Milton Friedman is dead - or haven't you heard?

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John Q. Public
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Milton Friedman is dead - or haven't you heard?

Postby John Q. Public » Thu Sep 12, 2019 9:32 am



I guess Stu didn't get the memo about the Business Roundtable - CEO's of America's 200 largest corporations - only two weeks ago adopting and promoting what he's calling anti-capitalist and socialist. It's neither. It's simply Keynesian and it's worked fabulously (off and on) since the days of the Magna Carta. It's what created the middle class and it's what was responsible for the post-war boom and all of the growth through the '50's and '60's. Before Friedman came along and broke all of it.


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Wabash
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Re: Milton Friedman is dead - or haven't you heard?

Postby Wabash » Thu Sep 12, 2019 9:45 am

I've said this before.

Varney is what a stupid person thinks a smart person sounds like.

Warren's plan has historical precedent for being beneficial to society.

Only a complete fool (like Varney) buys into Friedman's economic theories. 2008 should have been the end of it.

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Re: Milton Friedman is dead - or haven't you heard?

Postby John Q. Public » Thu Sep 12, 2019 10:44 am

Friedman's theories are just like Marx's - they work great until you introduce humans to the equation.
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Re: Milton Friedman is dead - or haven't you heard?

Postby Wabash » Thu Sep 12, 2019 11:38 am

That Warren has Wall Street freaking out is all the evidence I need that she is on the right track.

You're correct about Keynes. Despite those revisionists who try to claim otherwise.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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Re: Milton Friedman is dead - or haven't you heard?

Postby John Q. Public » Thu Sep 12, 2019 11:59 am

She doesn't have Wall Street freaking out. Like I said in the OP, the Business Roundtable, chaired by Jamie Dimon, agrees with her.
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Re: Milton Friedman is dead - or haven't you heard?

Postby John Q. Public » Thu Sep 12, 2019 12:14 pm

MOF, here's their statement. Nearly word-for-word what Varney attributed to Warren.

Statement on the Purpose of a Corporation

Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity. We believe the free-market system is the best means of generating good jobs, a strong and sustainable economy, innovation, a healthy environment and economic opportunity for all.

Businesses play a vital role in the economy by creating jobs, fostering innovation and providing essential goods and services. Businesses make and sell consumer products; manufacture equipment and vehicles; support the national defense; grow and produce food; provide health care; generate and deliver energy; and offer financial, communications and other services that underpin economic growth.

While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders. We commit to:

Delivering value to our customers. We will further the tradition of American companies leading the way in meeting or exceeding customer expectations.

Investing in our employees. This starts with compensating them fairly and providing important benefits. It also includes supporting them through training and education that help develop new skills for a rapidly changing world. We foster diversity and inclusion, dignity and respect.

Dealing fairly and ethically with our suppliers. We are dedicated to serving as good partners to the other companies, large and small, that help us meet our missions.

Supporting the communities in which we work. We respect the people in our communities and protect the environment by embracing sustainable practices across our businesses.

Generating long-term value for shareholders, who provide the capital that allows companies to invest, grow and innovate. We are committed to transparency and effective engagement with shareholders.

Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.

https://www.businessroundtable.org/busi ... -americans
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Re: Milton Friedman is dead - or haven't you heard?

Postby Tommy Tar » Thu Sep 12, 2019 1:38 pm

And what's happens to the Union's pension funds?

Public Pensions in California.

Nearly one in nine Californians is a member of a public pension program.
More than 4.6 million Californians are members of state and local pension plans, according to the State Controller’s Office. Most members (76%) belong to the state systems: the California Public Employees’ Retirement System (CalPERS), the California State Teachers’ Retirement System (CalSTRS), and the University of California pension system. The remaining members belong to more than 100 local, special district, and other pension plans.

California’s largest public pensions have significant unfunded liabilities.
The largest funds at CalPERS and CalSTRS have reported gaps of more than $138.9 billion and $107.3 billion, respectively, between their estimated obligations to retirees and the current value of their assets. Since 2008, these unfunded liabilities have grown by more than $103 billion for CalPERS and $84 billion for CalSTRS. In 2016, 70% of California’s public pension liabilities were covered by assets, ranking 26th in the nation. Among other large states, New York ranked 4th (91%), Florida ranked 13th (79%), and Texas ranked 19th (73%).
*********** snip ***************

https://www.ppic.org/publication/public ... alifornia/

What are the 4.6 million Californians with their public pensions in the stock market going to think about this? --:--
‘I Haven’t Seen Democrats This Mad Since We Freed the Slaves!’..... Rob Schneider.

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Re: Milton Friedman is dead - or haven't you heard?

Postby Wabash » Thu Sep 12, 2019 2:39 pm

I'm sure you will tell us.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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Re: Milton Friedman is dead - or haven't you heard?

Postby Wabash » Thu Sep 12, 2019 5:29 pm

Tommy Tar wrote:Source of the post What are the 4.6 million Californians with their public pensions in the stock market going to think about this?

Ironically the pension beneficiaries I know personally are all rock ribbed GOP and Trump supporters.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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Re: Milton Friedman is dead - or haven't you heard?

Postby John Q. Public » Thu Sep 12, 2019 6:44 pm

Tommy Tar wrote:Source of the post What are the 4.6 million Californians with their public pensions in the stock market going to think about this?

I was trying to figure out what your post had to do with the topic, but I'd imagine that they'd approve. Making customers want to buy from you and making employees want to work for you is generally a more profitable way of doing business. Costco, Nordstrom and In-N-Out seem to be doing just fine with it. Orient your business to the customers and to the help and profits will come. Orient it to the owners and most often you'll find yourself being your customers' second or third choice. And you know where that goes.
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