Milton Friedman Destroys the Idea of "Greed" and Iniquality.

[The Rabbi]

"It's only the other fellow who's greedy." Brilliant, Dr Friedman!

 

[2aguy]

"It's only the other fellow who's greedy." Brilliant, Dr Friedman!

I love that clip.......

 

[The Rabbi]

Amazing how timely his ideas still are.

 

[hazlnut]

The Origin Of 'The World's Dumbest Idea': Milton Friedman


Friedman's 'shareholder value' theories have been debunked by CEO's and economists.

What can be said about Friedman - "he slipped all too easily into claiming both that markets always work and that only markets work. It's extremely hard to find cases in which Friedman acknowledged the possibility that markets could go wrong, or that government intervention could serve a useful purpose."

Paul Krugman.

 

[The Rabbi]

The Origin Of 'The World's Dumbest Idea': Milton Friedman


Friedman's 'shareholder value' theories have been debunked by CEO's and economists.

What can be said about Friedman - "he slipped all too easily into claiming both that markets always work and that only markets work. It's extremely hard to find cases in which Friedman acknowledged the possibility that markets could go wrong, or that government intervention could serve a useful purpose."

Paul Krugman.

Paul Krugman. The most failed economist in history.

 

[2aguy]

The Origin Of 'The World's Dumbest Idea': Milton Friedman


Friedman's 'shareholder value' theories have been debunked by CEO's and economists.

What can be said about Friedman - "he slipped all too easily into claiming both that markets always work and that only markets work. It's extremely hard to find cases in which Friedman acknowledged the possibility that markets could go wrong, or that government intervention could serve a useful purpose."

Paul Krugman.

Paul Krugman is an asshole who has no idea what he is talking about....

 

[g5000]

"It's only the other fellow who's greedy." Brilliant, Dr Friedman!

I love that clip.......

I love the entire show. My favorite part is Friedman's trouncing of the Fairness Doctrine. He accurately foresaw the days of partisan news channels.

 

[2aguy]

Yes...the fariness doctrine where the government gets to decide who goes on the airwaves.....

 

[g5000]

Here it is:

"Fairness means somebody has to decide what's fair."

Awesome.

 

[g5000]

Yes...the fariness doctrine where the government gets to decide who goes on the airwaves.....

Whenever I remember the days of the Fairness Doctrine, I always remember what Friedman said first. And then I remember, "JANE, YOU IGNORANT SLUT!"

 

[Jarhead]

The Origin Of 'The World's Dumbest Idea': Milton Friedman


Friedman's 'shareholder value' theories have been debunked by CEO's and economists.

What can be said about Friedman - "he slipped all too easily into claiming both that markets always work and that only markets work. It's extremely hard to find cases in which Friedman acknowledged the possibility that markets could go wrong, or that government intervention could serve a useful purpose."

Paul Krugman.

Really?

That is like a conservative citing something Sean Hannity wrote to debunk a liberal premise.

Except a conservative would never be so foolish.

 

[bendog]

Friedman never said greed or inequality were good things .. He did say socialism, and totalitarianism were not better than capitalism in addressing them

 

[The Rabbi]

Friedman never said greed or inequality were good things ..

Thank you, capt obvious.

 

[Jarhead]

Friedman never said greed or inequality were good things .. He did say socialism, and totalitarianism were not better than capitalism in addressing them

what he was saying was that greed and inequality are not direct products of capitalism. They exist regardless of the economic ideology of a state.

 

[bendog]

Friedman never said greed or inequality were good things .. He did say socialism, and totalitarianism were not better than capitalism in addressing them

what he was saying was that greed and inequality are not direct products of capitalism. They exist regardless of the economic ideology of a state.

Yes, and he also said people have only escaped grinding poverty when they live in a free market country. He never said markets should be deregulated so as to be opaque or that the very rich should pay a lesser % of income in taxes than do workers.

He was a great economist, and reportedly a decent human being, but its important to not ascribe to him concepts that others want to promote even though he did not do so himself.

 

[Socialist]

Greed and inequality are massive problems, sorry that you want to ignore them.

 

[Jarhead]

Greed and inequality are massive problems, sorry that you want to ignore them.

Greed is a natural human quality...for good or bad. You can not control it. It is not the consequence of a policy no matter how much you want to make it one.

Greed is what prompted Joe to refinance with an ARM...an ARM is a gamble......and it was that greed that resulted in him losing his home.
Greed is the reason Tom lost his savings in the market. Whoever said the market is a sure thing?

Inequality is also a natural thing. All you guys ever talk about are the top 25 CEO's...or the top 100 richest people ion America. There will always be those people no matter what we try to do to change it. But they are far from the norm.

But lets look at the typical business owner. You know, the man or woman that has 10 employees....generates 1.5 million in revenue....has a 50% mark-up.......or a gross profit of 1 million......has a payroll of 30K an employee....or 300K....has a rent of 100K.....and other costs such as marketing, shipping phones and IT just to name a few....totaling 100K.......

So is there a problem with the business owner who works 7 days a week and worries 7 days a week and has the stress 7 days a week making 15 times the income of an employee who works 35 hours a week and goes home at the end of the week with no stress?

 

[2aguy]

Milton Friedman is great.....

 

[Misty]

Greed and inequality are massive problems, sorry that you want to ignore them.

Those who want government in every aspect of their life are greedy.

And those who get everything from the government make it unequal for those who don't.

It goes both ways.

 

[Socialist]

Greed and inequality are massive problems, sorry that you want to ignore them.

Greed is a natural human quality...for good or bad. You can not control it. It is not the consequence of a policy no matter how much you want to make it one.

Greed is what prompted Joe to refinance with an ARM...an ARM is a gamble......and it was that greed that resulted in him losing his home.
Greed is the reason Tom lost his savings in the market. Whoever said the market is a sure thing?

Inequality is also a natural thing. All you guys ever talk about are the top 25 CEO's...or the top 100 richest people ion America. There will always be those people no matter what we try to do to change it. But they are far from the norm.

But lets look at the typical business owner. You know, the man or woman that has 10 employees....generates 1.5 million in revenue....has a 50% mark-up.......or a gross profit of 1 million......has a payroll of 30K an employee....or 300K....has a rent of 100K.....and other costs such as marketing, shipping phones and IT just to name a few....totaling 100K.......

So is there a problem with the business owner who works 7 days a week and worries 7 days a week and has the stress 7 days a week making 15 times the income of an employee who works 35 hours a week and goes home at the end of the week with no stress?

You're thinking about small businesses, I'm talking about multinational corporations.