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  1. #81
    Roadkill Rat HOFer mraynrand's Avatar
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    Newsflash:

    Newsflash:


    Milton Friedman, Free Markets Theorist, Dies at 94


    Published: November 16, 2006

    Milton Friedman, the grandmaster of free-market economic theory in the postwar era and a prime force in the movement of nations toward less government and greater reliance on individual responsibility, died today in San Francisco, where he lived. He was 94.
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    The New York Times

    Milton Friedman in 1964.
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    The Lede: Milton Friedman Dies
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    Doug Mills/Associated Press

    President Bush honored Milton Friedman at a ceremony in 2002.

    His death was confirmed by Robert Fanger, a spokesman for the Milton and Rose D. Friedman Foundation in Indianapolis.

    Conservative and liberal colleagues alike viewed Mr. Friedman, a Nobel prize laureate, as one of the 20th century’s leading economic scholars, on a par with giants like John Maynard Keynes and Paul Samuelson.

    Flying the flag of economic conservatism, Mr. Friedman led the postwar challenge to the hallowed theories of Lord Keynes, the British economist who maintained that governments had a duty to help capitalistic economies through periods of recession and to prevent boom times from exploding into high inflation.

    In Professor Friedman’s view, government had the opposite obligation: to keep its hands off the economy, to let the free market do its work. He was a spiritual heir to Adam Smith, the 18th-century founder of the science of economics and proponent of laissez-faire: that government governs best which governs least.

    The only economic lever that Mr. Friedman would allow government to use was the one that controlled the supply of money — a monetarist view that had gone out of favor when he embraced it in the 1950s. He went on to record a signal achievement, predicting the unprecedented combination of rising unemployment and rising inflation that came to be called stagflation. His work earned him the Nobel Memorial Prize in Economic Science in 1976.

    Rarely, his colleagues said, did anyone have such impact on both his own profession and on government. Though he never served officially in the halls of power, he was always around them, as an adviser and theorist.

    “Among economic scholars, Milton Friedman had no peer,” Ben S. Bernanke, the Federal Reserve chairman, said today. “The direct and indirect influences of his thinking on contemporary monetary economics would be difficult to overstate.”

    Professor Friedman also fueled the rise of the Chicago School of economics, a conservative group within the department of economics at the University of Chicago. He and his colleagues became a counterforce to their liberal peers at the Massachusetts Institute of Technology and Harvard, influencing close to a dozen American winners of the Nobel prize in economics.

    It was not only Mr. Friedman’s antistatist and free-market views that held sway over his colleagues. There was also his willingness to create a place where independent thinkers could be encouraged to take unconventional stands as long as they were prepared to do battle to support them.

    “Most economics departments are like country clubs,” said James J. Heckman, a Chicago faculty member and Nobel laureate who earned his doctorate at Princeton. “But at Chicago you are only as good as your last paper.”

    Alan Greenspan, the former Federal Reserve chairman, said of Mr. Friedman in an interview on Tuesday. “From a longer-term point of view, it’s his academic achievements which will have lasting import. But I would not dismiss the profound impact he has already had on the American public’s view.”

    To Mr. Greenspan, Mr. Friedman came along at an opportune time. The Keynesian consensus among economists, he said — one that had worked well from the 1930s — could not explain the stagflation of the 1970s.

    But he also said that Mr. Friedman had made a broader political argument: that you have to have economic freedom to have political freedom.

    Mr. Friedman had a gift for communicating complicated ideas in simple and lucid ways, and it served him well as the author or co-author of more than a dozen books, as a columnist for Newsweek from 1966 to 1983 and even as the star of a public television series. He was a bridge between the academic and popular worlds, and his broader impact stemmed in large part from the fact that he was preaching a gospel of capitalism that fit neatly into American self-perceptions. He was pushing on an open door.

    A Libertarian Champion

    As a libertarian, Mr. Friedman advocated legalizing drugs and generally opposed public education and the state’s power to license doctors, automobile drivers and others. He was criticized for those views, but he stood by them, arguing that prohibiting, regulating or licensing human behavior either does not work or creates inefficient bureaucracies.
    "Never, never ever support a punk like mraynrand. Rather be as I am and feel real sympathy for his sickness." - Woodbuck

  2. #82
    wow, that is big news.

    let me see who I was thinking of.... its an equally famous guy.

  3. #83
    Martin Feldstein

    Milton Freedman, Martin Feldstein - the smart jewish guy.

    I got their names confused, I remember Milton. I think Martin Feldstein is the champion conservative economist these days, or at least the media goto guy.

  4. #84
    Roadkill Rat HOFer mraynrand's Avatar
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    I thought you were talking about Harvey feldstein

    "Never, never ever support a punk like mraynrand. Rather be as I am and feel real sympathy for his sickness." - Woodbuck

  5. #85
    Quote Originally Posted by Harlan Huckleby
    the smart jewish guy.....
    A Bleak Day

    By Ben Stein on 1.29.09 @ 9:31AM

    I love this. The new kind of politics of hope. Eight hours of debate in the HR to pass a bill spending $820 billion, or roughly $102 billion per hour of debate.

    Only ten per cent of the "stimulus" to be spent on 2009.

    Close to half goes to entities that sponsor or employ or both members of the Service Employees International Union, federal, state, and municipal employee unions, or other Democrat-controlled unions.

    This bill is sent to Congress after Obama has been in office for seven days. It is 680 pages long. According to my calculations, not one member of Congress read the entire bill before this vote. Obviously, it would have been impossible, given his schedule, for President Obama to have read the entire bill.

    For the amount spent we could have given every unemployed person in the United States roughly $75,000.

    We could give every person who had lost a job and is now passing through long-term unemployment of six months or longer roughly $300,000.

    There has been pork barrel politics since there has been politics. The scale of this pork is beyond what had ever been imagined before -- and no one can be sure it will actually do much stimulation.

    Further, no one can be sure that we are not already at the trough/inflection point of the recession such that this money will be spent mostly after the recovery is well under way.

    How long until the debt incurred under this program is so immense that it causes a downgrade in the sovereign debt of the USA? What happens to us then?

    This has been a punch in the solar plexus to the kind of responsible, far-seeing, mature government processes that are needed to protect America. This is more than the pork barrel. This is a coup for the constituencies of the party in power and against the idea of a responsible government itself. A bleak day.

    Unfortunately, it is only the latest in a long series of such days stretching across decades of rule by both parties, to the point where truly responsible government is only a distant echo of our forgotten ancestors.

  6. #86
    Uff Da Rat HOFer swede's Avatar
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    R.I.P. Milton Friedman

    [QUOTE=George Cumby] ...every draft (Ted) would pick a solid, dependable, smart, athletically limited linebacker...the guy who isn't doing drugs, going to strip bars, knocking around his girlfriend or making any plays of game changing significance.

  7. #87
    Me too..where is the guy these days?

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