so i studied under milton friedman, joyce stigler and a couple of others, economics people and i love sociology. psychology and all that, really business is even more important than finance and marketing and it's sometimes more rare but to understand so retailing, you're applying geography. you're applying demography and applying sociology, anthropology, economics. and so really grasp the world and understand all those humanaspects of the world which is an important aspect . you just watch and if you go into any reasonably well-run supermarket and go in for a half hour you should be able to come out of their and tell me the ethnicity of the customers, the average family size, the incomes, so much about the people just the way a good grocery store is merchandised, especially a locally oriented one and there's some big chains like wegmans in the northeast, atv in texas. but even though they're pretty big, they still really focus on individual customers in each store. everywhere you look, there's just so much to be seen and yet everybody's caught up watching their gadget. i got rid of my

and i remember milton friedman i dinner with them he and his wife in the '90s and man, they guy whichto reset everything. he went down to latin america, the ants, how they moved around on the grant in costa rica rose was telling me about. virtue all the people i admire and all the great entrepreneurs have this driven curiosity. they try the people around the nuts asking questions, , people are saying how will that help my sales this month, or how will that help my stock portfolio? those are relevant questions but no, asking -- sam walton, one of the most curious, inquisitive leaders in american business history, took on sears which was 100 times as big. when i was taking retail stocks in the '70s and now of course sears is basically dust. dust to dust. reset. it was one of the greatest companies in the world at its peak but sam walton it was his curiosity. it was his money. it wasn't his contacts. it was aware he was headquartered in bentonville, arkansas. it was all the things you would in a typical mba program. >> host: in your book "the lifetime learner's guide to reading and learn

you can talk about it without saying how milton friedman is not in the modern times we are in. >> i donk he has been misquoted somewhat. he was clear in the article that the nature of how corporations participate in the global economy and society was very much featured by social unrest and cultural context and enough degrees of freedom to actually think more broadly how the role of corporations, given the short shrift and blamed him for the financial primacy argument but in the business roundtable articulating a clear, broader aperture with respect to the responsibility of corporations to incorporate not just financial shareholders but communities, employees, regulators and society writ large, what does this mean about the changing role but the proliferation on areas like environmental, social and governance which according to jpmorgan represents $45 trillion, hugely important, everything from climate change to worker advocacy, gun-control and it has opened up a wide array of issues notwithstanding board members are not elected but at the same time reminded us we don't only have a stra

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

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

k one will part of the rise of neo liberal economics. milton friedman and iran and alan greenspan was pushing this notion that any involved by the government in the economy is by definition, socialism and leading to communism. and a lot of americans believe that if they pay taxes, that that is socialism. a lot of americans believe that the post office is socialism, but all capitalist economies have state actors and state government spending to some degree or other. i mean, you have to pay roads, you know, to facilitate people going and shopping at capital is stores and the notion that any state sector is somehow somehow communism and we should get beyond it. that was introduced in the united states during the 1900 seventy's. really we saw the rise of this kind of economic thinking and it has led to big economic problems. look at the united states crumbling infrastructure. i mean, the rust belt economic, u. k. you know, we've got a system of prisons for profit military contractors. i mean we're seeing, we're seeing neo liberal 3 market extremism brought to its logical conclusion in the

we are making the right arguments in economics chain by milton friedman.ll not be sitting around a campfire with the work we are doing with policy is important as it is. the stories in this book these are people using songs about and can inspire others to say this is the right way for our country to go forward. you have to celebrate the application of these ideas to demonstrate how it truly makes a difference in people's lives. if this isn't the answer than they are awfully scary. >> if we recognize we need. i'm shift in people's thinking, you don't get anywhere in politics until people change their paradigm. and then to go from top-down or bottom-up. what is involved of somebody changing their paradigm? what is a paradigm? it is t a worldview and those are evidenced it doesn't fit your paradigm. so this is heavy lifting to change your paradigm it is a weightlifter wanting to run a marathon. it takes strenuous effort and desire over time. so our job is with enough evidence and enough motivation to people to make that effort. so we have to show the stories

traditional 50 percent is anchored in modernism thomas jefferson ben franklin jfk, einstein edison and milton friedmanreject the worldview that came before them it rejected religion so son atheist they believe in science they don't believe in scripture revelation are things like that. and then a rejection of what comes before but you have this alignment between a traditionalist andad ethics and modernist science that drove america for many decades. andd then the view comes about because the flaws or failures of the previous worldview. so modernism, some of the things progressivism was realizing the limitations of modernity so the environmental movement has cannot of that because it is producing economic progress those are externalities to negatively impact the environment so those that are progressive have strong environmental views. but the last three years we have antiracism movement which is very progressive that whole bulk ideology is a progressive mindset and arguing that america is inconsistent and that we have not done a good enough job to overcome racism to havesi inclusivity and that has been

. >> shareholder versus stakeholder, you can't talk about it without saying how milton friedman is notmodern times we are in right now. >> in another conversation, i do think he's been misquoted somewhat. he's very clear the nature of how corporations participate in the global economy and society very much driven by social cultural context. i think it is freedom that assist things more broadly about the role of corporations and in 140 character four, we basically given the financial argument but chchanged in 2019 the business roundtable, essentially articulating a very clear broader, i should say widening aperture with the respect of response about a corporations to incorporate, not just financial shareholders but a range of shareholder such as communities, employees, regulators and society at large. what does this mean about the change and grow? there is a proliferation around areas such as environmental social questions, efg which according to jp morgan represents $45 trillion management so hugely important, everything climate change to racial and gender justice ndconcerns about work

and say we're making the right arguments he was trained by milton friedman. people will not be sitting around the campfire singing songs about the work we are doing with policy is important as it is but the stories and the people that we encounter these are people you seeing songs about to say right way for a country to go forward that's what we are trying to get across we are trying to celebrate those applications and demonstrate how it makes afe difference in people's lives if this is in the answer then that is scary. >> if we recognize we need a paradigm shift in people's thinking culture precedes politics until people change their paradigm and you got to go from top-down to bottom-up so somebody changing their paradigm? it is a worldview where you only accept the facts that failure paradigm and those that don't fit your paradigm it's like a weight left her wanting to become a marathon runner. takes effort and desire over time so to get enough evidence and motivation to make that effort so as brian said we have to those that you care about it's what you ar

kennedy, einstein, edison, milton friedman in some ways. guys like bill gates, another strong modernist. the progressives which make up 20% of the population, each of these comes out as the worldview he falls they partly reject the worldview that came before them. modernism rejected faith. it rejected religion largely. many modernists are atheists. they believe in reason. they believe in science. they don't believe in scriptural revelation and things like that. there is a rejection of what comes before. but until progressivism arose you had this alignment between traditionalist ethics and modernist science that drove america for many decades and the new view comes about because flaws or failures in the previous worldviews so modernism did not completely realize the limitations of modernity and so the environmental movement has come out of that because modernism, producing economic progress, there are externalities coming out of that that can negatively impact the environment so people that are progressive tend to have strong environmental v

milton friedman said that years ago.he pandemic began in february of 2020 we've inned the money supply by a third, 32%. that means every dollar is worth less. what you're seeing is the impact of all the dollars flooding the economy. jay powell has to come up with something. last month he claimed it was cars, air fares driving these inflationary trends those kinds of things would dissipate. this month, cars, fares rate they increased up was down. what was up food and energy, the things normal everyday americans feel sensitive about and that is what drove inflation in july. you will see that for a while. you will see it until we solve these labor issues and stop this incredible spending that is devaluing the dollar. we've seen inflation increasing significantly more than wages, which means even though wages are going up, people are earning less. that will continue for a while with these policies. edward: heard both the white house press secretary around president say core inflation was less than it was last time. the core

>> but stake holders, nobody -- yeah, but stake holders, nobody is doing -- i was glad i'm a milton friedmane holders are fine i think they're satisfied by the original goal of what you do i think that filters down into everything you don't do bad things, pr wise, you don't do things bad in the environment. >> you put chemicals into the river, your stock is going to be punished >> mind your ps and qs in terms of satisfying employees and customers and everything else follows. all the rest is virtue signalling i told the business roundtable that >> like esg? >> not only esg, about the the whole stake holder virtue signalling coming up, delta taking the stick approach at a vaccine for its employees. we're digging into what it means and if it's going to work. right now as you head to break, congig wre mi rht back. down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need a

. >> milton friedman said there is no such thing as a free lunch. of real estate companies right now big and small feeling the effects of the stimulus. that's not over yet and even as the economy recovers you can see a lot of individual sectors in the market writ large at least all. jackie: indicated higher by 400, a couple points, nasdaq indicated lower by 69. >> you don't want to make investing in an all or none decision. we want to talk about a diversified portfolio, not just first among stocks but commodities, other asset classes and on the forward side as well, crowd favorites like apple were short in my fund right now. these are names people feel safe buying, the trades on the other side especially in this market. maria: thank you for joining us this morning and i want to bring in susan we joining the onset. wonderful to be with you on a friday, you're looking at the earnings reports. >> we are looking at big earnings with draft king. a lot of good losses and higher sales as well. the growth celebrate short but it is tripled to 1.1 million in