Archive for February 6th, 2009

President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Posted on February 6, 2009. Filed under: Blogroll, Economics, Employment, Energy, Investments, People, Politics, Quotations, Raves, Taxes, Video | Tags: , , , , |

President Obama on Economic Recovery


Obama Finally Lays Into the Opposition re: Stimulus Package 02-05-09

For economists GDP means Gross Domestic Product and measures the national income and output produced over a specified period time such as a year.


U.S. 4Q GDP Falls 3.8% – Bloomberg


Art Laffer on CNBC’s Kudlow Jan 23


President Obama apparently thinks it stands for Government Dependency Package, aka the so-called Stimulus Package–payoffs for the Democratic constitutents–play for pay.

When you actually look at what is in the so-called stimulus package, much of it is just more government spending and creates more  dependency upon the Federal government:

“…Wasteful and Non-Stimulus Spending Provisions

• $2 billion earmark to re-start FutureGen, a near-zero emissions coal power plant in Illinois that the Dept. of Energy defunded last year because the project was inefficient
• A $246 million tax break for Hollywood movie producers to buy motion picture film
• $650 million for the digital television (DTV) converter box coupon program
• $88 million for the Coast Guard to design a new polar icebreaker (arctic ship)
• $448 million for constructing the Dept. of Homeland Security headquarters
• $248 million for furniture at the new Dept. of Homeland Security headquarters
• $600 million to buy hybrid vehicles for federal employees
• $400 million for the CDC to screen and prevent STD’s
• $1.4 billion for a rural waste disposal programs
• $150 million for Smithsonian museum facilities
• $1 billion for the 2010 Census, which has a projected cost overrun of $3 billion
• $75 million for “smoking cessation activities”
• $200 million for public computer centers at community colleges
• $75 million for salaries of employees at the FBI
• $25 million for tribal alcohol and substance abuse reduction
• $10 million to inspect canals in urban areas
• $6 billion to turn federal buildings into “green” buildings
• $500 million for state and local fire stations
• $650 million for wildland fire management on Forest Service lands
• $150 million for Smithsonian museum facilities
• $1.2 billion for “youth activities,” including youth summer job programs
• $88 million for renovating the headquarters of the Public Health Service
• $412 million for CDC buildings and property
• $500 million for building and repairing NIH facilities in Bethesda, MD
• $160 million for “paid volunteers” at the Corporation for National and Community Service
• $5.5 million for “energy efficiency initiatives” at the VA “National Cemetery Administration”
• $850 million for Amtrak
• $100 million for reducing the hazard of lead-based paint
• $75M to construct a new “security training” facility for State Dept Security officers when they can be trained at existing facilities of other agencies.
• $110 million to the Farm Service Agency to upgrade computer systems
• $200 million in funding for the lease of alternative energy vehicles for use on military installations.
• State Medicaid Bailout: $87.7 billion Through 3 different mechanisms, the bill would provide additional federal funds to state Medicaid programs over the next 3 years. This is nearly $70 billion more than the governors asked President Obama for in December, and should be a loan to be repaid by the states.

Questionable Policy

• Eliminates fees on loans from the Small Business Administration, thus pushing private capital toward unproductive businesses and away from productive businesses.
• Increases the definition of “youth” for certain summer job programs from age 21 to age 24.
• $160 million to the Job Corps program at the Dept. of Labor, but not for job programs – rather, to construct, alter or repair buildings.
• Requires a government study on the impact of minimum wage laws on the Northern Mariana Islands and American Samoa.
• $79 billion State Fiscal Stabilization (slush) Fund to bailout the States by providing billions of dollars for “education” costs of any kind.
• $47.843 billion is appropriated for a variety of energy programs that are primarily focused on renewable energy development and energy conservation/efficiency. Not one dollar is appropriated to make fossil fuels more affordable in the near future. More than $6 billion of these funds go to environmental clean ups.
• Increases eligibility for “weatherization” assistance to households 200 percent above the poverty level.
• The “Making Work Pay” credit of $500 to every individual making less than $75,000 (or $1000 to couples making $150,000 or less) would pay people whether they are productive or not – akin to welfare.
• The Supplemental Nutrition Assistance Program (SNAP – food stamps) would temporarily suspend the 3-month limit for non-working adults to receive SNAP benefits, thus giving incentives not to find a job.
• Installs government as the creator of broadband deployment regardless of whether the specific local/regional market can sustain it.
• Funds new “green jobs” job-training program without eliminating inefficient job-training programs or consolidating duplicative job-training programs.
• $890 million to the Social Security Administration without any provisions to reduce improper payments, or any plan to increase solvency of the trust fund.
• Nothing requires the products that are purchased with these funds be here in America. Lithium ion batteries, for instance, are primarily made in Asia.  …”


When it comes to economics President Obama demonstrates his ignorance of the subject and his bias towards socialism or a government program to “solve'” any problem.

The result is ever growing government spending, deficits, national debt–Big Government!


Power of the Market – Big Government 1


Power of the Market – Big Government 2


Suggest President Obama watch the entire series Free to Chose by the late economist Milton Friedman, especially the videos pertaining to the failure of socialism:

Free to Choose: The Failure of Socialism (Part 1 of 5)


Free to Choose: The Failure of Socialism (Part 2 of 5)


Free to Choose: The Failure of Socialism (Part 3 of 5)


Free to Choose: The Failure of Socialism (Part 4 of 5)


Free to Choose: The Failure of Socialism (Part 5 of 5) 


Socialism not capitalism are the old worn ideas that have failed Mr. President.


As for this recession being the worse one in history and the one from which “perhaps” we will not recover–utter rubbish Mr. President: 


President urges Congress to act!


Glenn Beck’s Comrade Update — [02-05-09]

Recessions and other Economic Crises

Name  ↓ Dates  ↓ Duration  ↓ Time since start of previous entry  ↓ Causes References
Panic of 1797 1797–1800 &0000000000000003.0000003 years The effects of the deflation of the Bank of England crossed the Atlantic Ocean to North America and disrupted commercial and real estate markets in the United States and the Caribbean. Britain‘s economy was greatly affected by developing disflationary repercussions because it was fighting France in the French Revolutionary Wars at the time. [8] [4]
Depression of 1807 1807–1814 &0000000000000007.0000007 years &0000000000000010.00000010 years The Embargo Act of 1807 was passed by the United States Congress under President Thomas Jefferson. It devastated shipping-related industries. The Federalists fought the embargo and allowed smuggling to take place in New England. [9][10][4]
Panic of 1819 1819–1824 &0000000000000005.0000005 years &0000000000000012.00000012 years The first major financial crisis in the United States featured widespread foreclosures, bank failures, unemployment, and a slump in agriculture and manufacturing. It also marked the end of the economic expansion that followed the War of 1812. [11][12][4]
Panic of 1837 1837–1843 &0000000000000006.0000006 years &0000000000000018.00000018 years A sharp downturn in the American economy was caused by bank failures and lack of confidence in the paper currency. Speculation markets were greatly affected when American banks stopped payment in specie (gold and silver coinage). [13][4]
Panic of 1857 1857–1860 &0000000000000003.0000003 years &0000000000000020.00000020 years Failure of the Ohio Life Insurance and Trust Company burst a European speculative bubble in United States railroads and caused a loss of confidence in American banks. Over 5,000 businesses failed within the first year of the Panic, and unemployment was accompanied by protest meetings in urban areas. [14][4]
Panic of 1873 1873–1879 &0000000000000006.0000006 years &0000000000000016.00000016 years Economic problems in Europe prompted the failure of the Jay Cooke & Company, the largest bank in the United States, which burst the post-Civil War speculative bubble. The Coinage Act of 1873 also contributed by immediately depressing the price of silver, which hurt North American mining interests. [15][4]
Long Depression 1873–1896 &0000000000000023.00000023 years The collapse of the Vienna Stock Exchange caused a depression that spread throughout the world. It is important to note that during this period, the global industrial production greatly increased. In the United States, for example, industrial output increased fourfold. [16][4]
Panic of 1893 1893–1896 &0000000000000003.0000003 years &0000000000000020.00000020 years Failure of the United States Reading Railroad and withdrawal of European investment led to a stock market and banking collapse. This Panic was also precipitated in part by a run on the gold supply. [17][4]
Panic of 1907 1907–1908 &0000000000000001.0000001 year &0000000000000014.00000014 years A run on Knickerbocker Trust Company deposits on October 22, 1907 set events in motion that would lead to a severe monetary contraction. [18][4]
Post-World War I recession 1918–1921 &0000000000000003.0000003 years &0000000000000011.00000011 years Severe hyperinflation in Europe took place over production in North America. It was a brief but very sharp recession and was caused by the end of wartime production, along with an influx of labor from returning troops. This in turn caused high unemployment. [19][4]
Great Depression 1929–1939 &0000000000000010.00000010 years &0000000000000011.00000011 years Stock markets crashed worldwide, and a banking collapse took place in the United States. This sparked a global downturn, including a second, more minor recession in the United States, the Recession of 1937. [20][4]
Recession of 1953 1953–1954 &0000000000000001.0000001 year &0000000000000024.00000024 years After a post-Korean War inflationary period, more funds were transferred into national security. The Federal Reserve changed monetary policy to be more restrictive in 1952 due to fears of further inflation. [21][22][4]
Recession of 1957 1957–1958 &0000000000000001.0000001 year &0000000000000004.0000004 years Monetary policy was tightened during the two years preceding 1957, followed by an easing of policy at the end of 1957. The budget balance resulted in a change in budget surplus of 0.8% of GDP in 1957 to a budget deficit of 0.6% of GDP in 1958, and then to 2.6% of GDP in 1959. [23][4]
Recession of 1960-1 1960–1961 &0000000000000001.0000001 year &0000000000000004.0000004 years After President Kennedy’s 30 January 1961 call for increased government spending to improve the Gross National Product and to reduce unemployment, the 1960-61 recession ended in February.[24]
1973 oil crisis 1973–1975 &0000000000000002.0000002 years &0000000000000016.00000016 years A quadrupling of oil prices by OPEC coupled with high government spending due to the Vietnam War led to stagflation in the United States. [25][4]
Early 1980s recession 1980–1982 &0000000000000002.0000002 years &0000000000000007.0000007 years The Iranian Revolution sharply increased the price of oil around the world in 1979, causing the 1979 energy crisis. This was caused by the new regime in power in Iran, which exported oil at inconsistent intervals and at a lower volume, forcing prices to go up. Tight monetary policy in the United States to control inflation led to another recession. The changes were made largely because of inflation that was carried over from the previous decade due to the 1973 oil crisis and the 1979 energy crisis. [26][27][4]
Early 1990s recession 1990–1991 &0000000000000001.0000001 year &0000000000000010.00000010 years Industrial production and manufacturing-trade sales decreased in early 1991. [28][4]
Early 2000s recession 2001–2003 &0000000000000002.0000002 years &0000000000000011.00000011 years The collapse of the dot-com bubble, the September 11th attacks, and accounting scandals contributed to a relatively mild contraction in the North American economy. [29][4]
Late 2000s recession 2007–present ongoing &0000000000000006.0000006 years The collapse of the housing market led to bank collapses in the US and Europe, causing the amount of available credit to be sharply curtailed. [30][31]

 This is utter nonsense and fear mongering of the worse kind.

If the Speaker of the House and the President of the United States cannot get the numbers right nor the history, what makes them think the American people trust them to get the policy right. 



Obama Claims He’s Visited 57 States


FYI Obama kool aid drinkers– the population of the entire United States is about 304 million and there are 50 states–Google it!

The American people are looking for real hope and real change–jobs.

Here is one that will work:


American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009


President Obama needs to show some courage and leadership–emulate President Lincoln or President Truman.


This is how  professionals do it:

US Airways Flight 1549 – Audio Tapes Released


If President Obama is successful in rushing through the Government Dependency Package, aka the “stimulus bill” or talk radio’s favorite description the “crap sandwich” , Obama ‘s Presidency just crashed and burned.

By the time Obama sorts it out, the economy will be on its way to a two year recession followed by two years of very high inflation–the joys of stagflation–Carter 2 all over again.



Background Articles and Videos


Congressman Pence on “Hannity” to discuss stimulus


The No-Stimulus Bill
Don’t be fooled.By Phil Kerpen

“…How can any reasonable person believe that our country needs another pile of consumption spending and debt that will have to be repaid out of future income? The credit crisis was caused, in large part, by far too much borrowing to finance consumption expenditures at the household, corporate, and government levels. More borrow-and-spend isn’t change, it’s more of the same.

And truth be told, there’s barely any stimulus in this bill. Only about 3.5 percent of the expenditures in the current package would actually go to highways and bridges, the real physical infrastructure of our country. The rest would be spent on non-stimulus items such as global-warming computer modeling (I thought the debate was over), digital TV coupons, the National Endowment for the Arts, war bonuses for veterans in the Philippines, increased Amtrak subsidies, and new housing slush funds that could subsidize ACORN’s illicit political activities.

Conservatives who stand against this bill need to keep arguing the economic lessons of the 1930s — that rather than create wealth, government spending can destroy it, and that the jobs government spending does create are far fewer than the unseen jobs it destroys. But conservatives also need to be mindful of the political lessons of the 1930s: Democrats today are poised with this bill to construct a national political-patronage machine designed first and foremost to assure their election and re-election, which is the real legacy of the New Deal. …”






Gross domestic product

“The gross domestic product (GDP) or gross domestic income (GDI) is one of the measures of national income and output for a given country’s economy. GDP can be defined in three ways, all of which are conceptually identical. First, it is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time (usually a 365-day year). Second, it is equal to the sum of the value added at every stage of production (the intermediate stages) by all the industries within a country, plus taxes less subsidies on products, in the period. Third, it is equal to the sum of the income generated by production in the country in the period—that is, compensation of employees, taxes on production and imports less subsidies, and gross operating surplus (or profits).[1] [2]

The most common approach to measuring and quantifying GDP is the expenditure method:

GDP = consumption + gross investment + government spending + (exports − imports), or,
GDP = C + I + G + (X − M).

“Gross” means that depreciation of capital stock is not subtracted out of GDP. If net investment (which is gross investment minus depreciation) is substituted for gross investment in the equation above, then the formula for net domestic product is obtained. Consumption and investment in this equation are expenditure on final goods and services. The exports-minus-imports part of the equation (often called net exports) adjusts this by subtracting the part of this expenditure not produced domestically (the imports), and adding back in domestic area (the exports).

Economists (since Keynes) have preferred to split the general consumption term into two parts; private consumption, and public sector (or government) spending. Two advantages of dividing total consumption this way in theoretical macroeconomics are:

  • Private consumption is a central concern of welfare economics. The private investment and trade portions of the economy are ultimately directed (in mainstream economic models) to increases in long-term private consumption.
  • If separated from endogenous private consumption, government consumption can be treated as exogenous,[citation needed] so that different government spending levels can be considered within a meaningful macroeconomic framework.

GDP can be contrasted with gross national product (GNP, or gross national income, GNI), which the United States used in its national accounts until 1992. The difference is that GNP includes net foreign income (the current account) rather than net exports and imports (the balance of trade). Put simply, GNP adds net foreign investment income compared to GDP. United States GDP, GNP and GNI (Gross National Income) can be compared at EconStats [1].

GDP is concerned with the region in which income is generated. It is the market value of all the output produced in a nation in one year. GDP focuses on where the output is produced rather than who produced it. GDP measures all domestic production, disregarding the producing entities’ nationalities.

In contrast, GNP is a measure of the value of the output produced by the “nationals” of a region. GNP focuses on who owns the production. For example, in the United States, GNP measures the value of output produced by American firms, regardless of where the firms are located. Year-over-year real GNP growth in the year 2007 was 3.2%. …” 





Personal Income Falls 0.2%, Consumer Spending Falls 1% – Bloomberg


Rush Limbaugh on Hannity: Does Rush Want Obama to Succeed?


Response to Obama, 4: What’s wrong with Obama’s Leftist View


Response to Obama, 5: Tax Rates and Job Creation


 Response to Obama, 6: The Difficulty of Change


Response to Obama, 7: Liberals and the fall of Detroit


Pelosi is an Idiot and Obama has No Balls…


Related Posts On Pronk Palisades

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously! 

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Bill Gates–Hope, Change and Rapid Affluence Development–Creative Capitalism!

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

Read Full Post | Make a Comment ( 63 so far )

Milton Friedman–Videos

Posted on February 6, 2009. Filed under: Blogroll, Economics, Education, Employment, Immigration, Law, Life, People, Philosophy, Politics, Quotations, Raves, Regulations, Resources, Video | Tags: , , , |

Milton Friedman

Milton Friedman

Milton Friedman on Donahue 1980 (1/5)


Milton Friedman on Donahue 1980 (2/5)


Milton Friedman on Donahue 1980 (3/5)


Milton Friedman on Donahue 1980 (4/5)


Milton Friedman on Donahue 1980 (5/5)


Milton Friedman on Donahue 1979 (1/5)


Milton Friedman on Donahue 1979 (2/5)


Milton Friedman on Donahue 1979 (3/5)


Milton Friedman on Donahue 1979 (4/5)


Milton Friedman on Donahue 1979 (5/5)


The Power of Choice – Milton Friedman


Milton Friedman
Lights Off Turn down the lights


Charlie Rose – An Appreciation of Milton Friedman /


Milton Friedman (December 26, 2005)


Milton Friedman


Milton Friedman Interview: Three Categories of Freedom


Milton Friedman Interview: Spending Money


Milton Friedman Interview: A Productive Global Economy


Milton Friedman Interview: New Cooperators


Milton Friedman on Slavery and Colonization


Milton Friedman -Externalities – There Is A Free Lunch


Milton Friedman – The Nature of the Corporation – The Corporation


Milton Friedman – Role of Government – Control Externalities


Milton Friedman – Regulation – The Government Industrial Com


Milton Friedman: The Purpose of the Federal Reserve


Milton Friedman on The Gold Standard


Power of the Market – Big Government 1


Power of the Market – Big Government 2


Milton Friedman on Libertarianism (Part 1 of 4)


Milton Friedman on Libertarianism (Part 2 of 4)


Milton Friedman on Libertarianism (Part 3 of 4)


Milton Friedman on Libertarianism (Part 4 of 4)


Milton Friedman on Self-Interest and the Profit Motive 1of2


Milton Friedman – Path to Socialism 1


Milton Friedman – Path to Socialism 2



Background Artilces and Videos


Milton Friedman

Milton Friedman (July 31, 1912 – November 16, 2006) was a United States economist, statistician and public intellectual, and a recipient of the Nobel Memorial Prize in Economic Sciences. He is best known among scholars for his theoretical and empirical research, especially consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.[1] A global public followed his restatement of a political philosophy that insisted on minimizing the role of government in favor of the private sector. As a leader of the Chicago School of economics, based at the University of Chicago, he had a widespread influence in shaping the research agenda of the entire profession. Friedman’s many monographs, books, scholarly articles, papers, magazine columns, television programs, videos and lectures cover a broad range of topics in microeconomics, macroeconomics, economic history, and public policy issues. The Economist hailed him as “the most influential economist of the second half of the 20th century…possibly of all of it”.[2]

Originally a Keynesian supporter of the New Deal and advocate of high taxes, in the 1950s his reinterpretation of the Keynesian consumption function challenged the basic Keynesian model. In the 1960s he promoted an alternative macroeconomic policy called monetarism. He theorized there existed a “natural rate of unemployment” and he argued the central government could not micromanage the economy because people would realize what the government was doing and shift their behavior to neutralize the impact of policies. He rejected the Phillips Curve and predicted that Keynesian policies then in place would cause “stagflation” (high inflation and low growth).[3] Though opposed to the existence of the Federal Reserve, Friedman argued that, given that it does exist, a steady expansion of the money supply was the only wise policy, and he warned against efforts by a treasury or central bank to do otherwise.

Influenced by his close friend George Stigler, Friedman opposed government regulation of all sorts. He once stated that his role in eliminating U.S. conscription was his proudest accomplishment, and his support for school choice led him to found The Friedman Foundation for Educational Choice. Friedman’s political philosophy, which he considered classically liberal and libertarian, stressed the advantages of the marketplace and the disadvantages of government intervention and regulation, strongly influencing the outlook of American conservativesand libertarians. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of licensing of doctors, a negative income tax, and education vouchers.[4] His books and essays were widely read and even circulated underground behind the Iron Curtain.[5][6]

Friedman’s methodological innovations were widely accepted by economists, but his policy prescriptions were highly controversial. Most economists in the 1960s rejected them, but since then they have had a growing international influence (especially in the US and Britain), and in the 21st century have gained wide acceptance among many economists. He thus lived to see some of his laissez-faire ideas embraced by the mainstream,[7] especially during the 1980s. His views of monetary policy, taxation, privatization and deregulation informed the policy of governments around the globe, especially the administrations of Augusto Pinochet in Chile, Margaret Thatcher in Britain, Ronald Reagan in the US, Brian Mulroney in Canada, Roger Douglas in New Zealand, and (after 1989) in many Eastern European countries. …”


Milton Friedman

“…Milton Friedman, recipient of the 1976 Nobel Memorial Prize for economic science, was a senior research fellow at the Hoover Institution from 1977 to 2006. He passed away on Nov. 16, 2006. (Link to obituary.) He was also the Paul Snowden Russell Distinguished Service Professor Emeritus of Economics at the University of Chicago, where he taught from 1946 to 1976, and a member of the research staff of the National Bureau of Economic Research from 1937 to 1981.

Friedman was awarded the Presidential Medal of Freedom in 1988 and received the National Medal of Science the same year.

He was widely regarded as the leader of the Chicago School of monetary economics, which stresses the importance of the quantity of money as an instrument of government policy and as a determinant of business cycles and inflation.

In addition to his scientific work, Friedman also wrote extensively on public policy, always with a primary emphasis on the preservation and extension of individual freedom. His most important books in this field are (with Rose D. Friedman) Capitalism and Freedom (University of Chicago Press, 1962); Bright Promises, Dismal Performance (Thomas Horton and Daughters, 1983), which consists mostly of reprints of columns he wrote for Newsweek from 1966 to 1983; (with Rose D. Friedman) Free to Choose (Harcourt Brace Jovanovich, 1980), which complements a ten-part television series of the same name shown over the Public Broadcasting Service (PBS) network in early 1980; and (with Rose D. Friedman) Tyranny of the Status Quo (Harcourt Brace Jovanovich, 1984), which complements a three-part television series of the same name, shown over PBS in early 1984. …”


Milton Friedman

“Milton Friedman was the twentieth century’s most prominent advocate of free markets. Born in 1912 to Jewish immigrants in New York City, he attended Rutgers University, where he earned his B.A. at the age of twenty. He went on to earn his M.A. from the University of Chicago in 1933 and his Ph.D. from Columbia University in 1946. In 1951 Friedman received the John Bates Clark Medal honoring economists under age forty for outstanding achievement. In 1976 he was awarded the Nobel Prize in economics for “his achievements in the field of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.” Before that time he had served as an adviser to President Richard Nixon and was president of the American Economic Association in 1967. After retiring from the University of Chicago in 1977, Friedman became a senior research fellow at the Hoover Institution at Stanford University. …”


The Friedman Foundation for Educational Choice

“…The Friedman Foundation for Educational Choice, a non-profit organization established in 1996, was founded upon the ideals and theories of Nobel Laureate economist Milton Friedman and economist Rose D. Friedman.

The best way to improve the quality of elementary and secondary education is to give all parents the freedom to choose the schools that work best for their children. Milton Friedman first articulated and applied this idea of liberty and free markets to our education system in 1955. As he has pointed out numerous times, this was not merely a reaction to a perceived deficiency in schooling, but rather an interest in a free society. …”;jsessionid=448ED43F55B1AF021A8F3D98B0890AB0



Who Was Milton Friedman?

By Paul Krugman

“…Friedman’s laissez-faire absolutism contributed to an intellectual climate in which faith in markets and disdain for government often trumps the evidence. Developing countries rushed to open up their capital markets, despite warnings that this might expose them to financial crises; then, when the crises duly arrived, many observers blamed the countries’ governments, not the instability of international capital flows. Electricity deregulation proceeded despite clear warnings that monopoly power might be a problem; in fact, even as the California electricity crisis was happening, most commentators dismissed concerns about price-rigging as wild conspiracy theories. Conservatives continue to insist that the free market is the answer to the health care crisis, in the teeth of overwhelming evidence to the contrary.

What’s odd about Friedman’s absolutism on the virtues of markets and the vices of government is that in his work as an economist’s economist he was actually a model of restraint. As I pointed out earlier, he made great contributions to economic theory by emphasizing the role of individual rationality—but unlike some of his colleagues, he knew where to stop. Why didn’t he exhibit the same restraint in his role as a public intellectual?

The answer, I suspect, is that he got caught up in an essentially political role. Milton Friedman the great economist could and did acknowledge ambiguity. But Milton Friedman the great champion of free markets was expected to preach the true faith, not give voice to doubts. And he ended up playing the role his followers expected. As a result, over time the refreshing iconoclasm of his early career hardened into a rigid defense of what had become the new orthodoxy.

In the long run, great men are remembered for their strengths, not their weaknesses, and Milton Friedman was a very great man indeed—a man of intellectual courage who was one of the most important economic thinkers of all time, and possibly the most brilliant communicator of economic ideas to the general public that ever lived. But there’s a good case for arguing that Friedmanism, in the end, went too far, both as a doctrine and in its practical applications. When Friedman was beginning his career as a public intellectual, the times were ripe for a counterreformation against Keynesianism and all that went with it. But what the world needs now, I’d argue, is a counter-counterreformation. ….”


Liberty Fund Online Books of Milton Friedman

“…In The Library:


PBS Interview


Free To Choose


Free to Choose: The Failure of Socialism (Part 1 of 5)


Free to Choose: The Failure of Socialism (Part 2 of 5)


Free to Choose: The Failure of Socialism (Part 3 of 5)


Free to Choose: The Failure of Socialism (Part 4 of 5)


Free to Choose: The Failure of Socialism (Part 5 of 5)




Read Full Post | Make a Comment ( 25 so far )

Liked it here?
Why not try sites on the blogroll...