Milton Friedman's question. Where does the government get the money it spends on roads? They favor some power groups relative to others. They take money from some to give to others. Does this public intervention create growth?
Milton Friedman did not think so.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked best market timer in the 12 and 6 months ending 8/20/10 by Timer Digest
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2 comments:
"Where does the government get the money it spends on roads? From us, of course."
Where does Walmart get the money it spends on opening new stores? From us. Where does Apple get the money it spends on developing new products? From us. One thing I admire about the government is it pays its "CEO" a rational 8 times the median household income, instead of the private sector's 1,000 times.
Wealth and power. At the end of the day, however, they all end up millionaire. I wonder where they take the money.
The search for power leads to a transfer of wealth.
Fortunately, the markets eventually win to give us perspective (too late unfortunately) and make us understand previous mistakes (as for Fannie & Freddie).
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