Milton Friedman on Greedy Capitalists. This video is 31 years old and is especially relevant today. It should be mandatory viewing by OWS’ers.

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KimmyQueen
Member

Excuse me, didn’t this idiot become rich due to his nonsense work? So who the hell is he to talk about how OTHERS are greedy and capitalism makes it better for them to be greedier? Isn’t he greedy? If he wasn’t he would have taken enough money to live on and then leave the stage much earlier than he did. I haven’t heard of a Phil Donahue home for the homeless development. Is there one? Idiot.

Dan Hawks
Member
Dan Hawks

The best line of the entire interview was Friedman’s last to Donahue: “I don’t even trust you to do that.” AMEN!

whiskeyriver
Member
whiskeyriver

I wonder if Donahue spouted this same nonsense every time his contract came up for renewal. I seriously doubt he agreed to take a cut in pay so he didn’t appear “too greedy”. What a buffoon.

danybhoy
Member
danybhoy

Socialists would never live in the world they prescibe for the rest of us.

Alien
Member
Alien

This is good stuff.. Friedman is entertaining (even to the point of drawing laughter from the audience). Donahue obviously cannot come up with alternatives, as he attempts to find flaws in capatalist system

I am wondering how Friedman views public projects like NASA or Interstate Highway, etc.. are there exceptions that tend to fall under the rubric of national defense?

Would neomercantilist manipulation of the global trade sector, resulting in net bleeding for U.S., qualify for some public intervention?

Kip Hooker
Member

@ Alien

Good questions.

I’ve always thought of NASA as an extension of defense -as you’ve said. Especially as it was, for a long time, a cover for the ICBM race. Of course by the time they were shooting off Saturn V’s I guess that was far more power than an ICBM would need. I’ve often considered the Interstate system to be necessary under national defense as well. Perhaps this is reaching. But I think our defense is greatly augmented by these things. To the point of possibly being indispensable.

I don’t know what neomercantalism is -any references would be appreciated. From my understanding of mercantilism however (as it was practiced by the British and the way Hamilton envisioned it being implemented in the US) the state component is absolutely necessary. There must be a national bank, government directives and charters granted as well as state (at least partially) sponsored colonialism. I don’t know that Friedman could be categorized as Austrian or even Jeffersonian (Rothbard and Hayek probably thought not) but laissez faire seems very much at odds with the system.

Alien
Member
Alien

Neomercantilism is my inexpert terminology for the behavior of Asian economies (et al) versus the U.S. in the trade sector… in particular Japan, and to greater magnitude China. I feel that the U.S. tends to want to play Free Trade honorably, which leaves our markets prey to the machinations of state capitalist systems. It appears naive to expect the emergent effects of our free market to resolve the imbalance in our favor without certain protections. Going back a few years in the record of our trade deficit with China, we behold a dismaying net transfer of trillions of dollars to their economy. This fuels China’s de facto ongoing colonization of Africa, aggressive space program, and systemic low-grade cyber-warfare waged against our industry, military, and government

I view this as a long-term national security nightmare, and many elements of our free market are blindly complicit (after all, there’s profit to be made tapping into the flow of capital, regardless of its destination)

Anonymous
Guest
Anonymous

Small business and the self-employed are the only free trade left, that is why Obama and his cronies seeks to crush them into oblivion, even as he raise the taxhammer against any rich individual that would disagree with the current system.

Alien
Member
Alien

Perhaps he should tax the Chinese

Kip Hooker
Member

Poor Donahue. He’s doing his best to keep up and Friedman is only in first gear.

DefHarryMelon
Member
DefHarryMelon

Oh yeah. As soon as commie donahue showed I remembered sticking a link to this in the thread The 53%. You’re welcome!

AZ Dude
Member
AZ Dude

The interviewer is Phil Donahue, one of the first and most liberal progressive commentators I can remember in my 49 years on this planet. Love the way he sat with his hand on his head with the “oh crap, I’m getting schooled” look on his face.

A. Smithee
Member

Sheer common sense – to the point of brilliance.