Its funny how when liberals cant face reality they like to stop the conversation cause they know they cant win. Free market is just that FREE MARKET as soon as the government gets involved to make sure things are fair because people are to stupid to know whats good for them then its no longer a free market.You cant tell me nothing because life will never be a utopia and RIGHT NOW Capitalism is thee best economic system period dont worry though i wont block anyone.
@freecannabisplease What the fuck youre an idiot, it's in praise of Milton Friedman dumb fuck. Look up the same joke but substitute MF with Chuck Norris. Its a compliment to how awesome he is dumb fuck.
That what a joke? You said something no one would possibly follow, made connections in your explanation that defy logic. Then you have the audacity to call /that/ guy a dumb fuck.
Seriously, you are one angry fuckin teenager who fails to realize that you have just served yourself a glass of irony.
He was slightly off on that last point there. The mega corporations don't always invest back into the economy. Surplus of money, or decreases in regulation, don't necessarily equate to such a trickle-down system. The fact of the matter is that companies don't want to pay higher wages and greater taxes. So they move off shore, save money, pay less wages, pay less taxes. In this type of system, the more companies that stay working solely in the US actually hurt the economy by aiding inflation.
@itcanbecheezcaketime That is the fault of the US Government, not the corporations. You would do the exact same thing if it was your money being taxed 40% in the US compared to 10% overseas.
I never blamed anyone. I never said it was the fault of whoever. Yes, I would probably do the same thing if the government were doing that to my business. You're absolutely right. So what? Wtf does that have to do with what I was saying? Nothing.
@itcanbecheezcaketime Wrong even if they don't invest they spend it on lavish things that provide other people with job security. If they construct a big house the builders,landscapers,electricians,plumbers...etc get paid. If they buy cars auto makers get paid. Boats,jewels,clothes anything one way or another they are helping all. One way or another there is a trickle down effect even if its not in the US.
That's not entirely true. You're acting like capitalists don't hoard their money and their property and that they don't toss it around to corner governments into submitting to their will. Sure, the moment the spend it, it must have a trickle-down effect, ASSUMING they buy something from the market.
@itcanbecheezcaketime Capitalist DONT hoard. Its funny how you think the rich get rich by keeping their money under their mattresses. Libs think rich people are evil stealing the poors hard earned money only to put it in a pit guarded by a fire breathing dragon just so the poor cant have it. Hoarding is not good business which is often why the poor stay poor. Assuming they buy it from the market? Tell me how else would they get it nothing is free one way r another they pay
First of all, they do hoard their money. Money here is represented by property. They use their property to acquire more property, until they own all the property they want. But it doesn't end until all the capital is owned by one or a few very powerful organizations. You act as if capitalism is infallible. There is no such thing as a perfect economic system. Naive much?
Also, you can acquire things without going through the free market. You don't know this already?
The system that Milton advocates is for a free enterprise, free market system, with minimal government intrusion. Unfortunately, no such system has ever existed for long. There is a reason for that. You should do yourself an honest service and look into those reasons. You will eventually come to the realization that I have about all economic systems. But I can't tell you this. You will have to learn it on your own.
What can a citizen do to stop inflation? Stop supporting the fractionalized reserve banking system, by not taking out loans, and buy gold and silver to stop supporting fiat currencies that lead to too much monetary expansion. That'd be a start....
if he want to see little men/women in the shoe shop, look at Google and Apple who came along and wasn't bought by IBM or Microsoft. Now Apple is one of the largest company in the US/World and Google run my life :). Facebook came up just a few years ago and is worth billions. And I think its because in those areas, the Barriers to entry (mainly the Government caused barriers) aren't there.
not sure how much that would help.. look what happened in 1931. You had a debt crisis, the government 'needed' the gold to protect citizens, and all the gold was confiscated. It became ILLEGAL to own gold.
I don't agree with almost anything Donahue says....but you have to give him credit for putting this show on. No talk show host today would put someone on who has such a different opinion than them.
Anyone who thinks like Donohue ought to be asked a) do you recognize that the best weapon of monopolization for any businessman is the state regulatory apparatus, b) do you realize that real markets are dynamic processes, where good entrepreneurs CAN and SHOULD dominate, c) can you name a single example of a sustained, harmful, capitalist "monopoly" that formed without ANY AID from the government? (But read "Antitrust: The Case for Repeal" and "The Myth of the Robber Barons" beforehand.)
Why did people's common sense fall off from the 70's to today. In this clip people in a Donahue crowd no less applaud Milton's statement about minimum wage and McDs as they should because it's sound simple logic. Today in 2011 if he said it, the crowd would jeer him and call him cold hearted and mean for not wanting people to make more money. Is it ignorance or propaganda over the years that have swayed opinion. Why isn't standard economics taught to everyone so we didn't have to suffer.
"We're working on a federal amendment - an amendment to the federal Constitution that would give the federal government a budget. I think the most important single step that can be taken to stop inflation is to cut down government spending." -Milton Friedman, 1979
32 years later, we're worse off. It's probably a good thing that Professor Friedman died in 2006, as the auto and bank bailouts would be a slap in the face to him.
The only flaw in Friedman's logic is that the large coporations got that way through government regulation(as it says) BUT if you allow them to continue by the rules that he lays out you are giving them an unfair advantage.
i.e., the large corps were created through government control and NOW has an unfair advantage. By allowing them to play by the proper rules gives makes the system malfunction.
i.e., those companies would never have been what they are under a proper system.
(Of course Friendman probably realizes that but I do not think the solution is to allow them to play by the same rules... although there is no way to solve the problem IMO)
GM can not get a $ out of your pocket unless you pay it over Ha Ha Ha !! And I surpose when you buy food from wal-mart thats freedom is it ? My point is if the thing is needed there is no-choice. and if there is a monopoly there is no choice which is what happens when wal-mart kills the competition ! it worrys me that people actually listen to this fool !!!
@torturedgenius314 You can only have a monopoly if you have control. Only a govenment can create a monopoly. Tell me how does wal-mart kill the competition? If they need food and they hate wal-mart that much then why dont they plant crops on the Lawn? Or make their own farm, or open their own grocery store? And do remember dont act like wal-mart is some beast, its made up of Consumers, employess, and share holders. And by controling wal-mart, you are controling people. wich is against Freedom
@wowzinger Your assuming they have a lawn which just makes my point the more capital you have the more control and power you have money is power just look at microsoft and internet explorer v netscape ? internet explorer is not a better web browser it just came free with all windows machines and hence netscape went under and now you have less choice and more of a monopoly.
@wowzinger Now I am gonna tell you how wal-mart kills compertition. lets say I live in a small town and make mini-wage. now wal-mart moves in and undercuts all the other stores because the have the resorces and money and could even afford to sell some items at cost. Ma and Pa can't do that so all the little guys go under and since there is no k-mart in my town walmart has now has monopoly. I can effort to drive miles out of town, and i have to work so no time to plant peas+ it's fucking winter
@torturedgenius314 You have me there. Haha thats like South park epasode with Wal-mart joining the town. If people prefer Wal-Mart to the other stores then so be it. It beat the competition . Any way in a world like this small towns are just becoming redundent. I love what Wal-mart has been able to do any way, i dont shop there my self not because i dont like it, but because i can afford alot better quality. I am proud of wal-mart.
@wowzinger If there wasn't enough people buying single malt scotch, 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 ! Wal-mart doesn't have a brain it doesn't think or know if something is good/bad for humanity I like small towns and whiles there are in this world i have more choice!! wal-mart just has 1 agenda to consume and make money ! it doen't have ethics! if it were a person it would be a psychopath!
@torturedgenius314 Ahh i see youve seen the propaganda called the corporation. The ethics of a company are that of the share holder and stock holder, Wal-mart is made up of people Consumers, employes and owners.
@wowzinger Never seen it ! just a student of mathematics and game theory. Both of which tell me this system is evil doen't work in the long run and is doomed to fail. You speak as if the running of a company is a democracy it's not if the top ten excutives sell the company (stockholders and workers) down the river and make them self millions then what's stopping them ??
@wowzinger And what responiblilty do you have to others ?? If I am out for number 1 and so are you what sort of relationship are we gunna have and what sort of world are we going to enjoy ?? I live in the real world doesn't mean i approve or like where it's going and nither should you !! after alll humans are warm blooded animals!
@wowzinger Sounds lonely and cold blooded and I an not sure I would what to live under such selfish condictions. See how far you get with no-one, no love and no resouces just bits of paper !!! I think you have a lot to learn and sound confused !!
@torturedgenius314 If you dont like it go somewere else, What ever floats you boat, what makes you think you know what should make people happy, and you dont think theirs love, You seem to forget CHARITY I believe in charity, not governmnet social programs, when i am successfull im gonna be donating money to charity, im also going to be tax dodging because people have no right to STEAL MY MONEY. I have a heart i just believe people should have choice, not government saying give me your money.
@torturedgenius314 and you clearly dont under stand what money is either, paper is worth less, its jsut in place so we dont have to trade things to gain new things so a boss doesnt pay someone in things. it resembles wealth,
@wowzinger In short Beggers can't be chooses !! If I can only efford one thing food/house/ etc it's a needed thing so i have to get it and there is no choice to quote henry ford who started scientific management " you can have any colour as long as its black" the product could be shit but i am not going to stave !!
@wowzinger Well than I hope you never end up on the streets with that attude! Which is totally possible by the way given that your beloved market is a non-linear system !!
@torturedgenius314 Well then if i end up on the streets its my problem NOT the TAX payers problem. and anyway i dought i will end up on the streats with a freemarket system because i know i can easily out perform the averge, person, to tope it, i would make sure i have savings and such so i dont end up on the streets if bad times comes along, btw im going into the real estate business, and you know nothing about me so you cant say weather or not i will end up on the streets.
@wowzinger chaotic, radom, unpredictable the thing could fail at a moments notice with out being the fault of anyone if you are going to debate the market you should know how it works ! for more info google non-linear system !!!
@torturedgenius314 I know how the market works, and infact its nature is to rise and fall, and it will RISE AGAIN people just need to under stand to prepare for bad times, but ressetions only turn into depressions when their is government interference. A buble is created and when it gets to big its POPS, Economics is so simple, yet people try to over complicate it like university profesors Glenn Beck predected the colapse, so the economy is predectable.
@torturedgenius314 And you know what you think an economy can be planed, well this may be news to you but every single planed economy in the world has FAILED,
Everything Friedman warned against is happening: 1. TOO much government spending, this is beyond what Friedman saw in the past, the budget exploded and now there is for the FIRST time danger of default on Bonds. 2. Social Security is dying, baby boomers who paid for decades will discover that this was a tax with little benefits. As Friedman said on PBS show pt.1: Tomorrow pensioners will get a raw deal instead the nice social support for the past generation.
~:50 Here's where Donahue shows what an intellectual lightweight he is. How the hell does a company buy the lil old man's mouse trap, if he doesn't sell it to them?
What if the lil old man decides to screw the "multi natl" and sell it to their competitors? Or finds venture capitalists who fund the creation of a company that produces and competes with the multi nat and takes some of their market share? And even if he does sell, that old man just got a huge check which he can use to retire!
In a Capitalist Economy there's no such thing as making too much money. Because people are able to make as much money as their skills and production will allow.
Little old man in the shoe shop makes a mouse trap, and the big company buys it. Then the little old man in the shoe shop gets a huge fucking check, and he can retire!!!! Isn't that the American dream? And you know what, he doesn't have to sell it.
Again, Doanhue's perception is the little old man in the shoe store is a moron, and can't make a decision for himself. He can't decide whether to sell or not to sell, or negotiate a fair price for his product.
@1971SuperLead You are clearly a very thoughtful individual, so why don't you give a counter argument to Friedman's on minimum wage. His argument was very well thought out and logical, and it made sense to me. I'm confused as to what he's overlooking.
@1971SuperLead A high minimum wage means higher unemployment, friend. Production costs are higher and companies cannot afford to hire as many people while also ensuring that prices that consumers pay increase. Listen at 9:00 on and you'll get it. If "We all would be working for crumbs," as you say, then that means that we would all also be PAYING crumbs for the things we need-- your groceries, your travel, your expenses-- all lower. Just a fact. There's a balance though.
@jinheneamerican, Look at some inflation adjusted charts for minimum wage and compare them to unemployment rates. There is no evidence to support the theory that increased wages increase unemployment. I'm looking at charts going back all the way to 1938. In fact, in 1968 minimum wage set a record high (inflation adjusted of course) and unemployment was quite low.
@jinheneamerican Looking at charts really does not mean much considering unemployment numbers are one of the most difficult things to measure as it only counts those who are actively seeking work and excludes those who have gotten tired of looking and exited the job market, especially in times of high minimum wage when people stop trying. However, mathematically there is abundant proof that increasing the cost of labor means less to go around. You can't argue against math with imperfect data.
I doubt it, I've never made minimum wage, why would anyone work for a company that wasn't giving you enough to support your family? You'd look for greener pasters and quit.
@aznsbd, Good luck even finding a minimum wage job today. Then try feeding just yourself with the wages. Let's see, $7.35 an hour times 40 hours is about $220 after taxes. Oh ya! The American Dream!
@carnabyfudge Very true because their unions pour money into those politicians who favor big business. You protect big business and you protect the unions. Thats why our gov't bails out GM and Chrysler the minute they ask. Those dems and some repb are getting money to get reelected. And will continue to protect big business as long as money is given to them to get reelected.
Has this goose ever had a job apart from academia? Does he know how demoralising it can be for someone to go to work for a minimum wage? He wants to bring us all back to the 1700s with the free market labor market. Slaves, deaths on the worksite, no time for family etc. The saddest thing about the current state of our financial markets and the companies that run them is that we have forgotten why we have them in the first place.
I think Friedman is forgetting we wouldnt have a middle class if we didnt tax the shit out the rich. Has nothing to do with the rich investing in business. The 1800s were a free market system where the rich had all the wealth and the rest of population lived in borderline poverty.
@jayrod105 i think what you are forgetting is that free market capitalism is the only system that enables the "middle class" and the poor for that matter to better his lot
what does socialism do to the middle class? it necessarily removes it from existence' in a socialist utopia (there are very few rich-- the "rulers"; their minions of bureaucrats; and all the rest are in total misery)
then only thing equal about socialism is it's universal misery
@2dum2getsocialism Norway is a socialist country and has the highest standard of living in the world. Communism brought about universal misery, but the free market system creates its fair share of misery by creating a huge gap between rich and poor.
@jayrod105 norway does what it needs to do; norway has a high standard of living but also has a very small population that is somewhat homogenized; we have people from all over the world flocking here (legal or not) to better their lot (they arent flocking to norway-- probably because you wont let them in) and it is the free market system that enables the poor the best chance to improve his standing on his own merits
@2dum2getsocialism 11% of the population in Norway are immigrants. They are right next door to Eastern Europe so people are flocking their. The slave trade was the free market system in all its glory and now with a few large companies and very few small companies in most industries we know who the real masters are today. I agree with some of Friedmans points but abolish the minimum wage, I mean c'mon didnt you guys learn from the union movement in the 50s?
@jayrod105 Norway IS NOT a Socialist country they are CAPITALIST. Socialism is an economic system in which the means of production are publicly or commonly owned and controlled co-operatively, or a political philosophy advocating such a system. Norway has private property so how is it a socialist country. "The Norwegian economy is an example of a mixed economy, a prosperous capitalist welfare state featuring a combination of free market activity and large state ownership in certain key sectors."
@Xantheus07 A socialist economic system. Your right it isnt a communist country, however it wouldnt let private companies take all the profits of their vast resources. It puts money into a fund for the people. Everyone enjoys free education, free health care and a safety net if they lose their jobs. This is not the case in the USA where you have free markets destroying themselves. Prove that i lie?
@jayrod105 ok; free education is a lie; free health care is a lie; safety nets are a lie; they dont exist because socialist countries eventually run out of the massive amounts of private sector capitol to fund these fairytales
@2dum2getsocialism Tell that to the people who cant get cancer chemotherapy because the insurance company wont pay for it. If they had Australian, UK, Scandinavian or any other country with governments who aren't entirely run by corporations citizenships this would not be an issue. More money gets spent on advertising than product development these days so tell me how this creates an efficient market with superior goods being created?
@Xantheus07 You have the most deregulated markets in the modern world (after the former Soviet Union). Tell me what it has given you apart from big advertising budgets, Bernie Madoff, an underclass who will never better themselves because they cant afford the tuition fees, companies now more powerful than your own government, zero union representation and a lifetime owing money to a bank. The blacks are free but you are now slave to your corporate masters. Ronald Regan would be turned on.
Dude jayrod, you're so fucking dumb bro. Stop it. Some people who watch this video know what their talking about, some of them actually have a valid opinion. to them, your garbled nonsense is nothing but a symbol of your own ignorance.
Please be quiet and keep your harmful freedom crushing ideologies to yourself. People like you have done enough damage.
it's not at all fair. We have to live under your intrusive socialist philosophy, while all we want is freedom and to be left alone.
@Romeowasbleeding1 You are a buffoon. You rednecks and your "freedom" ideology. Do yourself a favour and buy an airline ticket to Scandinavia and they can show you what the happiest and wealthiest societies in the world can live like. Tell me ONE thing a moronic fuck wit like yourself can do in the USA that you can't do in socialist Norway (apart from carry a sub machine gun around on the streets). Shouldn't you be in the streets celebrating Osamas assasination still. IDIOT
ha ha you twat, I live in Denmark. In Denmark I don't have the right to defend myself and my property (not even pepper spray is allowed here). I can't enjoy the fruits of my labour (almost half of my income is stolen by the government). Almost every product is monopolized here, generally due to government interference. No one can afford cars or the bus because of the tax, they must ride bikes, even in the snow. The list goes on and on. I want freedom, fact is, the US isn't free.
@Romeowasbleeding1 You speak perfect english so I assume you enjoyed a free tertiary education. More than youll get in the free market USA. The Denmark you live in must be very different to the one I visited and the one you can read about. It is a great country with a great social philosophy.
Wrong again. I spent the last year of my high-school career studying at home since I couldn't afford high school fees (obviously this wasn't in DK). Free education? The difference between socialized education and free market education. Is that under a free market you have a choice to pay for the service. Under a socialized eduction scheme you are FORCED to pay for education, whether you attend or not.
@jayrod105 The post-secondary environment in the U.S. is nowhere near a "free-market". Although it used to be. In the U.S., you never used to have to get a student loan. That is, until the government came in and guaranteed them to 'help the students'. The act alone pushed the price up astronomically consigning those students to a lifetime of debt.
This video proves that he was more right then we could have ever imagined. Look at the favor our government shows to large corporations like GE, even though our president claims to be anti-corporation.
@FabiusMaximus1000 It is not a coincidence that Obama appointed GE CEO Jeffery Immelt to be the Head of his Economic Advisory Panel. You can call it cronyism. I call it corruption.
@Reason1600 It actually is called Socialism. People try to hide it, but it's the state controlling the means of production by proxy, that's what we have had for the last 100 years.
I like how Donahue skims right over the "little man in the shoe shop" argument without acknowledging that once this fictitious evil multinational company buys the "better mouse trap" that the little old man in the shoe shop get's to retire to Key West with the massive check he rec'd for his efforts. Then you also have to believe that this multinational company that only cares about money would shit out that cash just to throw the mousetrap in the trash.
These videos are just as valuable today as when they were originally shot. Here's hoping that more and more people will digest their lessons, particularly Obama and his fellow leftist/progressive travelers.
These videos are just as valuable today as when they were originally shot. Here's hoping that more and more people will digest their lessons, particularly Obama and his fellow leftist/progressive travelers.
He's right about wage floors and wrong about public schools. Whites and Asians attend the same public school using the same textbooks and they perform better on standardized tests.
@scottvska True, but Donahue was also respectful and doing a good job playing devils advocate. Compare his demenor to the wankers at Fox, CNN MSNBC or any other network. It refreshing to see a robust discussion rather than a screaming match between partisan idiots.
@scottvska Donahue is using a clever and simple technique of interview, he is asking trick questions but treats Friedman answer with respect and dignity. He is several level above Operah and her "vegan cure for cancers" and other BS.
I see a possible solution for US economical problem but this is a raw deal: Giving citizenship to 40m Gilligan immigrants and cutting Social security. By giving citizenship to illegal immigrants of young age, you are promised a working force for 30-50 years that will know that Social security will not be there for him and needs to be self reliant.
The "little shoe shop" example was used on Seinfeld. Kramer walked into a little shoe shop and noticed bad wiring, and suggested the mom and pop have an electrician look at it. The electrician says he has to completely redo the wiring, or report them. This causes mom and pop to lose their business.
"the big giant guy buys up the little guy" - uh, yeah...so in his own self-interest, the little guy sold his business at a profit so he could go live on the beach...and the problem with that is what, now?
and if the little guy went out of business, then he couldn't compete, and freedom to compete is all that is afforded and inherent...not protecting anyone, no matter their business size
Phil Donahue is perfectly representative of the American mind blind-sighted by the huge corporations abusing the market so much, they are not able to see the government aid behind it.
BTW Standard Oil was slipping for ten years in terms of its market share by the time of the Sherman Act with no sign of slow down.
@vince33x Phil Donahue isnt on the left, he is just arguing against Milton Friedman which is so great. On almost all talkshows today its just the interviewer and professor sitting agreeing with eachother, sucking eachother off so to speak. Now this is a real debate, not some dumbass clock that rings after 40sec, instead we get clarifying arguments from both sides, and Phil Donahue plays the advocate of the other side brilliantly, so much so that we think hes a leftist.
@killerbee2k Phil Donahue would admit and has many times admitted to being a Liberal or man of the Left. His statements & positions over the years back this up.
BTW, in poll after poll, 80 to 90% of the members of the so-called "mainstream media" have consistently ID'd themselves as: Liberal, Left-of-Center, or Democrat. Mr. Donahue falls squarely on that line.
@vince33x Aha, well thanks for informing me that. He is then a very rare individual and remarkable in the entertainment industry, I wish more leftist was like him. Since the only conservative debate are mostly on talk radio we dont have this kind of quality anymore. I can just imagine Milton Friedman being on a Norwegian debate program, he would have 30sec to throw out a sound byte and then be yelled down by both the host and audience.
@killerbee2k During the 1992 Presidential election, I was the LP spokesman on a San Diego radio station. Each Thursday leading up to the Nov. election [Clinton v. Dole] we had an on air debate w/the SD county chairs for the Dem. & Rep. parties & the host would moderate & we discussed a different issue each wk. After each show, there was a call in poll [obviously not scientific] about whose position the callers most ID'd with. It was usually 30 to 40 to 1 in favor of the LP position.
@killerbee2k I think if the mainstream media reported even moderately in a fair way a Democrat would never get elected in most areas of the USA [L.A. & NYC might b the only exceptions.].
@vince33x Yeah we got the same problem here in Norway. The media reports always in favor of the socialist left parties, while the right-wing get demonized. Their favorite tactic is interviewing some lunatic extremist in the mountains somewhere and bend the perspective as if the person is some sort of right-wing big shot within the movement, while he is in reality just a loner. And the Radio stations in Norway is 95% State owned.
@killerbee2k It's a shame, here in the USA, the Left is trying to use the shooting of a Congresswoman to reinstitute the so-called "fairness doctrine" which will end talk radio, because, even though the majority in this country usually votes Democrat, when their alleged "ideas" are expressed, radio somehow exposes them for the nonsense that they are and they can never gain an audience, which is why radio stations will just go back to innocuous formats that don't allow for critical thinking,
@vince33x In my city of Trondheim we have 6 radio channels, 4 of them are music channel, 1 is 50% BBC News and National News, and the last is devoted somewhat to culture and politics, but its never any real debate or criticism of the government. And guess what, 5 is owned by the National Broadcasting Company (sort of like PBS), which was founded by the Worker Party and the 1 private is subsidized. Goodluck with your latest fight against censorship, saw that Sherif statement, it was despicable.
@killerbee2k I'm afraid the battle 4 Individual Liberty against Collectivism is a battle that is never-ending. There is something in so many men that believes they should "lord" over other men. But there is also a fire within man that yearns for Liberty. Man is truly a "dual" creature, at once capable of sublime acts of nobleness and horrific acts of depravity. One need only witness the 20th Century and the butchery of Collectivism in its two primary forms: Fascism & Socialism. Persevere!
Speaking of someone coming along and taking over, as this clip talks about in the beginning. Donahue was in the business how long? And then along comes Little Miss Oprah Winfrey. So just because Donahue was the only game in town and the BMOC didn't mean that the newcomer didn't stand a chance. Milton Friedman was right!
If everyone is polluting and YOU see a problem with that and YOU think most people would agree with you, then YOU could start your own company that didn't pollute and that would be how you stand out in the market!
What worries me is when Friedman said, "the only way to stop inflation is for the govt to print less and spend less." Obama is doing the exact opposite.
We have all the same problems today but we still haven't tried the right solutions, govt is bigger, and so are our problems
i love how when the kmart question comes up donahue butts in (as usual) and tries to come off as some sort of expert...immediately following friedman's statement that you'd have to be an expert to accurately describe what happened and why.
donahue just repeatedly keeps looking stupid in this...he's trying to go toe to toe with a guy who won a nobel prize for his respective field, about THAT field...ridiculous
So Donahue says he just wanted to get one question. then goes on a typical liberal tirade of desperately trying to get a gotcha moment. LOL so pathetic
Do you think this level of hostility would be directed toward a professor of medicine? The few decent economists out there cop a lot of crap from uneducated onlookers. If these onlookers are really interested in critiquing economics then perhaps they should go study and understand it first. It is a science afterall. Why do they think they have a voice in a scientific discipline which they have neither studied nor taken the time to properly understand?
@ugotpimp half of first year's economics text book is based on Friedman's philosophies. Just because you've never read the books, doesn't mean it's not getting taught.
Two main topics in economics text book is 1. Friedman. 2. Keynes.
And the baseline for all economics is, EFFICIENCY. Friedman is not arguing for no control, he's arguing for efficiency.
The thing to learn from this clip is how great our federal system is where the states have most of the power and if they use it wrong by implementing policies that destroy their economy, then it is only one state that goes under, not the entire United States. It is the same with companies; the more the better. Who will bailout the U.S. if we fail? The answer is more like who will buy us out not bail us out. It is better to keep the Federal government out of the states business.
Friedman is wrong on inflation. Inflation is a product of debt. Yes, this is due in part to deficit spending by the government, but the consumer also plays a huge role in inflation because they also get into and out of debt.
The rules for this are simple, when two people have access to the same money it is the equivalent of printing money. This is what happens in the fractional reserve system. The borrower and savings account owner both have access to the same money.
Its funny how when liberals cant face reality they like to stop the conversation cause they know they cant win. Free market is just that FREE MARKET as soon as the government gets involved to make sure things are fair because people are to stupid to know whats good for them then its no longer a free market.You cant tell me nothing because life will never be a utopia and RIGHT NOW Capitalism is thee best economic system period dont worry though i wont block anyone.
Xantheus07 3 days ago
Comment removed
itcanbecheezcaketime 4 days ago
Always so calm, cool and collected.
LibertyRealm 1 week ago
Milton Friedman was once bitten by a zombie. But, instead of Milton Friedman turning into a zombie, the zombie turned into a Milton Friedman.
baller84milw 2 weeks ago
@baller84milw You have an issue with Friedman? Afraid of freedom?
freecannabisplease 2 weeks ago
@freecannabisplease What the fuck youre an idiot, it's in praise of Milton Friedman dumb fuck. Look up the same joke but substitute MF with Chuck Norris. Its a compliment to how awesome he is dumb fuck.
baller84milw 2 weeks ago
@baller84milw
That what a joke? You said something no one would possibly follow, made connections in your explanation that defy logic. Then you have the audacity to call /that/ guy a dumb fuck.
Seriously, you are one angry fuckin teenager who fails to realize that you have just served yourself a glass of irony.
itcanbecheezcaketime 1 week ago
ahh.. milton is owning in this show. if there is a "best of friedman" this would be it.
sniped101 1 month ago 3
Nothing fazed him! His grasp of his subject was so profound there was no question no matter how sneakily worded that seemed to throw him.
samsamm77 1 month ago 2
He was slightly off on that last point there. The mega corporations don't always invest back into the economy. Surplus of money, or decreases in regulation, don't necessarily equate to such a trickle-down system. The fact of the matter is that companies don't want to pay higher wages and greater taxes. So they move off shore, save money, pay less wages, pay less taxes. In this type of system, the more companies that stay working solely in the US actually hurt the economy by aiding inflation.
itcanbecheezcaketime 2 months ago in playlist Milton Friedman on Donahue
@itcanbecheezcaketime That is the fault of the US Government, not the corporations. You would do the exact same thing if it was your money being taxed 40% in the US compared to 10% overseas.
rhiegel83 2 months ago
@rhiegel83
I never blamed anyone. I never said it was the fault of whoever. Yes, I would probably do the same thing if the government were doing that to my business. You're absolutely right. So what? Wtf does that have to do with what I was saying? Nothing.
itcanbecheezcaketime 2 months ago
@itcanbecheezcaketime Wrong even if they don't invest they spend it on lavish things that provide other people with job security. If they construct a big house the builders,landscapers,electricians,plumbers...etc get paid. If they buy cars auto makers get paid. Boats,jewels,clothes anything one way or another they are helping all. One way or another there is a trickle down effect even if its not in the US.
Xantheus07 1 week ago
@Xantheus07
That's not entirely true. You're acting like capitalists don't hoard their money and their property and that they don't toss it around to corner governments into submitting to their will. Sure, the moment the spend it, it must have a trickle-down effect, ASSUMING they buy something from the market.
itcanbecheezcaketime 1 week ago
@itcanbecheezcaketime Capitalist DONT hoard. Its funny how you think the rich get rich by keeping their money under their mattresses. Libs think rich people are evil stealing the poors hard earned money only to put it in a pit guarded by a fire breathing dragon just so the poor cant have it. Hoarding is not good business which is often why the poor stay poor. Assuming they buy it from the market? Tell me how else would they get it nothing is free one way r another they pay
Xantheus07 1 week ago
@Xantheus07
First of all, they do hoard their money. Money here is represented by property. They use their property to acquire more property, until they own all the property they want. But it doesn't end until all the capital is owned by one or a few very powerful organizations. You act as if capitalism is infallible. There is no such thing as a perfect economic system. Naive much?
Also, you can acquire things without going through the free market. You don't know this already?
itcanbecheezcaketime 1 week ago
@Xantheus07
Addendum:
The system that Milton advocates is for a free enterprise, free market system, with minimal government intrusion. Unfortunately, no such system has ever existed for long. There is a reason for that. You should do yourself an honest service and look into those reasons. You will eventually come to the realization that I have about all economic systems. But I can't tell you this. You will have to learn it on your own.
Good luck.
itcanbecheezcaketime 1 week ago
What do they invest it in? Off shore tax havens
elsoultero 3 months ago
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rhiegel83 2 months ago
@elsoultero and why do they go offshore? because government tries to supress business through high taxation and overregulation.
ahffm11 4 weeks ago
What can a citizen do to stop inflation? Stop supporting the fractionalized reserve banking system, by not taking out loans, and buy gold and silver to stop supporting fiat currencies that lead to too much monetary expansion. That'd be a start....
elsoultero 3 months ago
if he want to see little men/women in the shoe shop, look at Google and Apple who came along and wasn't bought by IBM or Microsoft. Now Apple is one of the largest company in the US/World and Google run my life :). Facebook came up just a few years ago and is worth billions. And I think its because in those areas, the Barriers to entry (mainly the Government caused barriers) aren't there.
jduggie 3 months ago
This has been flagged as spam show
They hoard it, but they invest it. Can't have it both ways.
Shifty1940 3 months ago
oh this was just before he shot Free to Choose series!
diogotomediogo 3 months ago
I can tell you how to put a stop to inflation. Set the Federal Reserve ablaze and hang all the bastards inside of it.
NattligMelodi 4 months ago
That last woman sounded like Sarah Palin.
potterfan392 4 months ago
This has been flagged as spam show
8:18 skeptical much?
JackGriffin2 4 months ago
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JackGriffin2 4 months ago
You might not be able to stop inflation but you can protect yourself from it - buy gold!
UponInfinity 4 months ago
@UponInfinity
not sure how much that would help.. look what happened in 1931. You had a debt crisis, the government 'needed' the gold to protect citizens, and all the gold was confiscated. It became ILLEGAL to own gold.
DraughtOfPeace 3 months ago
Oh that old lady is encourage-able.... Love how Milton brought her into confrontation with her own argument.
gdbalck 4 months ago in playlist More videos from brittle13
why are there almost only women?
kaaajeee 4 months ago
@FenrirLupus Forget Donahue, I love how he made that fat woman listen to her own words. The look on her face was horri, I mean classic.
SpellboundSolution 4 months ago
I miss the seventies, Facts had clout in the seventies.
Today with socialist running 99% of all North American media fact makes way for belief or a consensus of idiots.
This is the "progress" of the left.
HowHighRYa 5 months ago 2
I don't agree with almost anything Donahue says....but you have to give him credit for putting this show on. No talk show host today would put someone on who has such a different opinion than them.
mixmastermeeks 5 months ago
Anyone who thinks like Donohue ought to be asked a) do you recognize that the best weapon of monopolization for any businessman is the state regulatory apparatus, b) do you realize that real markets are dynamic processes, where good entrepreneurs CAN and SHOULD dominate, c) can you name a single example of a sustained, harmful, capitalist "monopoly" that formed without ANY AID from the government? (But read "Antitrust: The Case for Repeal" and "The Myth of the Robber Barons" beforehand.)
UnderTheTunk 5 months ago in playlist Milton Friedman-Donohue 1979
Why did people's common sense fall off from the 70's to today. In this clip people in a Donahue crowd no less applaud Milton's statement about minimum wage and McDs as they should because it's sound simple logic. Today in 2011 if he said it, the crowd would jeer him and call him cold hearted and mean for not wanting people to make more money. Is it ignorance or propaganda over the years that have swayed opinion. Why isn't standard economics taught to everyone so we didn't have to suffer.
ItsDonaldSutherland 5 months ago
@ItsDonaldSutherland Because people have been dumbed down. An entire generation, if you will.
votumseparatum1 5 months ago
Milton droppin BOMBS.
supahsekzy 5 months ago
Friedman DESTROYED the woman at 6:08
He was a brilliant man, wish we had someone like him today.
romans58snrsvd 5 months ago 3
@romans58snrsvd Ron Paul, Thomas Sowell. Your welcome.
asleeperj 5 months ago 15
"We're working on a federal amendment - an amendment to the federal Constitution that would give the federal government a budget. I think the most important single step that can be taken to stop inflation is to cut down government spending." -Milton Friedman, 1979
32 years later, we're worse off. It's probably a good thing that Professor Friedman died in 2006, as the auto and bank bailouts would be a slap in the face to him.
GiddyFilms 5 months ago
Brilliant.
lordandprotector 5 months ago
So much common sense at once is allmost intoxicating.
seppsters 6 months ago 2
The only flaw in Friedman's logic is that the large coporations got that way through government regulation(as it says) BUT if you allow them to continue by the rules that he lays out you are giving them an unfair advantage.
i.e., the large corps were created through government control and NOW has an unfair advantage. By allowing them to play by the proper rules gives makes the system malfunction.
i.e., those companies would never have been what they are under a proper system.
AbstractDissonance 6 months ago
(Of course Friendman probably realizes that but I do not think the solution is to allow them to play by the same rules... although there is no way to solve the problem IMO)
AbstractDissonance 6 months ago
GM can not get a $ out of your pocket unless you pay it over Ha Ha Ha !! And I surpose when you buy food from wal-mart thats freedom is it ? My point is if the thing is needed there is no-choice. and if there is a monopoly there is no choice which is what happens when wal-mart kills the competition ! it worrys me that people actually listen to this fool !!!
torturedgenius314 6 months ago
@torturedgenius314 You can only have a monopoly if you have control. Only a govenment can create a monopoly. Tell me how does wal-mart kill the competition? If they need food and they hate wal-mart that much then why dont they plant crops on the Lawn? Or make their own farm, or open their own grocery store? And do remember dont act like wal-mart is some beast, its made up of Consumers, employess, and share holders. And by controling wal-mart, you are controling people. wich is against Freedom
wowzinger 6 months ago
@wowzinger Your assuming they have a lawn which just makes my point the more capital you have the more control and power you have money is power just look at microsoft and internet explorer v netscape ? internet explorer is not a better web browser it just came free with all windows machines and hence netscape went under and now you have less choice and more of a monopoly.
torturedgenius314 6 months ago
@torturedgenius314 No you do have a large choice, Internet explorer, fire fox, google crome, and a couple others i cant remember the name to.
wowzinger 6 months ago
@wowzinger Not the point you seem to have missed it !
torturedgenius314 6 months ago
@torturedgenius314 I said you have me there i said i was wrong what point am i missing?
wowzinger 6 months ago
@wowzinger Now I am gonna tell you how wal-mart kills compertition. lets say I live in a small town and make mini-wage. now wal-mart moves in and undercuts all the other stores because the have the resorces and money and could even afford to sell some items at cost. Ma and Pa can't do that so all the little guys go under and since there is no k-mart in my town walmart has now has monopoly. I can effort to drive miles out of town, and i have to work so no time to plant peas+ it's fucking winter
torturedgenius314 6 months ago
@torturedgenius314 You have me there. Haha thats like South park epasode with Wal-mart joining the town. If people prefer Wal-Mart to the other stores then so be it. It beat the competition . Any way in a world like this small towns are just becoming redundent. I love what Wal-mart has been able to do any way, i dont shop there my self not because i dont like it, but because i can afford alot better quality. I am proud of wal-mart.
wowzinger 6 months ago
@wowzinger If there wasn't enough people buying single malt scotch, 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 ! Wal-mart doesn't have a brain it doesn't think or know if something is good/bad for humanity I like small towns and whiles there are in this world i have more choice!! wal-mart just has 1 agenda to consume and make money ! it doen't have ethics! if it were a person it would be a psychopath!
torturedgenius314 6 months ago
@torturedgenius314 Ahh i see youve seen the propaganda called the corporation. The ethics of a company are that of the share holder and stock holder, Wal-mart is made up of people Consumers, employes and owners.
wowzinger 6 months ago
@wowzinger Never seen it ! just a student of mathematics and game theory. Both of which tell me this system is evil doen't work in the long run and is doomed to fail. You speak as if the running of a company is a democracy it's not if the top ten excutives sell the company (stockholders and workers) down the river and make them self millions then what's stopping them ??
torturedgenius314 6 months ago
@torturedgenius314 i am my own responiblilty
wowzinger 6 months ago
@wowzinger And what responiblilty do you have to others ?? If I am out for number 1 and so are you what sort of relationship are we gunna have and what sort of world are we going to enjoy ?? I live in the real world doesn't mean i approve or like where it's going and nither should you !! after alll humans are warm blooded animals!
torturedgenius314 6 months ago
@torturedgenius314 I have no responsibility to others, and nither do you, What does warm blooded animals, have to do with it?
wowzinger 6 months ago
@wowzinger Sounds lonely and cold blooded and I an not sure I would what to live under such selfish condictions. See how far you get with no-one, no love and no resouces just bits of paper !!! I think you have a lot to learn and sound confused !!
torturedgenius314 6 months ago
@torturedgenius314 If you dont like it go somewere else, What ever floats you boat, what makes you think you know what should make people happy, and you dont think theirs love, You seem to forget CHARITY I believe in charity, not governmnet social programs, when i am successfull im gonna be donating money to charity, im also going to be tax dodging because people have no right to STEAL MY MONEY. I have a heart i just believe people should have choice, not government saying give me your money.
wowzinger 6 months ago
@torturedgenius314 and you clearly dont under stand what money is either, paper is worth less, its jsut in place so we dont have to trade things to gain new things so a boss doesnt pay someone in things. it resembles wealth,
wowzinger 6 months ago
@wowzinger In short Beggers can't be chooses !! If I can only efford one thing food/house/ etc it's a needed thing so i have to get it and there is no choice to quote henry ford who started scientific management " you can have any colour as long as its black" the product could be shit but i am not going to stave !!
torturedgenius314 6 months ago
@torturedgenius314 Ya true lol beggers can't be choosers.
wowzinger 6 months ago
@wowzinger Well than I hope you never end up on the streets with that attude! Which is totally possible by the way given that your beloved market is a non-linear system !!
torturedgenius314 6 months ago
@torturedgenius314 Well then if i end up on the streets its my problem NOT the TAX payers problem. and anyway i dought i will end up on the streats with a freemarket system because i know i can easily out perform the averge, person, to tope it, i would make sure i have savings and such so i dont end up on the streets if bad times comes along, btw im going into the real estate business, and you know nothing about me so you cant say weather or not i will end up on the streets.
wowzinger 6 months ago
@wowzinger Right I don't know anything about you ! NONE-LINEAR SYSTEM
torturedgenius314 6 months ago
@torturedgenius314 What do you mean NONE-Linear System?
wowzinger 6 months ago
@wowzinger chaotic, radom, unpredictable the thing could fail at a moments notice with out being the fault of anyone if you are going to debate the market you should know how it works ! for more info google non-linear system !!!
torturedgenius314 6 months ago
@torturedgenius314 I know how the market works, and infact its nature is to rise and fall, and it will RISE AGAIN people just need to under stand to prepare for bad times, but ressetions only turn into depressions when their is government interference. A buble is created and when it gets to big its POPS, Economics is so simple, yet people try to over complicate it like university profesors Glenn Beck predected the colapse, so the economy is predectable.
wowzinger 6 months ago
@torturedgenius314 And you know what you think an economy can be planed, well this may be news to you but every single planed economy in the world has FAILED,
wowzinger 6 months ago
Everything Friedman warned against is happening: 1. TOO much government spending, this is beyond what Friedman saw in the past, the budget exploded and now there is for the FIRST time danger of default on Bonds. 2. Social Security is dying, baby boomers who paid for decades will discover that this was a tax with little benefits. As Friedman said on PBS show pt.1: Tomorrow pensioners will get a raw deal instead the nice social support for the past generation.
Mishkafofer 6 months ago in playlist Ayn, Milton, Naomi, Johan, etc.
~:50 Here's where Donahue shows what an intellectual lightweight he is. How the hell does a company buy the lil old man's mouse trap, if he doesn't sell it to them?
What if the lil old man decides to screw the "multi natl" and sell it to their competitors? Or finds venture capitalists who fund the creation of a company that produces and competes with the multi nat and takes some of their market share? And even if he does sell, that old man just got a huge check which he can use to retire!
EchoMike03 6 months ago
In a Capitalist Economy there's no such thing as making too much money. Because people are able to make as much money as their skills and production will allow.
FRSFreeStateNow 6 months ago 25
6:09 palin's mom?
MrNonintendo 7 months ago
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MrNonintendo 7 months ago
I love how Milton treats Donahue like a persistent grad student, entertaining his quest to understand
jduggie 7 months ago
Donahue just doesn't get it.
MrGreco2100 7 months ago
so at 8:30 something, he means racist policy?!
Gold3nStat3KiD 7 months ago
Little old man in the shoe shop makes a mouse trap, and the big company buys it. Then the little old man in the shoe shop gets a huge fucking check, and he can retire!!!! Isn't that the American dream? And you know what, he doesn't have to sell it.
Again, Doanhue's perception is the little old man in the shoe store is a moron, and can't make a decision for himself. He can't decide whether to sell or not to sell, or negotiate a fair price for his product.
EchoMike03 7 months ago
Phil you look like an uneducated punk, like most liberals.
Keysersozay1432 7 months ago
lol donahue's panicking
SclafaniBagni 7 months ago
@1971SuperLead You are clearly a very thoughtful individual, so why don't you give a counter argument to Friedman's on minimum wage. His argument was very well thought out and logical, and it made sense to me. I'm confused as to what he's overlooking.
faraway9222 8 months ago
perfect sense, this should be educated to everyone !
DMINATOR 8 months ago
A fat cat justifying his fat belly while others starve.
1971SuperLead 8 months ago
He would eliminate minimum wage???? Oh boy! We would all be working for crumbs.
1971SuperLead 8 months ago
@1971SuperLead A high minimum wage means higher unemployment, friend. Production costs are higher and companies cannot afford to hire as many people while also ensuring that prices that consumers pay increase. Listen at 9:00 on and you'll get it. If "We all would be working for crumbs," as you say, then that means that we would all also be PAYING crumbs for the things we need-- your groceries, your travel, your expenses-- all lower. Just a fact. There's a balance though.
jinheneamerican 7 months ago
@jinheneamerican, Look at some inflation adjusted charts for minimum wage and compare them to unemployment rates. There is no evidence to support the theory that increased wages increase unemployment. I'm looking at charts going back all the way to 1938. In fact, in 1968 minimum wage set a record high (inflation adjusted of course) and unemployment was quite low.
1971SuperLead 7 months ago
@jinheneamerican Looking at charts really does not mean much considering unemployment numbers are one of the most difficult things to measure as it only counts those who are actively seeking work and excludes those who have gotten tired of looking and exited the job market, especially in times of high minimum wage when people stop trying. However, mathematically there is abundant proof that increasing the cost of labor means less to go around. You can't argue against math with imperfect data.
jinheneamerican 7 months ago
I doubt it, I've never made minimum wage, why would anyone work for a company that wasn't giving you enough to support your family? You'd look for greener pasters and quit.
aznsbd 7 months ago
@aznsbd, Good luck even finding a minimum wage job today. Then try feeding just yourself with the wages. Let's see, $7.35 an hour times 40 hours is about $220 after taxes. Oh ya! The American Dream!
1971SuperLead 7 months ago
@carnabyfudge Very true because their unions pour money into those politicians who favor big business. You protect big business and you protect the unions. Thats why our gov't bails out GM and Chrysler the minute they ask. Those dems and some repb are getting money to get reelected. And will continue to protect big business as long as money is given to them to get reelected.
vkorchnoifan 8 months ago
Friedman is awesome, but that guy in the background at 7:51 scares me
joernbroeker 8 months ago
People were very good at speaking then.
naveclipsys 8 months ago
Has this goose ever had a job apart from academia? Does he know how demoralising it can be for someone to go to work for a minimum wage? He wants to bring us all back to the 1700s with the free market labor market. Slaves, deaths on the worksite, no time for family etc. The saddest thing about the current state of our financial markets and the companies that run them is that we have forgotten why we have them in the first place.
jayrod105 9 months ago
I think Friedman is forgetting we wouldnt have a middle class if we didnt tax the shit out the rich. Has nothing to do with the rich investing in business. The 1800s were a free market system where the rich had all the wealth and the rest of population lived in borderline poverty.
jayrod105 9 months ago
@jayrod105 i think what you are forgetting is that free market capitalism is the only system that enables the "middle class" and the poor for that matter to better his lot
what does socialism do to the middle class? it necessarily removes it from existence' in a socialist utopia (there are very few rich-- the "rulers"; their minions of bureaucrats; and all the rest are in total misery)
then only thing equal about socialism is it's universal misery
2dum2getsocialism 9 months ago
@2dum2getsocialism Norway is a socialist country and has the highest standard of living in the world. Communism brought about universal misery, but the free market system creates its fair share of misery by creating a huge gap between rich and poor.
jayrod105 9 months ago
@jayrod105 norway does what it needs to do; norway has a high standard of living but also has a very small population that is somewhat homogenized; we have people from all over the world flocking here (legal or not) to better their lot (they arent flocking to norway-- probably because you wont let them in) and it is the free market system that enables the poor the best chance to improve his standing on his own merits
2dum2getsocialism 9 months ago
@2dum2getsocialism 11% of the population in Norway are immigrants. They are right next door to Eastern Europe so people are flocking their. The slave trade was the free market system in all its glory and now with a few large companies and very few small companies in most industries we know who the real masters are today. I agree with some of Friedmans points but abolish the minimum wage, I mean c'mon didnt you guys learn from the union movement in the 50s?
jayrod105 9 months ago
@jayrod105 Norway IS NOT a Socialist country they are CAPITALIST. Socialism is an economic system in which the means of production are publicly or commonly owned and controlled co-operatively, or a political philosophy advocating such a system. Norway has private property so how is it a socialist country. "The Norwegian economy is an example of a mixed economy, a prosperous capitalist welfare state featuring a combination of free market activity and large state ownership in certain key sectors."
Xantheus07 8 months ago
@Xantheus07 A socialist economic system. Your right it isnt a communist country, however it wouldnt let private companies take all the profits of their vast resources. It puts money into a fund for the people. Everyone enjoys free education, free health care and a safety net if they lose their jobs. This is not the case in the USA where you have free markets destroying themselves. Prove that i lie?
jayrod105 8 months ago
@jayrod105 ok; free education is a lie; free health care is a lie; safety nets are a lie; they dont exist because socialist countries eventually run out of the massive amounts of private sector capitol to fund these fairytales
2dum2getsocialism 8 months ago
@2dum2getsocialism Tell that to the people who cant get cancer chemotherapy because the insurance company wont pay for it. If they had Australian, UK, Scandinavian or any other country with governments who aren't entirely run by corporations citizenships this would not be an issue. More money gets spent on advertising than product development these days so tell me how this creates an efficient market with superior goods being created?
jayrod105 8 months ago
@jayrod105 Ok i will prove it a lie. We don't not have free markets in the US. There case closed i win.
Xantheus07 8 months ago 2
@Xantheus07 You have the most deregulated markets in the modern world (after the former Soviet Union). Tell me what it has given you apart from big advertising budgets, Bernie Madoff, an underclass who will never better themselves because they cant afford the tuition fees, companies now more powerful than your own government, zero union representation and a lifetime owing money to a bank. The blacks are free but you are now slave to your corporate masters. Ronald Regan would be turned on.
jayrod105 8 months ago
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Romeowasbleeding1 7 months ago
@jayrod105
Dude jayrod, you're so fucking dumb bro. Stop it. Some people who watch this video know what their talking about, some of them actually have a valid opinion. to them, your garbled nonsense is nothing but a symbol of your own ignorance.
Please be quiet and keep your harmful freedom crushing ideologies to yourself. People like you have done enough damage.
it's not at all fair. We have to live under your intrusive socialist philosophy, while all we want is freedom and to be left alone.
Romeowasbleeding1 7 months ago
@Romeowasbleeding1 You are a buffoon. You rednecks and your "freedom" ideology. Do yourself a favour and buy an airline ticket to Scandinavia and they can show you what the happiest and wealthiest societies in the world can live like. Tell me ONE thing a moronic fuck wit like yourself can do in the USA that you can't do in socialist Norway (apart from carry a sub machine gun around on the streets). Shouldn't you be in the streets celebrating Osamas assasination still. IDIOT
jayrod105 7 months ago
@jayrod105
ha ha you twat, I live in Denmark. In Denmark I don't have the right to defend myself and my property (not even pepper spray is allowed here). I can't enjoy the fruits of my labour (almost half of my income is stolen by the government). Almost every product is monopolized here, generally due to government interference. No one can afford cars or the bus because of the tax, they must ride bikes, even in the snow. The list goes on and on. I want freedom, fact is, the US isn't free.
Romeowasbleeding1 7 months ago 2
@Romeowasbleeding1 You speak perfect english so I assume you enjoyed a free tertiary education. More than youll get in the free market USA. The Denmark you live in must be very different to the one I visited and the one you can read about. It is a great country with a great social philosophy.
jayrod105 7 months ago
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Romeowasbleeding1 7 months ago
@jayrod105
Wrong again. I spent the last year of my high-school career studying at home since I couldn't afford high school fees (obviously this wasn't in DK). Free education? The difference between socialized education and free market education. Is that under a free market you have a choice to pay for the service. Under a socialized eduction scheme you are FORCED to pay for education, whether you attend or not.
All that I said is true, and Danes agree.
The Danes are nice, but sheepish.
Romeowasbleeding1 7 months ago
@jayrod105 The post-secondary environment in the U.S. is nowhere near a "free-market". Although it used to be. In the U.S., you never used to have to get a student loan. That is, until the government came in and guaranteed them to 'help the students'. The act alone pushed the price up astronomically consigning those students to a lifetime of debt.
UponInfinity 4 months ago
@UponInfinity That also doesn't include the problems created by a lot of the federal grants to colleges and universities as well.
pittland44 4 months ago
Man does this giant of intellect Friedman tell it like it is!!!!!
Patriot751 9 months ago
Donahue, omg, stop facing your back to the audience and blocking Friendman.
erikglimpse 9 months ago
Friedman: Correct now as he was then!
dex216sims 9 months ago
he has hit the head on the point about the poverty
towdow3 9 months ago
This video proves that he was more right then we could have ever imagined. Look at the favor our government shows to large corporations like GE, even though our president claims to be anti-corporation.
FabiusMaximus1000 9 months ago
@FabiusMaximus1000 It is not a coincidence that Obama appointed GE CEO Jeffery Immelt to be the Head of his Economic Advisory Panel. You can call it cronyism. I call it corruption.
Reason1600 9 months ago
@Reason1600 It actually is called Socialism. People try to hide it, but it's the state controlling the means of production by proxy, that's what we have had for the last 100 years.
FabiusMaximus1000 9 months ago
Donahue summarized his behavior at 0:15 here.
theyangist 9 months ago
I like how Donahue skims right over the "little man in the shoe shop" argument without acknowledging that once this fictitious evil multinational company buys the "better mouse trap" that the little old man in the shoe shop get's to retire to Key West with the massive check he rec'd for his efforts. Then you also have to believe that this multinational company that only cares about money would shit out that cash just to throw the mousetrap in the trash.
EchoMike03 10 months ago
These videos are just as valuable today as when they were originally shot. Here's hoping that more and more people will digest their lessons, particularly Obama and his fellow leftist/progressive travelers.
Donahue is hopelessly outclassed.
objectivist1 10 months ago
These videos are just as valuable today as when they were originally shot. Here's hoping that more and more people will digest their lessons, particularly Obama and his fellow leftist/progressive travelers.
objectivist1 10 months ago
8:04
He's right about wage floors and wrong about public schools. Whites and Asians attend the same public school using the same textbooks and they perform better on standardized tests.
scottvska 10 months ago
Donahue is no match for Friedman.
scottvska 10 months ago 37
@scottvska True, but Donahue was also respectful and doing a good job playing devils advocate. Compare his demenor to the wankers at Fox, CNN MSNBC or any other network. It refreshing to see a robust discussion rather than a screaming match between partisan idiots.
johnycannuk 10 months ago 2
@scottvska Donahue is using a clever and simple technique of interview, he is asking trick questions but treats Friedman answer with respect and dignity. He is several level above Operah and her "vegan cure for cancers" and other BS.
Mishkafofer 6 months ago in playlist Ayn, Milton, Naomi, Johan, etc.
I see a possible solution for US economical problem but this is a raw deal: Giving citizenship to 40m Gilligan immigrants and cutting Social security. By giving citizenship to illegal immigrants of young age, you are promised a working force for 30-50 years that will know that Social security will not be there for him and needs to be self reliant.
Mishkafofer 6 months ago in playlist Ayn, Milton, Naomi, Johan, etc.
he should of been the president
rcmaphia 10 months ago 4
Donohue was pretty rational here.
iamgabrielf 10 months ago 3
The "little shoe shop" example was used on Seinfeld. Kramer walked into a little shoe shop and noticed bad wiring, and suggested the mom and pop have an electrician look at it. The electrician says he has to completely redo the wiring, or report them. This causes mom and pop to lose their business.
YesWeCantaloupe 11 months ago
"the big giant guy buys up the little guy" - uh, yeah...so in his own self-interest, the little guy sold his business at a profit so he could go live on the beach...and the problem with that is what, now?
and if the little guy went out of business, then he couldn't compete, and freedom to compete is all that is afforded and inherent...not protecting anyone, no matter their business size
ICONICFREEDOM 1 year ago
@Shenandoah58 Your not hallucinating. I see it to.
EnigmaticWolf1 1 year ago
OK, I have a really good question. Is his jacket pink, green, or blue? I guess my color vision is going........or I am hallucinating.....
Shenandoah58 1 year ago
Phil Donahue is perfectly representative of the American mind blind-sighted by the huge corporations abusing the market so much, they are not able to see the government aid behind it.
BTW Standard Oil was slipping for ten years in terms of its market share by the time of the Sherman Act with no sign of slow down.
mdrdrm 1 year ago
Economic history has proved that Phil Donahue, like all of those on the Left, is a complete imbecile!
vince33x 1 year ago
@vince33x Phil Donahue isnt on the left, he is just arguing against Milton Friedman which is so great. On almost all talkshows today its just the interviewer and professor sitting agreeing with eachother, sucking eachother off so to speak. Now this is a real debate, not some dumbass clock that rings after 40sec, instead we get clarifying arguments from both sides, and Phil Donahue plays the advocate of the other side brilliantly, so much so that we think hes a leftist.
killerbee2k 1 year ago
@killerbee2k Phil Donahue would admit and has many times admitted to being a Liberal or man of the Left. His statements & positions over the years back this up.
BTW, in poll after poll, 80 to 90% of the members of the so-called "mainstream media" have consistently ID'd themselves as: Liberal, Left-of-Center, or Democrat. Mr. Donahue falls squarely on that line.
vince33x 1 year ago
@vince33x Aha, well thanks for informing me that. He is then a very rare individual and remarkable in the entertainment industry, I wish more leftist was like him. Since the only conservative debate are mostly on talk radio we dont have this kind of quality anymore. I can just imagine Milton Friedman being on a Norwegian debate program, he would have 30sec to throw out a sound byte and then be yelled down by both the host and audience.
killerbee2k 1 year ago
@killerbee2k During the 1992 Presidential election, I was the LP spokesman on a San Diego radio station. Each Thursday leading up to the Nov. election [Clinton v. Dole] we had an on air debate w/the SD county chairs for the Dem. & Rep. parties & the host would moderate & we discussed a different issue each wk. After each show, there was a call in poll [obviously not scientific] about whose position the callers most ID'd with. It was usually 30 to 40 to 1 in favor of the LP position.
vince33x 1 year ago
@killerbee2k I think if the mainstream media reported even moderately in a fair way a Democrat would never get elected in most areas of the USA [L.A. & NYC might b the only exceptions.].
vince33x 1 year ago
@vince33x Yeah we got the same problem here in Norway. The media reports always in favor of the socialist left parties, while the right-wing get demonized. Their favorite tactic is interviewing some lunatic extremist in the mountains somewhere and bend the perspective as if the person is some sort of right-wing big shot within the movement, while he is in reality just a loner. And the Radio stations in Norway is 95% State owned.
killerbee2k 1 year ago
@killerbee2k It's a shame, here in the USA, the Left is trying to use the shooting of a Congresswoman to reinstitute the so-called "fairness doctrine" which will end talk radio, because, even though the majority in this country usually votes Democrat, when their alleged "ideas" are expressed, radio somehow exposes them for the nonsense that they are and they can never gain an audience, which is why radio stations will just go back to innocuous formats that don't allow for critical thinking,
vince33x 1 year ago
@killerbee2k which is really what the Left would prefer.
vince33x 1 year ago
@vince33x In my city of Trondheim we have 6 radio channels, 4 of them are music channel, 1 is 50% BBC News and National News, and the last is devoted somewhat to culture and politics, but its never any real debate or criticism of the government. And guess what, 5 is owned by the National Broadcasting Company (sort of like PBS), which was founded by the Worker Party and the 1 private is subsidized. Goodluck with your latest fight against censorship, saw that Sherif statement, it was despicable.
killerbee2k 1 year ago
@killerbee2k I'm afraid the battle 4 Individual Liberty against Collectivism is a battle that is never-ending. There is something in so many men that believes they should "lord" over other men. But there is also a fire within man that yearns for Liberty. Man is truly a "dual" creature, at once capable of sublime acts of nobleness and horrific acts of depravity. One need only witness the 20th Century and the butchery of Collectivism in its two primary forms: Fascism & Socialism. Persevere!
vince33x 1 year ago
SCHOOLED!
0HippyHunter0 1 year ago
Friedman is calm as a fucking bomb not even breaking a sweat!. His personality is in credible.
Neverstop302 1 year ago
Speaking of someone coming along and taking over, as this clip talks about in the beginning. Donahue was in the business how long? And then along comes Little Miss Oprah Winfrey. So just because Donahue was the only game in town and the BMOC didn't mean that the newcomer didn't stand a chance. Milton Friedman was right!
JWRandall423 1 year ago
If everyone is polluting and YOU see a problem with that and YOU think most people would agree with you, then YOU could start your own company that didn't pollute and that would be how you stand out in the market!
What worries me is when Friedman said, "the only way to stop inflation is for the govt to print less and spend less." Obama is doing the exact opposite.
We have all the same problems today but we still haven't tried the right solutions, govt is bigger, and so are our problems
383mazda 1 year ago
How on earth did this boob Donahue get a TV show?
vince33x 1 year ago
i love how when the kmart question comes up donahue butts in (as usual) and tries to come off as some sort of expert...immediately following friedman's statement that you'd have to be an expert to accurately describe what happened and why.
donahue just repeatedly keeps looking stupid in this...he's trying to go toe to toe with a guy who won a nobel prize for his respective field, about THAT field...ridiculous
edt5481 1 year ago
6:05
This is why people who proudly list "homemaker" as an occupation shouldn't go off on wealth distribution and investment.
AshillaBeige 1 year ago
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naskicolta 1 year ago
phil just got raped
xsumuhdihx 1 year ago
@xsumuhdihx .........phil is a consumate interviewer . ..he was not debating milton , he was interrogating miltons views
sykotuber 1 year ago
damn, this guy is on fire!
sniped101 1 year ago
So Donahue says he just wanted to get one question. then goes on a typical liberal tirade of desperately trying to get a gotcha moment. LOL so pathetic
carlindelco 1 year ago
Do you think this level of hostility would be directed toward a professor of medicine? The few decent economists out there cop a lot of crap from uneducated onlookers. If these onlookers are really interested in critiquing economics then perhaps they should go study and understand it first. It is a science afterall. Why do they think they have a voice in a scientific discipline which they have neither studied nor taken the time to properly understand?
Do you vote on the best way to cure cancer?
Individualism101 1 year ago
its true
acidhead43 1 year ago
what a shame this mans textbooks have NEVER been taught in the USA?!?!
a brilliant patriotic american that the US govt & dept of education despises.
ugotpimp 1 year ago 29
@ugotpimp half of first year's economics text book is based on Friedman's philosophies. Just because you've never read the books, doesn't mean it's not getting taught.
Two main topics in economics text book is 1. Friedman. 2. Keynes.
And the baseline for all economics is, EFFICIENCY. Friedman is not arguing for no control, he's arguing for efficiency.
BlueCrystalGem 10 months ago
@ugotpimp Patriotism has nothing to do with it, friend. He's simply speaking truth. The principles apply in this country and any other.
geoffiethekid 7 months ago
The thing to learn from this clip is how great our federal system is where the states have most of the power and if they use it wrong by implementing policies that destroy their economy, then it is only one state that goes under, not the entire United States. It is the same with companies; the more the better. Who will bailout the U.S. if we fail? The answer is more like who will buy us out not bail us out. It is better to keep the Federal government out of the states business.
jbranstetter04 1 year ago
Friedman is wrong on inflation. Inflation is a product of debt. Yes, this is due in part to deficit spending by the government, but the consumer also plays a huge role in inflation because they also get into and out of debt.
The rules for this are simple, when two people have access to the same money it is the equivalent of printing money. This is what happens in the fractional reserve system. The borrower and savings account owner both have access to the same money.
Keeban3 1 year ago
@Keeban3 the more you create of something, the more inflation you have.
its not only debt.
HandyMan101 1 year ago
@HandyMan101
If by inflation you mean deflation. Or by something you meant money, not goods.
Keeban3 1 year ago