Milton Friedman: Why soaking the rich won't work.

http://blog.voogru.com/2011/11/19/a-p...

The video is self-explanatory. This is a cut of an interview with the economist Milton Friedman, which answers a question about what rich people do with the profits they maliciously obtained from the poor citizens of our great nation.

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  Gaming

[enevighet17]

I wish everyone could see this clip and at least get some brief understanding of economics. Unfortunately, however, ignorance is still i high virtue in our societies.

[stevenpaddybwoy]

Milton friedman is my economic hero .

[maximusdecimusjegna]

How does Friedman expect people to live on such a minimum wage? There has to be a ying yang situation. Continuation of the rich to keep rolling their money through investing will lead only to more and more disparity. Thats what leads to revolutions. If capitalists weren't so greedy, they can keep their exploitation going. For those that argue making money being the ultimate motivation really don't have a grasp on human philosophy.

[Civille7]

Don't internships offset the alleged negative effects of minimum wage laws?

Can't young people gain employment skills that way?

[John Smith]

this video does not substitute a proper economics education. if you want that, go do economics in university.

relying on youtube videos, online blogs, the opinion's of other people does not replace formal education

[louiethegreater]

So you believe that a 1.5% decrease in exports caused the depression. RIght. The 98% decrease in consumer spending had nothing to do with it.

[tristramshandy3]

My contention is that people will make good decisions if they are well educated and well informed. Sure, right now most voters are not well informed- but is that the voter's fault or the media's fault? While I don't think either side is 100% to blame, the media has a critical function to play in our society and it is not performing that function.

I say let's actually inform people, and then, if they cannot do their job of overseeing government, we'll just have a king instead or something.

[theredscourge]

If people can't make good decisions for themselves, they surely wold make even worse ones for others.

If we can't trust people to make good decisions on which school to send their children to, why in the hell would we trust them to make a good decision on something much bigger, such as who to vote for? Journalists spend years to dig up dirt on politicians and only a few of the ones who do bad shit actually end up having to step down, so then what chance does an average voter stand?

[tristramshandy3]

I don't think it's reasonable to expect the average citizen to spend many hours each week doing research when they work full time and have a family. They rely on the mainstream media, and the mainstream media has a critical function, one which it is failing to perform.

I could argue government efficiency is proven by the great public schools in the rich neighborhoods. I have worked as a teacher in our shitty schools, I know what it's like firsthand. I share your outrage! What do we do about it?

[TheGrasspond]

Government dysfunction is proven by the fact that some schools are well run while others, particularly inner-city, are not. It infuriates me to drive by some of these inner city schools and see what our kids have to walk into every day.

As for information, this is where you and I won't agree. This is a very fundamental dividing line between me and typical left wing thinking. Individual responsibility. Even though all information is at their fingertips they should not have to do the work.

[tristramshandy3]

I agree with Glass-Steagal. That's an example of regulation that managed to work fairly well for a decent length of time.

I think I know why the government is unable to do anything, even the easy stuff. The government must watch over the big businesses; the people must watch over the government. Clearly, we the sheeple have forsaken our job of government oversight.

[TheGrasspond]

These corporations must be regulated and government does a horrible job of it. For example, why not bring back Glass-Steagal and not allow banks to take government subsidized money and play poker. Instead, Barny Frank comes up with this bullshit legislation that fixed nothing but made the left feel good.  This is a complex issue but you would think government could at least get the easy stuff correct.