Milton Friedman has been dead for more than three years. But his spirit was surely hovering protectively over Chile in the early morning hours of Saturday. Thanks largely to him, the country has endured a tragedy that elsewhere would have been an apocalypse.
We have exceeded the Federal Debt limit, and Congress is debating the issue. Speaker Boehner wants to match any increases dollar for dollar with corresponding spending cuts, Majority Leader Reid is holding out for tax increases “on the rich” and big oil.
If this sounds like a broken record, it is. The following is from a thread at Maclectic originally posted in Jan, 2010.
In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there’s a “boom and bust” cycle in modern economies and good reason to fear it.
Ted wrote this on his acoustic guitar at a camp fire in Michigan (it was deer season) after learning of his hunting friend and mentor Fred Bear’s death. Fred was the guy who created Bear Archery Bows. Ted has said that he called Fred’s wife and played her the tune immediately at the camp fire after hearing the news of Fred’s death.
It is both a celebration and a tear-jerker. Here is
“Fred Bear”
which is one of my favorite Nugent tunes, I hope it becomes one of yours too!