so, i respect milton friedman as a thinker. but i did not share -- did not and do not share his views at all. and, you know, milton friedman would have opposed the kinds of tax increases that are under discussion right now. and i actually think they're very important for our country's economy. >> so, if you were the chairman of the federal reserve, how would you guide the fed in this moment? >> well, i already indicated that i -- that i think that it's time to be at least moving towards the end of the quantitative easing policies. we don't have a need for pushing the accelerator to the floor. the effect of quantitative easing policies for taxpayers is that they're substituting short-term debt for long-term debt. well, if you're buying a house right now, i think this would be a good time to have a long-term mortgage, not a short-term mortgage. >> right. >> but look. there's a very fundamental principle in monetary policy, which is you don't want to surprise and jolt people. and we've built up a set of expectations. and so, as i

milton friedman, i think one of the big impacts milton friedman had on sowell was on his public intellectualism, when he's best knownn for today. what i mean by that is that after milton friedman left teaching in the '70s after he won his nobel prize left the university of chicago, he set about writing popular books that could be read and understood by general interest readers, people were not economists or intellectuals. he did a lot of speaking to such groups, college campuses and elsewhere. he felt bad, the role of the skull, , of any natural is not something to talk to your peers in the academy but to explain your discipline to people who were not in the discipline. sowell has very much follow that model. he is written book after book after book explain -- in plain english, in plain spoken prose or everyday english. it's one off the reasons a lot f people are so disappointed when he gave up his column a few years back. even after tom left teaching you still teaching through that column, and i said at the time he was the best professor a lot of people had even if they never went to college.

we excrete -- we appreciate the mention of milton friedman. know the idea of sticky inflation, given the fact people have pointed to wages, people even dismissed that as transitory. michael: no doubt. we know these flexible prices are rocketing and those will be the first to respond. they will supply -- they will respond to supply-side and demand-side shops. this to be a prices tend to be more slower moving and you have a lot of monetary policy officials that are in the temporary camp, looking at shrimp prices for these different -- looking at trimmed prices for these different prices, so we are getting into the weeds but these are slower moving prices that will tend to respond over time. those areas next year may start to get moving, along with higher inflation expectations. that is going to get the fed's attention and away some of the price increases have not. lisa: lets you mount a little bit. the balance of risk, is it the higher yield or lower yield and poorer performance in equity markets should the reality of slower growth set in after

milton friedman back in 1962 in a book called "democracy and capitalism," he wrote that a monopoly isny corporation that has sufficient power to affect the terms in which business is done in the market. according to that definition, google is absolutely a monopoly in search, and an android, and in chrome, and in mapping, and in many other aspects of its business. because it has sufficient power and all of these areas to basically dictate terms to the people who want to get to market , and can dictate information to the people who are searching for information. there is really, this is this is a very backwards looking argument to argue that google and facebook, amazon are not in many respects monopolists. the question is what to do about these monopolies and the good news is that we have a huge number, we have some really smart people who know how to use the tool so that we the american people get to continue to use these services in ways that are good for us economically, but also safer us politically, so we don't have google and facebook threatening our democracy, which is what they

i think i'd look at it and say it seems to be growth with maximum 2 or 3% given -- what milton friedman had in mind was a universal voucher system -- >> right. >> and that's nowhere near -- so i'd start saying, well, could we have this private school model in america. i look at the history, don't i, and the history there in america, but most importantly the in england, and i say milton friedman changed his mind about vouchers because he read the work of e.g. west looking at the history of school education in england where in today's language, my language, there were low cost private schools before the state got involved 150 years ago. they stamped them out, and maybe we can reclaim, we can revisit that. and why not in america, right in i think i said at one point will the first entrepreneur in america stand up and -- >> please. you know, i almost wonder whether the charter school development in the united states has almost stymied the emergence of what you're talking about. >> yes, i think it has. and, look -- >> and the reason i say stymied is the parents who care about these things, b

people like friedrich hayek and milton friedman became icons for the intellectual and funded best use of the american right -- intellectual and funded bastions of the american right. his home state of arizona and three states in the deep south. barry goldwater ran on a fusionist platform, the traditional three-legged stool platform of social traditionalism. barry goldwater himself was not intensely pro-life, but he did hold some very conservative issues. his views on the civil rights act. he certainly was a proponent of kind of a robust, staunch, stringent view of laissez-faire economics, and his foreign was anti-soviet and anti-communist. those were the three legs of the capital conservative movement. as conservative lore would have it, the unsuccessful nomination of goldwater in 1964 paved the way for reagan's mere ability. he almost knocked off ford in the 1976 presidential primary, and then ultimately was successful for years later in 1980. so the conservative movement takes a while to reach its pinnacle, but the fusionist, buckley-centric movement reaches its design it in the pre

i got a call from my friend milton friedman. he said don you are doing a terrible job managing the wage price controls of the united states. i said, you're wrong milton. i'm doing a spectacular job. we are letting people out so we're not distorting the economy and and we have no permanent employees every person we hired was detailed over so that we can move them out and we didn't create a permanent bureaucracy. and milton said i know that's what you're doing. but he said the problem is you were doing such a good job that people are going to get the wrong message and begin to believe that wage price controls actually work which you and i know they don't. and that was the other side of the conservative tradition. it's it's argue. would of course argue that the modern. political conservatism was launched by bill buckley and barry goldwater. there's no question, but that it has done an enormous amount of good for people. with president reagan at the helm we saw conservatism brought down the soviet union in large measure and communism

they were extremely close friends and also milton friedman and milt friedman of course won the nobelprize for economics when he was teaching at the university of chicago. he was a national celebrity in the 70s when he was running a series on economics with friedman that his thinking inspired a lot of reagan's policies including tax cuts and budget policies and restarting the economy as a means of adding dollars to the workplace. let's go through reverend robert hodge from seared views and new york e-mailed into you craig shirley what was nancy reagan's role in his success and what you think of karen tumulty's new biography of her?? the >> guest: i have not read the book yet that i'm anxious to read it and i'm sure it'so a vey good look. she's a good reporter at the "washington post" and i've known her for years and what was the first part of your question? >> host: what nancy reagan's role was in his legacy? >> guest: nancy reagan was valuable to ronald reagan. if reagan was a shoe salesman she would have made sure he was the best shoe salesman in the world. she was not a passive lit

it seems like the whole school of one to milton friedman has disappeared.maybe on the generally should obey his, but to mask a point on that, i thought that was brilliant with dean hubbard. i look at this and it is an mmt moment. how do we distract ourselves from this? lisa: and what are the consequences? if we don't get inflation on the same level, is there a consequence where people say basically print money and all of a sudden prices go through the roof. is that really what's happening? what glenn hubbard was talking about, supply chain disruption. he was not about m2 supply. tom: i look at this, and the whole thing, i want to emphasize his right now, he comes out of the gdp. would you agree with me that what has happened in the last 14 days on this epic tome is we have gone from gdp often a cliff in 2021 to some form of more gradual slowdown in economic growth? lisa: i think people expect a slow down. i think the uncertainty remains, which talks to the stupor in markets. this question of affairs bueller's day off as matt miller was talking about, it is

with flaws of globalism, with all due respect to milton friedman, my next guest says it is time for tojobs report weighs heavily on the market. how should you be positions for when the news drops? we'll be right back. ♪. some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) hi. verizon launched the first 5g network and now we want to be the first to give everyone the joy of 5g. by giving every customer a new 5g phone, on us. aha! old customers. new customers. families. businesses. in-laws. law firms. every customer. new 5g phones when you trade in your old ones. and if you're not a customer, we'll help cover the cost to switch. just ask wanda. she's been with us since ... [gasp]...now. upgrade your phone. upgrade your network. keeping your oysters business growing has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar cr

i don't know if you've ever met a real one at one of those cpac conferences you attend with milton friedman on your show it's time, for the "progressive perspective. ♪ fight the power fight the powe fight the powe fight the power ♪ ♪ fight the power fight the powe fight the powe we gotta fight the powers ♪ ♪ that be as the rhyth designed to bounce what counts is ♪ ♪ that the rhym designed t fill your mind you realize the prize ♪ ♪ of vibe we got the pump us u to make us som and even still ♪ ♪ it's a work of ar the revolution nothing's change nothing's strange ♪ ♪ people people we are the sam no we're not the sam 'cause we don't know ♪ ♪ the game ♪ >> seth: and that also sucks you can't, like, keep cutting back to you, making people think it's over. never mind sal, so let me get this straight, you're saying that because joe biden isn't a true-blue, dyed-in-the-wool progressive, that people on the left should withhold their support and risk fracturing the democratic party and sending us back to the republican-led stone age? >> uh -- well, you see -- all right, look, seth, i'm not really that

told congress we have to unlearn the link between the money supply and inflation which is what milton friedman federal reserve that is completely out of touch and once inflation gets embedded in the system and the money supply was up 24% last year. it will be up 10, 12, 14%. we've not seen that kind of money supply growth since world war ii. we had the inflation of the 1970s with less money supply growth, the ideas that printing money doesn't cause inflation, i'm going to use the word delusional. you have to be delusional to believe you can print 25% money and not have the value of that money decline in the us economy. stuart: it is against everything i ever learned in economics 101, got to see you again later. another pole shows a majority of people unfavorable interview of critical race theory so why are we still teaching it, larry elder has a lot to say. donald trump speaking out against rising gas prices. >> it was one dollar and $0.87 a gallon for a gallon of gas, it is going to go to 5, 6, $7, mark my words. stuart: we mark your words but i'm not sure you are right about that. that's an

we referenced william f buckley that the difference between him and milton friedman and the effect on reagan? >> both of them reagan was a personal friend and they exchanged many many letters and also the results of mrs. reagan and nancy reagan and they did things socially together and it cannot be underestimated with the conservative movement to refine conservativism and with the john burke society and things n like that as part of that conservative movement. they were extremely close friends. also friedman won the nobel prize for economics when he was teaching at the university over free to choose and as a natural - - national celebrity. i remember there was a series on economics but that inspired a lot of reagan's policies including the tax cuts and budget policies as a means of adding dollars to the workplace. host: the reverend hide from syracuse new york e-mails one of what was nancy's role in his success in what you think about the biography quick. >> i have not read the book yet i'm anxious to read it. i'm sure it's a very good book. she is a good reporter i have known her for

david: to quote milton friedman. jonathan, george, thank you very much. kamala harrisries on the trip to deal with migrants since being put in charge of the migrant crisis several months ago. it is taking place far from our own border. live from guatamala as we continue. ♪. there's interest you accrue, and interests you pursue. plans for the long term, and plans for a long weekend. at thrivent, we believe money is a tool, not a goal. to learn more, text thrive to 444555, or visit thrivent.com. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. [ footsteps] [ suspenseful music ] ♪♪ hey, you wanna get out of here? ah ha. we've got you. during expedia travel

i think the last time i was out here i said milton friedman said if you allow private currency issuance right he was an advocate that only the central banks should be allowed to issue the currency. that having been said, you have multiple countries issuing their currencies they compete exchange rates are extremely volatile compared to economic fundamentals the same thing is happening with the private currencies being issued, the cryptocurrencies trading at volatile rates against the dollar that makes them not that useful for a lot of purposes. >> hey, jim, i just want to try and figure out where you are in relation to the rest of the fomc the rest of the dots are looking for rate hikes in 2023 but some are looking at 2022. where do you come down where's your dot >> i put us starting in late 2022 but you do have to have the idea that these are related to what the forecast is my forecast said 3% inflation in 2021, core pc inflation, and 2.5% core pc inflation in 2022 but if that's what you think is going to happen, then by the time you get to the end of 2022 you'd already have two years o

it was that concept of milton friedman's that he pushed and pushed early on. i -- the flip of that is that i also was involved in something that was quite apart from a conservative tradition. richard nixon went up to camp david back in 1970, i guess, and when he came back down he had decided to impose wage price controls on america. and i remember george came to me and said president nixon and i want you to run their wage price controls for the united states of america. he said, but george i don't believe in them. he said, that's why we want you to do it, because it's such a bad idea. and sure enough, they were imposed and what we did was try to manage them so they did not distort our economy. so we released a lot of the smaller companies. we have the larger companies report and tried to manage them so that we did not disrupt the system. one day i got a call from my friend milton and he said, you are doing a terrible job managing the wage price controls of the united states. i said, you are wrong, milton, i'm doing a spectacular job. we are letting people out