"Tell me, is there some society you know that doesn't run on greed? What is greed? Of course, none of us are greedy; it's only the other fellow who's greedy. This — the world runs on individuals pursuing their separate interests. You know, I think you're taking a lot of things for granted. Is it really true that political self-interest is nobler somehow than economic self-interest? Just tell me where in the world you're going to find these angels who are going to organize society for us? I don't even trust you to do that."
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Friday, December 25, 2009
In 1979, Milton Friedman appeared on The Phil Donahue Show and discussed the merits of capitalism over socialism in terms of the Great Depression, the New Deal, the auto industry, auto (Chrysler) bailouts, greed, Amtrak, auto emissions regulation and airbags, Ralph Nader, tariffs, free trade, price controls and gas shortages, oil companies, etc. Sound familiar today? To quote the French novelist Alphonse Karr, “the more things change the more they stay the same.”
The above video is infamously known as Prof. Friedman’s “Donohue Smackdown”. As Donohue pensively listens to Prof. Friedman’s sage insight into how capitalism befits the human condition and socialism does not, one can see in Donohue’s demeanor that he truly believes he is terribly wrong in his own beliefs. But, as with all socialists, Donohue does not have the character to admit so.
When asked by Donahue whether capitalism rewards virtue, Friedman responds,
This profound question asked by Prof. Friedman 30 years ago remains today; “where in the world you're going to find these angels who are going to organize society for us?” Mr. Obama, given the economic damage you have created during your first year in office with your socialist agenda, we are waiting for you to spread your wings and protect us. Waiting, waiting, waiting, waiting…
A blessed and merry Christmas to all.