Milton Friedman Discusses Government Regulations

[kunukunu11]

Government regulatory schemes are not always overtaken by the industry.Your Sarbanes-Oxley regulation seems to be doing good to your industry.Regulation need to be put in place to check "irrational exuberance". Governments need to prevent that, not act on it after a major meltdown

[mba2ceo]

This fool is an idiot or Elite stooge. U make the call.

[houndofchulainn76]

I think he answers the question but arrives at the wrong conclusion. It isn't that we need to do away with regulation, it's that we need to craft regulation that actually does what it is intended to do. Benefit all. We can make regulations that protect the consumer and allow producers to still profit. It would be possible if we approached it logically and ignored the "special interests". But no, we let the worst part of our nature get the best of us.

[worldofdraculas]

@houndofchulainn76 You mean like... laws that punish those who bring harm to people, or courts where one can seek restitution for ills done to them by others? If those count as regulations, then I think Friedman would agree with you.

[selfrealizedexile]

as you advocated, right? Our monopoly court systems making Ginsburgs above the law is really beneficial to asymptotically approaching justice as one would think more probable in a competitive arbitration system, correct?

Pfft.

[selfrealizedexile]

Hey, Friedman, how about that gov't regulation on the medium of exchange? You know, the one that used to be gold? How's that one working out? Business cycles are fun, especially when they get bumpier each time. Oh, and I love gov't regulations on the private security market. Global wars resulting in the death of several thousands and injuries of even more is conducive to an ordered society

[thebestsumoeva]

@selfrealizedexile Milton Friedman didn't support a Federal Reserve system. He also didn't support a purely gold backed system in favor of a government controlled currency that was publicly regulated and controlled by the people. Essentially the fed would be abolished, the government would print money, but there are limits to how much they can print and they have to release all the information concerning printing etc.

[selfrealizedexile]

@thebestsumoeva

Friedman was a monetarist the majority of his life. It wasn't until near his death that he recanted. But, even the scenario you've described is not good. We do not want a currency regulated by non-market forces. We want competing commodity currencies (historically, gold).

[CrowdPleeza]

Was welfare the cause of illegitimacy in the inner cities or was it the high unemployment of males in the inner cities? With the decline in manufacturing jobs there has been less work for inner city males who then financially can't support a family.

[selfrealizedexile]

@CrowdPleeza

Illegitimacy was indirectly encouraged most by the AFDC. High black unemployment was a resulted most by the minimum wage due to most blacks earning very low incomes. The decline in manufacturing jobs was partially natural as Americans productivity levels rose, but it was prematurely exported overseas by gov't and union regulations which raised the cost of doing business

[selfrealizedexile]

@CrowdPleeza

in the United States. All of these effects, among others not listed, have spelled the doom of the black family post-MLK Jr. era.

[thebestsumoeva]

@CrowdPleeza Welfare made it more profitable for people to not get jobs which lead to people depending on the government. Minimum wage set a bare minimum skill level to enter the market which had the effect of firing everyone below that wage and making it impossible for people to acquire skills to get beyond welfare. High taxation on the businesses still producing leads to a loss of jobs and further exacerbates the problem. Nearly everything the government has done to help has failed.

[stealthswimmer]

awesome, thx for postin this vid

:-)