WSJ article honors what would be Milton Friedman's 100th b-day today.

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Posted by GumboPot

on 7/31 at 12:46 pm

Here are two money quotes that we should all have learned by now but for some reason we completely ignore the principles therein:

quote:
In the 1960s, Friedman famously explained that "there's no such thing as a free lunch." If the government spends a dollar, that dollar has to come from producers and workers in the private economy. There is no magical "multiplier effect" by taking from productive Peter and giving to unproductive Paul. As obvious as that insight seems, it keeps being put to the test. Obamanomics may be the most expensive failed experiment in free-lunch economics in American history.

quote:
Equally illogical is the superstition that government can create prosperity by having Federal Reserve Chairman Ben Bernanke print more dollars. In the very short term, Friedman proved, excess money fools people with an illusion of prosperity. But the market quickly catches on, and there is no boost in output, just higher prices.

LINK

ETA another good quote:

quote:
I remember asking Milton, a year or so before his death, during one of our semiannual dinners in downtown San Francisco: What can we do to make America more prosperous? "Three things," he replied instantly. "Promote free trade, school choice for all children, and cut government spending."

This post was edited on 7/31 at 12:49 pm

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Posted by wilfont

on 7/31 at 12:50 pm to GumboPot

Phil Donahue still owes the Friedman estate for the education Milton provided him.

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Posted by GumboPot

on 7/31 at 12:52 pm to wilfont

quote:
Phil Donahue still owes the Friedman estate for the education Milton provided him.

That is a classic video.

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Posted by Fat Bastard

on 7/31 at 12:57 pm to wilfont

quote:
Phil Donahue still owes the Friedman estate for the education Milton provided him.

MF was awesome. One of my favorites of all time.

LINK

here is another good one

LINK

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Posted by Zach

on 7/31 at 12:58 pm to Fat Bastard

Free to Choose should be required reading in every American HS.

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Posted by MFn GIMP

on 7/31 at 12:58 pm to GumboPot

quote:
In the 1960s, Friedman famously explained that "there's no such thing as a free lunch."

Just today Valerie Jarrett and Debbie Wascherman-Schultz were crowing about how tomorrow will be the first day that women will have access to "potentially life-saving preventive care FREE of charge."

I really hate the liberal mindset

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Posted by GumboPot

on 7/31 at 1:02 pm to MFn GIMP

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"potentially life-saving preventive care FREE of charge."

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I really hate the liberal mindset

For a group of people that approve of collectivism, sure are selfish with the desire to have free stuff for themselves.

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Posted by Fat Bastard

on 7/31 at 1:03 pm to MFn GIMP

quote:
I really hate the liberal mindset

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Posted by Newbomb Turk

on 8/1 at 6:02 am to GumboPot

quote:
"Higher taxes never reduce the deficit. Governments spend whatever they take in and then whatever they can get away with."

Truer words have never been spoken!

The next time Odumbf*ck talks about raising taxes to "help pay down the deficit" remember these words!

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