there so in modern times milton friedman and the margaret thatcher era and the era of near liberalization they turn debt from a balance sheet item to something that was a growth item that the faster companies could incur debt the more you could encourage and we can securitize it and sell to some other bank and create this daisy chain and not only did it become ok it became the basis of the economy this was a historic change never in history did people think that the way to get rich was to go into debt down until i'd say the nineteen fifties the whole idea was to pay off the mortgage not to oa anything because you knew that once you owed something you tend to fall further and further behind and you'd get on the treadmill and babylon knew that. judah knew the. roman greece knew that. the idea that you can get rich by going into debt is obviously better talking a cover story for. the banks and the bondholders that are selling that and it doesn't work and. that's not the center of the economics curriculum is that should be what the debt problem debt didn't appear and the whole economics curri

there is no cost for mergers and acquisitions and is zero interest rate world and yet you know milton friedman use have a t.v. show called free to choose that americans were free to.

. >> milton friedman said, you cannot have a welfare state and open borders, you will destroy the countrythis, i say to myself, it is really in recent times thempeople try to bring into country, carry flag of country they come from, and claim they want asylum. and then to have people in the united states, people of prominence, public officials, media figures, excusing it. while they are hungry, they want a better life, well this and well, that okay. someone robs a bank because they need money to may a mortgage that is okay, and someone steals food from the store, that is okay? there is a break down in respect for la law and order, whether it sim break or baltimore -- whether it is immigration or baltimore judge y? >> we have ideology. you do not blame of victim, you are saying is correct it has been a factor in the left wing culture for a long time, if you get to claim victim status, you arareare absolved from following rule, you can defecate on the street because you are a victim, you can steal because you are a victim, you can shoot other people because you are a victim. for democrat wi

is professed by my late colleague was a famous economist milton friedman said those people who put equalitye liberty are not likely to have much of either if they put liberty before equality are likely to have a large measure of both. so when people talk about inequality of income in a free society the reason why there is inequality is because one person satisfies his fellow man then another there are other issues of inequality as government like new york city at one time to get one taxi you had to buy a medallion that cost $100,000 so that stop the people to get into the taxicab business and these owners will pay politicians through political contributions to keep that restriction. so what we need todo do is make sure a level playing field that each person has a right to pursue his own objectives without interferencee by others. mark: is in that part of the constitution that says government, this is what you are involved in. the founders said equality meeting we want to be treated the same way as everybody else we don't want to be targeted by the crown or mistreated so you be treated the s

there's no cost for mergers and acquisitions and is zero interest rate world and yet you know milton friedman you seventy.

there's no cost for mergers and acquisitions and is zero interest rate world and yet you know milton friedman use have a t.v. show called free to choose that americans were free to choose yes that was our freedom is that if if united airlines you know hits you over the head and drags you down the aisle because they want you off the flight and that guy by the way was a doctor who had some surgery to perform the next morning so he needed to stay on a flight you know the old way of being would have been like well just you know don't fly united flight delta but in fact they mostly control sometimes over half of all the takeoff and landing slots at a particular airport here we're not free to choose the many aspects you know are you free to choose in north carolina say if you're on obamacare there's only one provider blue cross blue shield so like if they stick you with the bill every time and this you're not free to choose you can't just say well i'm going to go to your competitor because they'll say yeah go try to find a competitor. there is on this list as style of economics has been tried befor

milton friedman said it best, you cannot have open borders and a welfare state of the same time, it'smathematical impossibility. it doesn't work. >> sean: went great analysis by both of you. when we come back, we will explain one thing. government shutdowns, most of the government stays open. and ted cruz will join us. also for dead and for wounded in france at a christmas market, and authorities are treating it as a terror attack.in we will have that plus a special announcement, straight ahead just one pill. aleve back & muscle. all day strong. all day long. >> the people of the republican party are losing their offices now because of the transition. >> we gained in the senate. >> when the president brags that he won north dakota and indiana, is in real trouble. >> what we did win north dakota. >> sean: while chuck, north dakota and indiana were democratic hands. did president trump continues to forge ahead and earlier tonight he tweeted this. thanks to leader mcconnell for agreeing to bring a senate vote on criminal justice this week. these historic changes will make community safe

tightens money rather than loosens money as milton friedman would say, and they turned the recessioninto a great depression. 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 k

milton friedman said it best, you cannot have open borders and a welfare state at the same time, it'shematical impossibility. it doesn't work. >> sean: great analysis s by both of you. right on the money. when we come back, we will explain one thing. government shutdowns, most of the government stays open. and ted cruz will join us. also, later, four dead and a dozen wounded at a christmas market in france, treating it as attack. we will have that, plus a special announcement, straight ahead. ♪ in-laws were coming, a little bit of water, it really- it rocked our world. i had no idea the amount of damage that water could do. we called usaa. and they greeted me as they always do. sergeant baker, how are you? they were on it. it was unbelievable. having insurance is something everyone needs, but having usaa- now that's a privilege. we're the baker's and we're usaa members for life. usaa. get your insurance quote today. they have businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter any package any time right from your co

can see the numbers given to such luminaries as john may lard keynes or -- maynard keynes or milton friedman, kenneth arrow, hayek, marx and the rest of them, and smith vastly outpaces any of these. in fact, his citation level runs significantly higher than the next three, keynes, marx and hayek, put together. so smith is a figure that bestrides the world of economics and the economy. and the effects of that is that he's become enormously not prestigious, not merely prestigious, but important to be associated with particular ideas and themes. and so he has found himself the subject of misappropriation from across the political spectrum. and the result has been a series of carrick atures. one has been the idea that smith, you find this on the right of the political spectrum often, that he is a great laissez-faire economist, a libertarian whose great genius is lain in releasing the world from the utopian delusions of socialism and communism. another caricature on the other side of the spectrum or what you might call the left left-wing side of the spectrum is that smith is an apologist for gree

they try will lie an interview that milton friedman did with donahue, phil donahue here's we didn't reallysay that but they can characterize what he said as that. the reality is that capitalism is based on something that approaches all truism. when you're your capitals, runa business, creating a visit, what you're trying to do is to configure how you can meet the needs of other people. when i ran carl's jr. i can try to figure out what hamburger i want either a predicate with hamburgers and what else quantity. i was trying to meet the needs of other people with the best quality product i could provide at the lowest price. that's how you improve your life. you improve led by meeting the needs of others. use hands of products. one of the product represents an individual or group of individuals that's trying to pick up how to best satisfy the needs of everybody walks into a grocery store. this is true whether it's cars or tractors. it doesn't matter what you doing if you're in a free market capitalist system you're constantly trying to figure out how to set other peoples needs. why? that's a