suppliers is galbraith explains. in this way private economic power is held in check by the countervailing power of those who are subjugated to it. the first begets the second. in competition it requires action something you canmo laissez-faire type submit so in labor markets promoting countervailing power requires backing to offset the asymmetry that is otherwise created by employees and the few employers. otherwise most employees rationally choose to put up with the bully boss or suffer precarious hours of low wages are rather than take the risk associated with collective action. this was the logic between the 1935 national labor relations act which sought to encourage collective bargaining and a 1938 fair labor standards act which created federal minimum wage and overtime protection. the result, union membership peaked in 1945 to 33%, up from 2.7% at the turn of the 20th century and during the 50s and 60s. under new deal conditions the asset list went along to survive or pitched in tents battles against buses and

saturday night hanging out with john galbraith et cetera. my faith is catholic and they are not quite sure when you stand up. i can sit in the front row. i am one with the audience and that makes a huge difference. >> many of your letters into those of us that have been involved in the media or politics over the years have received these and they are often one line paragraphs and then three or four pages and they repeat. what is the effect of that? >> one of the many reasons i like direct mail is i don't have to guess this work for that work because we take many letters and we spread it. 500,000 get the long paragraphs and it's been tested billions and billions so we know a good long eight-page letter up to the point. scan it and look at this and that. you would never give a salesman selling the refrigerator but. only speaking these words you speak until you make the sale. so, short letters, short words. if you read the new testament, they are almost one and two syllable words. he used very short words and short paragraphs. follow me, et cet

as galbraith explained in this way, private economic is held in check by the counter veiling power of those who are subjugated to it. the first begets the second and justice sometimes requires state action. something even laissez faire types admit. so labor markets promoting countervailing power require requires government backing to offset the asymmetry that is otherwise created by employees going up against a few employers. otherwise, most rationally choose to put up with a bully boss or to suffer precarious hours and low wages. or rather, take the risks associated with action. this was the logic behind the 1935 labor relations national labor relations act, which sought to encourage unionization and collective bargaining, and the 1938 fair labor standards act, which created federal minimum wage and overtime protections. the result? union membership peaked in 1945 at 33%, up from 2.7% at the turn of the 20th century and remained high throughout the 1950s and sixties. under pre-new deal conditions, the asset class went to survive or pitched battles against bosses that sometimes threat

they're calling for peace in yemen and goes to a former us presidential candidate to say, galbraith, how slumber the coalition strikes on the who the seeing the decision to attack him and could create serious consequences for america's own national security. my greatest concern, both as a soldier who serves in the army reserve a veteran for over 20 years and multiple deployments to different wars zones is how short sighted incompetent and lack of carrying that this to administer the bite. and harrison administration has, for our own national security and the american people, you know what, what they are doing here now appears to be not well thought out at all or considering what the ramifications of this will be and how it serves our national security interest. just like they didn't think through what the ramifications would be of taking the who these off of the terrorist list a few years ago. now, there has been some in the united states who spoke enough in criticism of by saying he should have met with congress or gotten congressional approval prior to the strikes. but regardless h

they are seeking peace and human and in gals, a to a former us presidential candidate to see galbraith's slum the coalition strike on the hood. he's seeing the decision to attack them and could have serious consequences for america's own national security. migrate is concerned both as a soldier who serves in the army reserve a veteran for over 20 years. and multiple deployments to different wars zones is how short sighted incompetent and lack of caring that this administer the binding. harris administration has for our own national security and the american people, you know what, what they are doing here now appears to be not well thought out at all or considering what the ramifications of this will be and how it serves our national security interest. just like they didn't think through what the ramifications would be of taking the, who these off of the terrorist list a few years ago. what statements slamming the western military intervention in yemen have already come in from across the region, including gals, a saudi arabia, underground. we strongly condemn the early morning us and bri

but what was unusual is that so many other folks like john kenneth galbraith, economist paul samuelson, others thought that the soviet union was doing fairly well economically. and friedman sort always maintained that they were kind of basket case, a basket case economy. why do you think friedman was so i guess right that ahead of his time about that while so many of these other well-known economists were i mean samuelson i mean in his textbooks which everybody had to read i mean the dominant economics it talked about soviet economic growth converging with that of the united states over time. what did friedman that so many of these brilliant economists missed. well i think some of it goes back his interest in empirical studies. so he had a couple of students who were working on the soviet and so he was paying little bit more attention to sort of what was what you could measure that was not in the official statistics or what was reported. so i think part of it is not just assuming that you have a model of how economies develop, but actually questioning what's there underneath. and then

. >> robert galbraith, pseudonym robert galbraith is her pen name and all that. >> and so for movinga woman's dressing room in a shop, right. moving on from that, they're now saying she's created a society within these books. the robert galbraith books, um, cormoran strike , books, um, cormoran strike, which which is , um, exposing the which which is, um, exposing the nasty side of her. the nasty side of life and all sorts of horrible people, abusers , horrible people, abusers, abusers, rapists and far right terrorists . terrorists. >> okay, it's fiction and dramas and murders. >> all i can say is, if you read val mcdermid read, right? yeah. so horrific stuff in there. look. >> and she's been around for donkey's years and nobody calls her the narcissist. >> no, of course, of course they don't, because she's an snp supporter. she is nicola supporter. yes, she is of nicola sturgeon, course. perhaps sturgeon, of course. perhaps that another side. that maybe that's another side. well look, this thing about well look, this this thing about jk country jk rowling in this country nothing lik

river is running into the potomac river and it was considered a real ornament to have slesinger and galbraith and the gundy brothers and henry kissinger and pat moynihan on the way, having ornaments from academia was considered an elegant thing for an administration. no more. who cares? who wants them? i mean, so this is bad. it's terrible that our institutions of higher education are like that, but it's good that we know it. >> further questions? one back there. go ahead. >> would you comment on one of my favorite milton freedman quotes, the failure of public policies is confusing results with intentions? >> the question was, could you comment on the insight that the failure of public policy is the confusion of results with intentions. >> i had a moment in june of 2021, a rare moment where one of my predictions comes true and that is the inflation was beginning to show up and i wrote a column with the title "milton friedman's revenge", and another, that inflation is never a monetary phenomenon, saying no biden, no yellen, the inflation will not be temporary. i do this not to pat myself on th