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George Will quotes free-trader Milton Friedman to trash the idea of "shovel-ready" projects while continuing his defense of George Bush's economic policies. I'm guessing that George Will has refused to go within fifty feet of Naomi Klein's book The Shock Doctrine since he holds Friedman in such high regard.

And Ed Gillespie, when even Murdoch's Wall Street Journal disagrees with your assertions, you're in trouble. From Jan. 2009--Bush On Jobs: The Worst Track Record On Record.

PODESTA: I want to come back to Eric Cantor, which is no cost, no jobs, no ideas. I mean, it seems to me that the Republican Party on the Hill has become the party of no.

Maybe I'd say that it looks, a little bit from his defense of no regulation that it's become the party of Bush, that we've seen how that movie played out. It ended in the in financial meltdown and the great recession. It seems that...

STEPHANOPOULOS: Is Ed Gillespie right that it's no risk?

WILL: What?

STEPHANOPOULOS: This strategy?

WILL: I think there is no risk at this point because I think the American people understand that the greatest job creation machine in the history of the world is a reasonably lightly taxed and lightly regulated economy. But one idea, John, that, happily, we're not hearing. When we began this year with...

PODESTA: George Bush had the lowest job creation since World War II, lightly taxed, lightly regulated...

GILLESPIE: Fifty-two months of uninterrupted job creation, the longest in the history of the United States of America.

PODESTA: ... major recession.

STEPHANOPOULOS: What's the one idea?

WILL: The one idea that we seem to have dropped, happily so -- remember the phrase was "shovel-ready"? We were going to create government jobs.

It put me in mind of a great story Milton Friedman used to tell. He went to Asia in the 1960s and was proudly taken by the government to see a public works project. They were building a canal. He was struck everyone was digging the canal with shovels. Friedman says, why no heavy earth-moving equipment?

They said, oh, this is a jobs program. So Friedman says, why don't you give them spoons instead of shovels? I think we understand, now, the sterility of government trying to create jobs.

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(Health Care - as the rest of the world views us)

On January 29, 1956, NBC Radio, as part of their "New World" series ran a debate on the state of Healthcare in the world and asked the BBC to participate with their take on it. Representing all the interested parties were Aneurin Bevan, Member of Parliament and Labor Party Secretary for Health, Dr. Walter Elliot, Member of Parliament, E. A. Van Steenwyck, spokesman for Blue Cross and Milton Friedman, economist.

Right away, Bevan and Friedman jump into it. Friedman has a condescending tone that drives Bevan right up the wall and clearly there is no willingness on the U.S. to even consider a National Health plan.

Aneurin Bevan: “If you rely upon financial anxieties to keep people away, or to use your own words, ‘not to overuse the scarce services”, such anxieties do not exist for the rich. So they will have access to the services first of all. Is that equitable?

Milton Friedman : “Mister Bevan, I think you are confusing two very different problems. One, is the problem of the general distribution of income among people, which arises with the respect to food, clothes, housing and everything else. Medical care is a minor item . . .

Bevan: “A minor item??

Friedman: “Medical care accounts in your country as well as mine for no more than five percent of the total expenditure on consumption. It accounts in your country as in mine for less than the cost of tobacco plus alcohol”.

Walter Eliot: “Now wait a minute – I’m holding myself in with the greatest of difficulty. I was a doctor. I was on the gate. I compiled these waiting lists, and I can assure you that in a good many cases, people who urgently needed treatment weren’t getting it because there wasn’t a hospital accommodation there. Now, one of our difficulties was this very expansion of hospital accommodation. Do you think in America you can look after this enormously increased hospital accommodation which will admittedly be necessary . . .

Friedman: “We don’t rely on donations to run our hospitals. About 90 percent of all the money spent by our voluntary hospitals comes from patients.”

It more or less slides downhill from there. Needless to say, there is no compromise to be had in this debate, but it's interesting to hear just how enmeshed, even in 1956, the lobbies of big Insurance, Big Pharma and the AMA were with the question of Health for the U.S.

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( Survivor of the "Teaching Tour".)

Before the GOP succumbed to the lunatic fringe, becoming a burned out shell of its former self, there was something of a broader definition of who a conservative actually was - and it ran the gamut from staunch isolationist to downright left-leaning. The concept of "the big tent" seemed apt back then. But that was "back then"- 1970. Another whole lifetime ago. Even though the seeds of lunacy were being sown in abundance as early as 1958, they wouldn't make their full-fledged appearance for a few more years.

In May of 1970, NET (forerunner of PBS) had a weekly program called NET Journal where they ran a panel discussion featuring several prominent conservatives of the day, M. Stanton Evans, Russell Kirk, William Rusher and Milton Friedman, a sort of sampling of the gamut. The talk was remarkably civil by today's standards. But even so, you can tell where that freight train was eventually heading.

I always enjoy reading a good repudiation of Milton Friedman's Chicago School of Economics:

Some time ago, I asked if “Milton Friedman was the next economist whose once lauded reputation may soon slide ?”

Turns out it happened much quicker than expected. A long Bloomberg piece, Friedman Would Be Roiled as Chicago Disciples Rue Repudiation, discusses the tarnishment of the Chicago school of thought...read on

The Saturday FOX News stock shows are full of Milton's disciples. Is it any wonder that our economy is in the shitter?