Yes, I watched them and they were good. The problem with Friedman and the Chicago school were they were big proponents of freedom and free markets till it came to the government's involvement. He still thought big government was the answer to a slowing economy. So he likely would have been championing government stimulus at least to some degree (though unlikely to the degree we have). In the end he was still a "big government" man and thought the machine could steer the economy to economic bliss. This is where I part company with him and side with the Austrian line of economic thinking. He also was instrumental in getting the derivatives market of today (through his political influence saying it was a good idea) approved and the repeal of Glass-Steagal. I think that was another error. He, like Greenspan, thought the big banks would police themselves. Instead they have become a banking mafia. Once political and judicial were under control, the banks kind of had free reign. I find little to argue with most of what he says.
Edited by John Burns 12/20/2013 11:06
|