it goes back to milton friedman.efore him economists believe the government had a role to play in promoting full employment. milton friedman came in and said there is a natural rate of unemployment you can't do anything about and therefore monetary and fiscal policy makers should be the economy alone. came along andan said there is a role for central banks, due to certain quirks in the way the economy works. that is why we have the inflation targeting central banking paradigm across the world that we have today. it stems from the work that some thehese key players did in 1990's. that is how we got to where we are. you mentioned coming days at a time where paul walker was playing inflation hard and using monetary policy very stringently. >> that is exactly right. in 1979 we had 50% inflation. ander raises interest rates in 1980 martin good friend got his phd. like you said, they were coming-of-age. this is why their model is so inflation centric and why the fed does what it does. that was the issue they were concerned

famously expressed by the late american economist milton friedman. we find it's better to take care of our employees than anybody else. really taking care of the customer. the language is the same. conscious capitalism. whole foods did it. star brooks. it's a movement, and i've got to tell you it's a dangerous movement because i think these companies are already held accountable by consumers, by employees. if you don't like the company, if you have the opportunity, you quit. >> neil: if you don't treat your workers well, they are going to bolt and it's not going to help. >> the reason i mentioned the container store, hot ipo. open with $43 in late 2013. by january 2016, it was $4. the i.d. you can run publicly traded companies with this manifesto has failed miserably miserably. >> neil: it is a double-edged sword, right? you run a business, you have to treat your workers well. you have to make money. how do you balance it? elizabeth warren is saying more companies, tax cuts. buy more stock, they are not helping people. you say? >> she is right in the

greatest advocates of privatization oftentimes people would argue for privatization of you know milton friedman style privatization of education privatization of just about everything and limiting the government to a very small government so doesn't that go completely against socialism and even some of your ideas which i understand you're for example against the idea of private property. yes and you know what drew me into the party was really you know it's stances on anti-war you know eliminating victimless crime laws though those are issues that i'm passionate about you know and i think those are the biggest issues that we are facing the. privatisation everything that came after and never really took to it the libertarian socialist ideals do flip that script a little bit when it comes to especially private property we make a distinction between private property and personal property you know absent. giving title ownership for absentee owners letting natural resources be privatized in the hands of the few we see this as authority we see a directly opposed to libertarian principles so what we ad

they're used there's a famous old conservative economist milton friedman who said that economists roller to provide the information and people like the right choice what we see today is something quite different and that information is provided in actions are taken that have very little to do or in fact are the opposite of what mr buckley we have to take over. short break but we'll be back in just a few moments stay tuned. and trump you know it's all about a talking getting along with greatest ally friend russia you know play it good for the kids and you know if you open it up but there's other things in there so while we proceed here in the first half i'll just see what let go but. they're not going to how can i. love the. not a lot of them out of the money the day of the night at the gym. this was a good time to. try to move. mom. was a little bit of a little money not why not. why it generated the old people we believe of the.

they're used there's a famous old conservative economist milton friedman who said that economists roller to provide the information and people like the right choice what we see today is something quite different and that information is provided and actions are taken that have very little to do or in fact are the opposite of what mr buckley we have to take a very. short break but they held him back in just a few moments stay tuned. most people think just stand out in this business you need to be the first woman top of the story or the person with the loudest voice of the biggest read in truth to stand losing you since you just the dance the right questions to the right answer. question. welcome back to well the part that's relevant but we think you're fallow and international affairs at the new school in new york. based in brooklyn just to finish. where politicians. attention to. syria is a lot. on my mind a lot and i think there is also something. you know that country also requires and arjen how specialist like yourself because it has lots of formerly urban communities where the infrast

they're used there's a famous old conservative economist milton friedman who said that economists roller to provide the information and people like the right choice what we see today is something quite different and that information is provided and actions are taken that have very little to do or in fact are the opposite of well mr buckley we have to take over. short break but we have been back in just a few moments stay tuned. welcome back to worlds apart that's brokered by the way senior fellow in international affairs at the new school in new york. mr buckley just to finish. the issue all for us. where politicians. attention to. syria is a lot. on my mind a lot and i think there is also something. you know that country also requires an archon how specialist like yourself because it has lots of formally urban communities where the infrastructure was damaged a great deal some of those communities and now trying to go back to normal but obviously the resources lacking or a very short i wonder if we understand as a global community at this point how do you try to rebuild those cities not

they're used there's a famous old conservative economist milton friedman who said that economists roller to provide the information and people like the right choice what we see today is something quite different and that information is provided and actions are taken that have very little to do or in fact are the opposite of what mr buckley we have to take over. short break but they have been back in just a few moments stay tuned. join me every thursday on the alex simon show and i'll be speaking to guest of the world of politics sports business i'm show business i'll see you then. tracking gave americans a lot of new job opportunities i needed to come up here to make some money like me twenty five thousand dollars as a teacher or i could make fifty thousand dollars a year truck so i chose to drive truck people rushed to a small town in north dakota was among the rate of zero percent like gold rush is very very similar to a gold rush but this beautiful story ended with pollution and devastation a lot of people have left here i don't know too many people here anymore slowdowns for much the

with a try to me by on an interview that milton friedman did with phil tma donahue years ago he did not say that but they characterized him. but capitalism approaches altering when you create a business try to figure out to meet the needs of other people. when i ran carl's jr. i try to figure out the burgers everybody else wanted to eat not mean trying to meet the needs of othertyty people with e best quality at the moment price. you improve your life five meeting the needs of others. at john mackey stores each product is a group of b individuals how to satisfy the needs of everyone that walks into the grocery store whether cars or tractors. it doesn't matter in a free market system you constantly try to figure how to satisfy other people's need what about in a socialist society? you were not thinking about to satisfy other people's life but the most you can from a limited supply of goods or services provided by the government is no competition what you deal with is a limited fly in the way you improve your life is by taking that that applies to healthcare in the united kingdom you're n

tightens money rather than loosens money as milton friedman would say, and they turned the recessionon. i have that about right? >> in 1936, when everything was getting better. we had positive gdp growth in 1936. tightened up monetary policy again and created another straight back into the depression. like in 2000 -- right after 9/11, the fed massively lowered interest rates, which in turn, all the pension funds run the united states. they have a basic model. 6% return, they'll be able to pay the pensions in the end. but now they can't get yield, so they started chasing yield, and that's when these collateralized debt obligations, crazy things started happening. if they didn't get the yield, the entire model would collapse. mark: didn't get their 6%. >> average 6% and so they had the chase yield and that's what caused everything to burst in 2008 because the federal reserve is always trying to keep us out of a recession. mark: is that the job? what was the original job of the federal reserve? wasn't it to keep the currency stable? >> keep the currency stable and keep the bank stable.

you know, the old days, milton friedman would say you answer to the shareholder. what about that, when your customer is demanding more political stuff? >> but those two things go together, the milton friedman view and the view that that ceo expressed. if a lot of customers don't like a particular company's lack of transparency, they can organize boycotts, they don't buy the product, they don't buy the stocks that drives down the value of the company and then the management and the remaining shareholders will respond to that by trying to be more socially responsible or consumer friendly or environmentally friendly or whatever the concern is we see all sorts of examples of that the mark et is a much better wa to get companies to respond to investor and consumer needs than this top-down rule that will ending up just generating more insiders and less accountability >> you're not a stock market predictor or strategist, professor -- >> who is? >> but if such a rule were in place, would we see the stock market respond by going lower? n place would we see the stock market

. >> as milton friedman has said, inflation is always and everywhere a monetary phenomenon, it only existscome government it government meddling. it has led to this horrific man-made humanitarian crisis in venezuela, it is a horrific situation and it is one that didn't need to happen, this is one of the wealthiest countries in latin america and so many people live under the poverty line. two-thirds of the country have lost an average of 25 pounds in the previous year and it's something that we should be paying more attention to it for no other reason than it's happening in our hemisphere. >> bret: president trump so there might be some kind of military effort inside of venezuela, remember that? he was talked out of it. there is a concern about a country that is just spiraling in our hemisphere and what we do. >> we know it's headed in a downward direction but we don't know where the end is but president maduro is calling the new currency and magic formula. already reporting on the ground has people saying the government is trying to do price caps, this is not going to buy me food -- this i

approaches to those problems one on the right and one on the left call market fundamentalism milton friedman would be the most associated with that that those market institutions existing in the night in our what we need now if we go back everything is great dvd liberalism is between that we are not market fundamentalist reading that certain types of market innovation the late 18th and 19h century me where the background one and without aristocratic system and on the other side with central planning for the book we talk about the possibilities of central any sameness critique which basically draw on the idea that they would never have enough information to organize the icon as that computing power increases over time we have to advocate for those reasons as well. what we propose is radical markup. what is the root of the problem? that continuation of market power with economic growth we make five proposals. we will see how that goes. but that first idea, then ownership self-assessment that tax analogous to a property tax right now if you own a house based on the assessment of a government of

this goes back tora the '70s, one of my favorites -- between nobelev prize-winning economist miltone friedman and old lefty phil donahue. it should be required viewing. >> when you see the greed and the concentration of power, aren't you ever -- did you ever have a moment of doubt about capitalism? whether greed is a good idea to run on? >> first of all, tell me, is there some society you know that doesn't run on greed? f do you think russia doesn't run on greed? do you think china doesn't run on greed? what is greed? of course, none of us -- is only the other ones that are greedy. the world runs on individuals pursuing their separate interests. the great achievements of civilization have not come from government bureaus. einstein didn't construct his theory under order from a bureaucrat. henry ford didn't revolutionize the automobile industry that way. the only cases in which the masses have escaped from the kind of grinding poverty you are talking about, the only cases in recorded history, are where they have that capitalism and largely free-trade. if you want to know where the masses are w

you have to remember the legendary economist milton friedman once said that if you are going to havere state, you've got to have a very tight and secure border. the united states has a welfare state obviously we are all flying with. we need to protect the people who are poor in our country. but if you have an open border in a welfare state, free market forces dictate that people are going to run across the border. or to use the president's line, they are going to pour across the border. this policy is actually working. and let me tell you something. it's going to mean more economic progress for these families going into november, going into 2020. the president thinks he's correct on this. as long as it's humane, fair, judicious way, i don't think the american people have a problem with it. if anything, i think the president and things are right here, that this will be something he'll be able to campaign on. >> sandra: as far as political implications, we are expecting pulls the close in special they'll make several states tonight. we are less than 100 days out from midterm elections.

shapiro: milton friedman proposes this. it is a better argument than the welfare state. the negative income tax would be a superior proposal to the welfare state. i'm concerned any government subsidy is bound to move in the wrong direction, blow it up, and use it for class warfare if you're able to set the policy, then that is the best form of the policy, but being that politicians get a hold of this stuff and will use it for political gain. if you want to have a way of fighting poverty, that will not happen at the federal level, state level, it will happen at the local and family level. grow --nment programs decreases. it happens with social security used to be the expectation that you will take care of your parents. now the expectation is society will do it. in my community there are impoverished people, and when there are people who are in power first him you go to their rabbi and the community helps in. kinship withels a people they are taking the money from and they feel a sense of i do not want to take people have to live with, i'm going to do something. an orienta

you remember the movie "wall street" p when they try to relyn an interview that milton friedman did with donahue-- phil donahue years ago where he didn't really say that but they characterized what he said as that. about reality is that capitalism is based on something that approaches all tourism. when you are a capitalist running a business, creating a business, what you try to do is figure out how you can meet the needs of other people. when i ran carl's jr. didn't try to figure out what hamburgers i wanted to eat. i try to figure out what hamburgers everyone else wanted to eat. i tried to meet the needs of other people with the best quality product i could provide at the lowest price per data you improve your lifee by meeting te needs of others. john mackey's grocery store when you walk in easy hundreds of products and every one of those products represent an individual or group of individuals trying to figure out how to best certified the needs of everyone walks into the grocery store this is true whether his cars or tractors. it doesn't matter what you're doing if you are a free mar

they tried to rely on an interview that milton friedman did with phil donahue years ago where he didn't really say that but they characterized what he said at that. the reality is capitalism is based on something that approaches all truism. when you're running a business, creating a business, when you're an entrepreneur you're trying to figure out how you can meet the needs of other people. when i ran carl's jr., i didn't try to figure out what hamburgers i wanted to eat, i wanted to figure out what hamburgers everybody else quantity eat. i was trying to provide the best product at the lowest price. you improve your life by meeting the needs of others. john boehner these grocery stores, you see hundreds of products, every one of those represents an individual or group of individuals that's trying to figure out how to best satisfy the needs of everybody that walks into the grocery store and that's true if it's cars, tractors, others matter what you're doing. you are constantly trying to figure out how to satisfy other people's needs because that's how you improve your life. what about in

think you know we're finding that a lot of folks on the right who believed that adam smith and milton friedmannce. i think there is room for everything to evolve, even capitalism because there are certain things can be done or certain rules we should find. i think corporate america, might be ahead of the curve on that too. what i'm seeing fundamentally, it is really great, this particular market, this leg of the rally is fantastic. yesterday we had the airlines came out of nowhere and made a big bounce today. we have home builders that are up. these are lagging areas that now money is finding its way into, rather than going to the sidelines. neil: still have a lot of people, a food -- good number are nervous. you never want to get too cocky with the stock market. neil: buy something that mirrors the dow, s&p 500 the nasdaq, whatever, would they be too late going in right now? >> i don't think so. my biggest fear, people wait, wait, then they buy. they have bad experience, one trade, one investment, one stock, they write it off again. listen if you do get involved, forget about whether this is

the great milton friedman, an economist i followed.t aims for equality before liberty ends up with neither. >> sandra: sounds like you are making the case this isn't a good idea. a state senator, a democrat, that was the bill's author. she says it's important for business to have perspective from women, agree with that, and time to blow that glass ceiling up is what she writes. >> let's be specific about it. california, i think a third of all the corporations that are based in california, public corporations based in california, do not have a woman on the board. this will affect a large percent of the companies that are based in california. big question is will they move out or accede to the demands of the politicians? and we don't know the answer to that. we'll see it play out. but again, it is the idea are we a society that forces equality before the merits of a person's qualifications? >> sandra: many in business will agree with that, david. it has been interesting to see the slow pace at which women have been becoming members of pu

you know, and, i know i'm saying all of this but, hey, i have read friedrich hayak, milton friedman, rand. that is what needs to be read. bernie sanders is complaining people are send ising him these books to read but all the truth is there. we've known it for decades, hundreds of years, and venezuela is just the latest example of why socialism can't work because profits matter and elizabeth warren today thinks profits are evil. that's the beginning of socialism. stuart: you're preaching to the choir, brian, but we like it. let's move on to the bull market. i will give you that number again. on wednesday the bull run will have lasted 3453 days. that is the longest ever. >> yes. stuart: we're up over 100 points this morning. how high do you think this thing's going to go? >> i think it's, i think we have at least 18 to 20 tour months. the number one killer of the u.s. economy, not talking about socialism here, but the number one cause of recessions is is when the fed gets too tight. yes, the fed is raising interest rates but even if they were to push the federal funds rate to 3 1/2% n

freedom to choose, the great economist milton friedman wrote the book freedom to choose.sm. you have more opportunity and freedom to choose, you have a better life. tell me one socialist country, whether they are hard core socialists like venezuela or like the ones in sweden used to be that gives you more opportunity. when the government takes over stuff, you have far less opportunity, far fewer choices than you have available under capitalism. >> bill: bad night on the far left. elon musk sent out this tweet out yesterday. considering taking tesla private. funding security. my hope is all current investors remain in tesla. already do this with fidelity spacex investment. >> he represents a publicly traded company. he started a company. he has to please millions of stockholder. that's what a public company is. its worth is cut into little slices owned by millions of people. he doesn't want to have to spend his time pleasing millions of people. he wants to spend his time focusing on going to mars or whatever he wants to do. coming up with a perfect electric car and wants t

they're used there's a famous old conservative economist milton friedman who said that economists role are to provide the information and people make the right choice what we see today is something quite different and that information is provided and actions are taken that have very little to do or in fact are the opposite of well mr cleaver have to take their. short break but very welcome back in just a few moments stay tuned. antro you know it's all about a talking getting along with the greatest ally friend russia there is you know play to good for the kids and you know if you open up there's other things in there so while we proceed here in the first half i'll just see what what go what. they're not what i look at how i've done other than out of love go to one of the not a lot of the money out of the money the day of the night at the gym and. this was a good time to. try to move. mom. not that i wanted to know how little money not why not. stop why x. chanting in the hall of people we believe is the beer. bottle of my kids i don't want them up aside john even a lot of the moment i