Milton Friedman's Role and His Influence on the Two Worst Regimes in US History
frpm Existentialist Cowboy
As recently as 2005, Milton Friedman was still singing the praises of utterly failed economic policies that had been put to the test by Ronald Reagan and Bush Sr and found tragically lacking. Friedman is enamored with policies that bankrupted the nation, made terrorism worse, created the longest, deepest recession since the crash of 1929, exported jobs abroad and resulted in the destruction of the American labor movement and, as a result, the loss of employee rights. Because Ronald Reagan put into effect the lame-brained ideas of Milton Friedman, we live poised on the precipice of economic collapse at the end of the very worst Presidency in American history. (TM note: Friedman died in Nov. 2006.)
When I met Milton Friedman in Houston, Ronald Reagan had not yet plunged the nation into a two year long depression. At the time, it was the worst depression since Herbert Hoover's Great Depression of the 1930s, the one that your parents, grand-parents or great grand parents have told you about.
Not surprisingly, Milton Friedman was singing the praises of GOP economics for which he must share responsibility, possibly blame. When I asked him about a pernicious trend that had started under Reagan, he was defensive. "Jobs are NOT exported", he said emphatically. He was wrong then and he is wrong now. In fact, it was during Ronald Reagan that jobs declined as US industry lost markets to Japan and China --Faustian bargains cut first on Nixon's behalf and later for Herr Reagan.
(More here.)
As recently as 2005, Milton Friedman was still singing the praises of utterly failed economic policies that had been put to the test by Ronald Reagan and Bush Sr and found tragically lacking. Friedman is enamored with policies that bankrupted the nation, made terrorism worse, created the longest, deepest recession since the crash of 1929, exported jobs abroad and resulted in the destruction of the American labor movement and, as a result, the loss of employee rights. Because Ronald Reagan put into effect the lame-brained ideas of Milton Friedman, we live poised on the precipice of economic collapse at the end of the very worst Presidency in American history. (TM note: Friedman died in Nov. 2006.)
When I met Milton Friedman in Houston, Ronald Reagan had not yet plunged the nation into a two year long depression. At the time, it was the worst depression since Herbert Hoover's Great Depression of the 1930s, the one that your parents, grand-parents or great grand parents have told you about.
Not surprisingly, Milton Friedman was singing the praises of GOP economics for which he must share responsibility, possibly blame. When I asked him about a pernicious trend that had started under Reagan, he was defensive. "Jobs are NOT exported", he said emphatically. He was wrong then and he is wrong now. In fact, it was during Ronald Reagan that jobs declined as US industry lost markets to Japan and China --Faustian bargains cut first on Nixon's behalf and later for Herr Reagan.
(More here.)
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