The Phil Donahue Show: Milton Friedman- 'Why Capitalism is Best (1979)'

Source:Commonsense Capitalism- Economics Professor Milton Friedman, on The Phil Donahue Show, in 1979.

"Milton Friedman On Why Capitalism is Best"  

From Commonsense Capitalism

Phil Donahue essentially trying to make the case that private enterprise and capitalism is somehow greedy and all the angels and unselfish people work for government, with the role of regulating how the rest of us live. 

With Professor Friedman making the sharp and quick response to that by boomeranging Mr. Donahue's point against him and rhetorically asking him: "Do you think Russia and China doesn't act on greed and aren't greedy." As well as asking him if he's aware of a successful society that doesn't act on greed. 

Webster's definition of greed: "a selfish and excessive desire for more of something (such as money) than is needed" We all want more than we need in life (except for Angels and Saints) so we have security and not have to worry about how we're going to pay our bills and take care of our families. 

There can be too much of anything in life, as well as too little. But if you eliminate greed, you'll have a lot more poverty in America, as well as anywhere else, because you'll have fewer people wanting to be successful in life and getting the skills and knowledge to be successful, because they won't have that self-motivation to be secure and have more than they need to live well.  

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James Miller Center: President Gerald R. Ford; 1975 State of the Union

Source:James Miller Center- President Gerald R. Ford: 1974 State of the Union address to Congress.

"(Part One) President Gerald R. Ford's State of the Union Address - January 15, 1975

Video Courtesy of the Miller Center of Public Affairs and the Gerald R. Ford Presidential Library."

From the James Miller Center

President Gerald Ford's 1975 State of The Union address was interesting for several reasons. First of all it was his first one since becoming President of The United States. So it was his first opportunity to layout in front of a huge audience in front of Congress on national TV, in prime time what he believes the situation of the country is and where he wants to take the the country, what his administration would be focused on since becoming President of The United States in August, 1974 after President Richard Nixon resigned because of Watergate with Gerry Ford being Vice President of The United States before that.

So this speech was President Ford's opportunity to layout for the country what type of politician he was and what type of Republican he was, what he believed in and where he was ideologically and who he was politically. And if you listen to one of the first lines of this speech, he says the State of The Union is not strong. High inflation, interest rates, budget deficit, too many people being unemployed and so-forth. So the American people got to see how honest he was as a leader.

Again, a State of The Union speech is an opportunity for the President of The United States to not only layout what he believes the situation of the country is, but where he wants to take the country and what he wants to accomplish. And with the speech you hear a Conservative Republican President who is focused on the economy and fiscal policy. Too many people out-of-work, a weak economy that went into recession in 1974-75, with a rising budget deficit. And you also hear his solutions for it with an across the board tax cut to respond to it.

But another interesting thing about the speech is that you hear both the economic and fiscal Conservative. Gerry Ford speech which separates him from President Reagan: "We need greater economic freedom and lower taxes.) but we also have to pay for our expenditures by cutting the budget. Because this tax cut won't pay for itself. Unlike with President Reagan who was a supply sider when it came to economic policy and believed that tax cuts pay for itself.

There are a lot of things I like and respect about Gerry Ford the man and politician. The man was one of the most decent, and honest politicians as well as public servants we've ever had. He came from the Harry Truman/Dwight Eisenhower school of public service as far as how public officials should talk to people. But he was also the real thing politically. A Conservative who was actually Conservative, because he knew what conservatism actually was. Rather than someone whose further to the right, but called themselves a Conservative.

Reagan Foundation: State of the Union: President Reagan's State of the Union Speech- 1/27/1987

Source:Reagan Foundation- President Ronald W. Reagan, delivering the State of the Union Address, to a joint session of Congress, in 1987.

"President Reagan's State of the Union speech on January 27, 1987."

From the Reagan Foundation

State of The Union speeches can be important are not matter at all and be forgotten. Depending on who the President is, where he stands in the country politically and so-forth. And the situation of the country and so-forth, which in a lot of ways will determine how the President will be able to do that year. And what he'll be able to accomplish and for the President an opportunity to layout where he believes the country is and where he wants to take the country.

1987 was an interesting year, time and State of The Union for President Ronald Reagan. Because it was the start of his most politically difficult year for the Reagan Administration. Because of the Iran-Contra scandal and Congressional hearings come as a result of that both in the House and Senate. As well as economic difficulties that came for later with rising interest rates. And a rising national debt and deficit that led to the Wall Street crash in October of 1987. And with President Reagan becoming the most unpopular he had been at least since the 1981-82 recession.

So this State of The Union was the start of a very interesting and tough year for Ron Reagan as President and an opportunity for him to layout what he thought the condition of the country was. And where he wanted to take the country further. It was also the start of President Reagan's last two years as President and running out of time as far as being an effective leader that can push the country as well. 1987 was President Reagan's last year to basically move the country and to lead them in a certain direction. Partly because he accomplished almost everything he wanted to pre-1987, including tax reform through a divided Congress and 1987 was the year to deal with scandal, Supreme Court nominees. Including Robert Bork and then later Anthony Kennedy, as well as further negotiations with the Soviet Union.