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Wednesday, March 9, 2011

Milton Friedman on Greed

CNBC has been running a portion of this clip as a promo for the network.

The above clip is from (YouTube part 3) a Phil Donahue interview of economist Milton Friedman in December 1979, on The Phil Donahue Show. They discussed The Great Depression, the New Deal, the auto industry, the Chrysler bailout, Kmart and Sears, greed, Amtrak, auto emissions regulation and airbags, Ralph Nader, tariffs, free trade, price controls and gas shortages, oil companies, OPEC, plus other topics. Much of which is still relevant today.

Ironically, capitalism and the free market ended Phil Donahue's dominance of day-time talk. In 1986 Oprah Winfrey's syndicated show began and it soon brought in double Donahue's national audience, displacing Donahue as the number one day-time talk show in America. America is much better off for that happening.

Here is the full interview, which is packed with Friedman's philosophy that extolled the virtues of a free market economic system:

Milton Friedman on Donahue 1979 [10:34] (part 1 of 5)--
The Federal Reserve is a "weak reed for a nation to lean on in time of trouble" -- Herbert Hoover
Milton Friedman on Donahue 1979 [10:18] (part 2 of 5) --
"There is a problem in oil. Oil is expensive. The fact the OPEC nations have formed an effective monopoly and quadrupled the price of oil hurts us. No question, we pay more. But, we have multiplied the injury to ourselves by our bad government policies..."
Milton Friedman on Donahue 1979 [9:28] (part 3 of 5)

Milton Friedman on Donahue 1979 [9:58] (part 4 of 5) --
"Almost all government regulation favors big companies over little ones."
Milton Friedman on Donahue 1979 [6:51] (part 5 of 5) --
"Inflation is the kind of thing that leaves you with no good choices."

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