Monday, February 09, 2009

If Obama Could Only Meet Milton Friedman

Here's my vote for the best two minutes in video today. The man seeming tired and perplex is the liberal Donahue who by the time of this video has endured the previous 25 minutes having his liberal legs knocked out from him (figuratively of course).

Enjoy listening to and watching a good and wise man.





HT - AC

4 comments:

Anonymous said...

John:

This was an absolutely incredible post. I recommend it to everyone.

Ken
Dallas

JWM said...

Ken,

I agree and am going to see if I can find some more snips of Friedman's appearance on Donehue's show.

I want to ask you a question re: McClatchy's implosion.

Today an awful lot of people agree McClatchy made a big mistake buying Knight-Ridder. They point in particular to the $2 bil debt burden MNI picked up.

Ihave a trace memory that back in Mar. 06 when the deal was made, you right away said it wouldn't work, in large part because you felt MNI wouldn't be able to service such huge debt in what was already a very financially troubled financial environment for news organizations.

Do I have that right?

Best,

John

Anonymous said...

John:

"Ihave a trace memory that back in Mar. 06"

I think your memory is better than mine. However, any reasonable review of the transaction would question the business sense of the lenders. Interest payments alone would have required $120 million annually. Unfortunately, it's the same mentatlity that caused mortgage bankers to make $500K home owner loans without income documentation.

Currently, MNI has no chance to make the required interest payments, let alone debt repayment. When, rather than if, CH11 papers are filed is the only question.

Ken
Dallas

No justice, no peace said...

Outstanding!

"Where are we going to find the angels to organize a society? I don't even trust you (Phil Donahue) to do that." - Milton Friedman.