RIP, Phil Donahue

In honor of Phil Donahue, one of the worst raging hypocrites ever awarded a show on television, here is a wonderful video clip of him being slapped down by free market economist Milton Friedman on the question of capitalism vs. socialism:

Transcript:

Donahue: You see around the globe the mal distribution of wealth, the the desperate plight of millions of people in underdeveloped countries. When you see so few haves and so many have nots, when you when you see the greed and the concentration of power with it, don't you ever. Did you ever have a moment of doubt about capitalism and whether greed is a good idea to run on?

Friedman: Well, first of all, tell me, is there some society you know that doesn't run on greed?

You think Russia doesn't run on greed? You think China doesn't run on greed? What is greed? Of course, none of us are greedy. It's only the other fellow who’s greedy.

The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus. Einstein didn't construct his theory under order from a from a bureaucrat. Henry Ford didn't revolutionize the automobile industry that way.

In the only cases in which the masses have escaped from the kind of grinding poverty you're talking about, the only cases in recorded history are where where they have had capitalism and largely free trade. If you want to know where the masses are worse, worse off, worst off, it's exactly in the kinds of societies that depart from that,

So, the record of history is absolutely crystal clear, that there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise. that it seems to reward, not.

Donahue: But it seems to reward not virtue as much as ability to manipulate the system.

Friedman: And what does reward virtue? You think the Communist commissar rewards virtue? You think a Hitler rewards virtue? You think - excuse me, if you'll pardon me - do you think American presidents reward virtue? Do they choose their appointees on the basis of the virtue of the people appointed, or on the basis of their political clout?

Is it really true that political self-interest is nobler somehow than economic self-interest?

You know, I think you're taking a lot of things for granted. And just tell me where in the world you find these angels who are going to organize society for us. I don't even trust you to do that.

[End]

Greatness.

That is all.