YouTube Video: Milton Friedman, Capitalism and Freedom

Dinner Topics for Wednesday

YouTube Video: Milton Freedman, Capitalism and Freedom

From Rush Limbaugh Radio

miltonfriedman2One sound bite is two minutes of Milton Friedman schooling Phil Donahue and his audience in greed and capitalism and virtue.

RUSH:  [Obama] was quoting Reverend Wright, and he said that’s for me, man, I love that.  White folks’ greed runs a world in need.  So let’s go to 1979, ancient times for many of you.  We may as well be going back to the Roman Coliseum for this.  Nineteen seventy nine, I was 28.  Ancient times for many of you.  Phil Donahue interviewing Milton Friedman, and they had this exchange.  And Donahue starts off wanting to know about greed and capitalism.  Here it is.  And listen to this.

DONAHUE:  When you see around the globe the maldistribution of wealth, the desperate plight of millions of people in underdeveloped countries, when you see so few haves and so many have-nots, when you see the greed and the concentration of power, did you ever have a moment of doubt about capitalism and whether greed’s a good idea to run on?

Greed Definition

FRIEDMAN:  Well, first of all, tell me, is there some society you know that doesn’t run on greed?  You think Russia doesn’t run on greed?  You think China doesn’t run on greed?  What is greed?  Of course none of us are greedy. It’s only the other fellow who’s greedy.

The world runs on individuals pursuing their separate interests.  The great achievements of civilization have not come from government bureaus.  Einstein didn’t construct his theory under order from a bureaucrat.  Henry Ford didn’t revolutionize the automobile industry that way.  In the only cases in which the masses have escaped from the kind of grinding poverty you’re talking about, the only cases in recorded history are where they have had capitalism and largely free trade.  If you want to know where the masses are worst off, it’s exactly in the kinds of societies that depart from that.

So that the record of history is absolutely crystal clear that there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system.

DONAHUE:  But it seems to reward not virtue as much as ability to manipulate the system.

Virtue Definition

FRIEDMAN:  And what does reward virtue?  Do you think the communist commissar rewards virtue?  Do you think Hitler rewards virtue?  Do you think American presidents reward virtue?  Do they choose their appointees on the basis of the virtue of the people appointed or on the basis of their political clout?  Is it really true that political self-interest is nobler somehow than economic self-interest?  You know, I think you’re taking a lot of things for granted.  Just tell me where in the world you find these angels who are going to organize society for us.

DONAHUE:  Well —

FRIEDMAN:  I don’t even trust you to do that.

RUSH:  Milton Friedman back in 1979 schooling Phil Donahue, and everybody else who heard that on the notions of virtue and greed and just basically upsetting Phil’s applecart.  Phil wasn’t smart enough to know it was happening. He’s still running around lamenting the accident of birth. If he’d been 30 miles south he would have grown up in poverty.  Anyway, we wanted to play that for you and recognize Milton Friedman.

miltonfriedmanMilton Friedman:  “If you put the federal government in charge of the Sahara Desert, in five years there will be a shortage of sand.” 

 Milton Friedman:  “Underlying most arguments against the free market is a lack of belief in freedom itself.” 

Another Milton Friedman quote:  “Most of the energy of political work is devoted to correcting the effects of mismanagement of government.”  

Boy, isn’t that true? Pass another law.  Government comes along and creates a program.  The program is an absolute disaster.  Government says, “That’s gotta get fixed.”  Government says, “Okay, we’ll fix it.”  And it compounds itself, one error atop another. (Rush)

Another Milton Friedman quote:  “Nothing is so permanent as a temporary government program.”  

I’ll tell you, the guy was great.  He was a genius.  He lived into his late eighties.  He would have been a hundred years old this week. (Rush)

Dinner Talk

1. Who does Mr. Friedman say is greedy?

2. Do you think political self-interest is better than economic self-interest? Why or why not?

3. According to Mr. Friedman, which system fosters a stronger economy— management by government bureaucracies (socialism), or free enterprise? Why?

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Capitalism vs. Socialism Definition: Capitalism Benefits are Freedom; Socialism Fails because of Its Selfishness

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Capitalism vs. Socialism Definition: Capitalism Benefits are Freedom; Socialism Fails  because of Its Selfishness Rush Limbaugh Capitalism Benefits are Freedom “Our booming economy can still overcome progressive misinformation, propaganda and myth.”~Andy Puzder Because Capitalists meet needs of others Andy Puzder, … Continue reading

Fact Sheet: Capitalism and Freedom

Dinner Topics for Monday

Fact Sheet: Capitalism and Freedom

Month-Defining Moment

economic-freedom-low-scoreSee Heritage Foundation Economic Rankings of countries of the world, freedom ratios

http://www.heritage.org/index/ranking

 

 

 

 

 

 

 

5 Liberal Lies about American Capitalism

Rush Limbaugh

(Limbaugh Letter, August 2015, p. 11)

SM_stossel_capitalism_works-800x600Lie #1: Capitalism doesn’t work.

Fact:

Capitalism is the only economic system in history that creates wealth for the entire society. After 1776, the U.S. led the world in prosperity.

Lie #2: American capitalism hurts America’s poor.

Fact:

Thanks to capitalism, America’s poor are wealthier than 70 percent of the world. A typical poor America household has a car, air conditioning, two wide-screen TVs, cable or satellite TV, computer, cell phones, Xbox, washer, dryer, all kitchen appliances including microwave and coffee maker, and more living space than the average European.

Bottom 5% in U.S. have higher income than top 5% in India.

 

capitalismLie #3: American capitalism hurts the world’s poor.

Fact:

American free enterprise is lifting the world out of poverty.

Lie #4: Under capitalism, the rich get richer and the poor get poorer.

Fact:

In countries with the most economic freedom—capitalism—everyone is richer.

free-enterprise-capitalismLie #5: American capitalism runs on greed.

Fact:

Americans donate more out of their own resources to charity than do any other people on earth.

Americans donate more than 10% of GDP. Other nations reach a mere 6% or less.

 

Why are Republicans offering no opposition to the liberal agenda? They are bought.

Corporate Welfare—Republicans guilty of it, too

Power corrupts. Absolute power corrupts absolutely. ~Edmund Burke

It has to be money.  The Treasury is there. It’s the easiest access. Whether it’s K Street, the lobbyists, everybody’s going for the money.  We now have we call it crony corporatism or crony socialism.  It’s just cronyism, period.  Like we discussed with Ted Cruz. What in the world is Boeing…? The Export-Import Bank is a classic example. It’s a New Deal thing. It needs to go the way of the Edsel. All it is, is corporate welfare.  Let me try this on you.

The term “corporate welfare,” I first heard that when liberals used it speaking of it with hatred and derision.  Now guess what?  Corporate welfare is something in a Republicans, conservatives are railing against because they find their own elected officials engaging in it.  Corporate welfare used to be just a standard rant from the left against capitalism.  Corporate welfare was one of the ways they attempted to denigrate capitalism.

Capitalism is NOT Corporate Welfare and Cronyism

Cronyism and this kind of thing is not part of capitalism.  This is big governmentitis.  It’s just been decided that Big Business CEOs have found an easier route to money by getting in bed with powerful Washington government people rather than competing in the open market.  It isn’t capitalism doing this.  There is no “unfettered” or any other kind of capitalism going on here, when you talk about cronyism.

When you have take your pick of any big corporation getting in bed with Obama, be it the insurance business and Obamacare, be it Big Pharmaceutical and Obamacare, be it the doctors or nurses associaciated with Obamacare, we all can see what’s happens here is, people are being bought.  They’re being promised exemptions from the hardest, most punishing aspects of the legislation if they’ll support it. This kind of cronyism…

redistsocialismillustratedAs Cruz pointed, Boeing have already been granted all kinds of concessions with labor strain and so forth, being allowed to open factories in South Carolina, nonunion states. What do they need with…? Why is a corporation guaranteed loans.  Well, when you realize there’s an old adage — use everybody’s money but your own whenever you can — then it all makes sense.  The biggest collection of money in the country is not the Koch brothers, and it’s not Warren Buffett. It’s not Bill Gates.

It’s the United States Treasury.

That’s the biggest pile of money in the country, and if you can have a direct line to that by an association with the president or other powerful members of Congress, why not take it?  And if anybody establishes that the door is open and under which deals and arrangements can be made as Obama has done with GE and Solyndra and any of these other industries he got in bed with, well, once the door is open, you can expect all kinds of people try to walk through it, too.

Remember the example I gave not long ago: Walmart.

Everybody thinks Walmart’s a big, conservative, Arkansas major corporation. A major business that doesn’t want the government involved in their business.  Walmart all of a sudden out of the blue one day started supporting A, Obamacare, and, B, an increase in the minimum wage.  I said, “Now, wait a minute, now. In terms of policy, this doesn’t make any sense. In the old days, no corporation worth its salt would agree with any government that wanted to force Obamacare on it and require its minimum wage to go up.”

But what Walmart decided was they’ve got the money to do both; their competitors don’t.  So getting in bed with government. Supporting the minimum wage might put your competitors out of business, ’cause they can’t afford it.  If you can put your competitors out of business with an alliance of government instead of having to outcompete them in the market, what are you gonna do?  If you can raise your stock price by getting in bed with government rather than competing in the open market, what are you gonna do?

Well, that’s what’s happening.