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The silliness derives from Europe going the path of Reaganomics, a B movie actor, who allegedly got his economics platform from a second-rate, no-name economics dabbler in a restaurant in Washington DC. Why can't we hear it from you? Trickle-down was its name, even if you want to discuss concepts like market oriented or greed oriented or Friedman's folly, whatever you want to call it.

Make the rich richer and everyone will get richer. Can we see the data, please?

by shergald on Mon Jan 14th, 2008 at 05:38:06 PM EST
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Failure usually has a LOT of related causes.  but in Friedman's case, he would sum up his insanity in one memorable talking point.  During a TV interview, he would turn his face to the camera like a professional and say with all the earnestness he could muster, "A corporation has only one duty and that is to make money for the shareholders."  In fact, he got this point across so well, it actually became enshrined in USA law.

For some reason no one stood up to this fool and said, "No! NO! No!  The primary function of any enterprise is to stay in business--there is a REASON why governments grant corporations eternal life.  And the BEST way to stay in business is to make your customers happy.  If anyone is first in line, it is they"

No Friedman!  The corporation owes a LOT to a LOT of people--it's suppliers, its workers, it's community, and the infrastructure that makes its existence possible.  While lenders are important, to suggest that their agenda should dominate all others is pure, unadulterated madness.  And the amount of destruction to the very fabric of industrial society that inevitably flows from such a monomania has been literally incalculable.

If Friedman doesn't go down in history as the biggest fool ever, the rest of us have not been paying attention.

"Remember the I35W bridge--who needs terrorists when there are Republicans"

by techno (reply@elegant-technology.com) on Tue Jan 15th, 2008 at 06:01:20 PM EST
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