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Tuesday, February 10, 2009

Unperverted Capitalism

For your viewing pleasure--and a blast from the past--enjoy Milton Friedman explaining the basic guts of real capitalism (not credit capitalism as is currently being saved by Our Savior of Nothing) to the dimmer-than-a-13-watt-fluorescent-bulb Phil Donohue:
http://www.youtube.com/watch?v=RWsx1X8PV_A

In contrast to the great Friedman's sparkling clarity, consider the muddle-headedness of Minnesota's legislature. The MPR reports, "DFL Lawmakers Introduce 'People's Bailout'."

Now, to be fair, it does seem a little better to bail out "people" than to bail out financiers, who are perhaps still people, but also judgment-impaired thieves. Since its sponsors can't even guess at what the bill would cost, perhaps it's not going far. Then again, we just voted ourselves (through our representatives, of course) a $1 trillion (when you count interest at anything like a realistic rate) stimulus. Anything's possible these days. Anything, except real capitalism.

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