
RKAddict101 6 months ago
@shiekastate I got to disagree. Donahue was being a good host. Rude would be if he asked him a question then interrupted him while he was trying to answer.
Xantheus07 8 months ago
@Xantheus07 I agree with you. You will never see this type of thoughtful discussion on today's "talk shows". Can you imagine seeing this on Oprah? Won't happen.
zivjax 8 months ago
"where in the world do you find these angels who are going to organize society for us? I don't even trust you to do that, let alone myself" LOL
jradetzky 11 months ago
I absolutely love this debate. Two men with strong opposing opinions voicing their opinions and rebuttal in civilized debate. This is the mark of intelligent men. So sad that nowadays all we have a party line voters whos only rebuttal comes in the form of "F$%k you your F%^king idiot my way is the right way because I said so". And unfortunately people like this are allowed to vote.
thebluemaggot 1 year ago
@thebluemaggot Because political correctness has forever changed the rules of engagement for the worse. If Friedman were "debating" the likes of Al Sharpton today, the minute he started talking about the minimum wage being detrimental to black youth, he'd simply be shouted down for being a racist and not allowed to finish his argument. Phil Donahue actually looks relatively thoughtful here compared to the caricature he's become today.
lsudolemite 11 months ago
This film should be shown on :Movie Night at the White House. Actually, it would be a great substitution for Obama's upcoming Address to the Nation.
Oh, I forgot. Milton Friedman has the GOOD of this country in mind, whereas every administration I can remember has had polar opposite for its Main Agenda. Whoooppeeee to the Illuminati & NWO!
Seriously...where has Milton Friedman BEEN all my life? He's fantastic, genuine and tells the truth,. And uses logic. Great upload! Thanks!
fischerpilne 1 year ago
You could replace high school economics courses with Freidman youtube videos.
aaronsingram 1 year ago 3
@aaronsingram We don't have high school economics courses anymore, unfortunately. A person could go through high school and college without taking any economics courses. That's why you see so many liberals wanting big brother to take over everything.
Drahthaar422 1 year ago
@Drahthaar422 When you think of Texas, do you think of cowboys and rednecks? Well, you're wrong. We have one of the strongest educational systems in the country, and economics is a required class in high school. So maybe you should think about the fact that Texas, the supposed hick state, has a better educational system than "great" states like, oh I don't know, California, New York, Massachusetts...
Economics should be a required class everywhere...
rsaettone234 11 months ago
@rsaettone234 You're right, Texas has a great educational system, probably the best in the US. I went to school with a lot of Texas kids, mostly from everywhere between Texarkana and Dallas. The thing I like most is that they hold their schools accountable for failure.
I graduated from one of the supposedly best high schools in Arkansas and didn't take any economics courses whatsoever. I did in college, though.
Texas is a great model for an education system.
Drahthaar422 11 months ago
@Drahthaar422 I don't know if Texas schools are the best in the US, but they're excellent. I moved to Texas from California and one of the first things I noticed was the schools. They have NO GRAFFITTI, they are very clean and the kids wear normal clothes. Another thing I've noticed here is that the local people have better language skills than Californians.
iamgabrielf 10 months ago
Watching this I realized just how dumbed-down daytime TV has become since then.
sohc287 1 year ago
2:30 to 3:00 is what we call an economic theory bitch slap.
brad238899 1 year ago
he should have had serious doubts after the Chicago Boys advised Chile to implement their laissez-faire ideasafter Allende was overthrown. It was a disaster.
USASecretHistory 1 year ago
Wake up...the bail outs were only partially about bailing out their golfing buddies on wall street and in the banking industry, it primarily to slight of hand attention away their (the ruling elites/politicians) responsibility for the economic collapse...and NOW the attempt to raise deficit cap is to completely destroy the future existence of an America for the people by the people.
Mortaryan 1 year ago
6:40 Milton Friedman, a Genius, states the fundamental facts, of what's wrong with government...ruling elites taxing (stealing), borrowing (i.e. printing currency, to stealing power by devaluing wealth), and spending (stealing by lining the pockets of the people they bribe through entitlements, perks, and pork)!
Mortaryan 1 year ago
Is anyone struck by how stupid Phil Donahue is!?
vince33x 1 year ago
The monetary system in general is a failure.
beau4307 1 year ago
Donahue how dare you doubt capitalism
platinum014 1 year ago
How can the same person admire both Ayn Rand AND Milton Friedman? Milton Friedman is basicly a colectivist.
UrbyKris 1 year ago
@UrbyKris Are you insane?
AroundSun 1 year ago
@AroundSun May I ask why you think so?
UrbyKris 1 year ago
@UrbyKris You just labeled Milton Friedman as a collectivist
AroundSun 1 year ago
Donahue is such a wannabe socialist
TheRealTaco87 1 year ago
miton 1
phil 0
xsumuhdihx 1 year ago
hahaha "We'll be back in just a moment."
woopsme 1 year ago
Phil Donahue the original Oprah, yet he failed.
feck2112 1 year ago
@feck2112 Phil was a victim of the free market. Let the free market reign and maybe Oprah will too.
theglennturner 1 year ago
A 30 year old video clearly explaining today's situation. The printing press running like wild. A govt out of control.
pismo10 1 year ago 3
I like when Milton makes a factual point.. Phil replies with ..." hmm hmm just one more point" priceless he was totally shut down. Phil uses the typical lib tactic, when you see all the disparity and greed,don't you think" yeah phil I do think.. that capitalism is great! that's WHY we have this abundant wealth.. they that don't have the free system , don't have wealth.. DOH! Phil has no reply " exit stage right, commercial break" lol This show was aired when Carter was pres. Tells u a lot
carlindelco 1 year ago 3
wow! K-Mart bought sears last year!
phoenix6m 1 year ago
OMG, GENIUS!
aliencrap 1 year ago 2
hahah
Phil- "blah blah blah"
Friedman- "no"
Phil- (tries again with new point)
Friedman- "no"
kenny99996565665 1 year ago 85
@kenny99996565665 Gee perhaps Phil is right and gets owned by MF.
sloan1sh 9 months ago
OH NOOOOOOOOOO!!! Milton Friedman thought this was a democracy and not a republic! NOOOOOOOOO!!!
hadibus 1 year ago
@hadibus
Well technically it's a democratic constitutional republic.
myhipsi 1 year ago
@myhipsi no. it is very clear we are a constitutional republic. The founders hated democracy.
John Adams said, "Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There was never a democracy yet that did not commit suicide."
ORACLE063 1 year ago
Brilliant Man People...Black..Hey all people should watch Milton Friedman videos...
buffteethr 1 year ago
great man !!
ugotpimp 1 year ago
But the point I am trying to make is General Mot