Monday, January 28, 2008

Potential insight on Sub-prime crisis insight from Free to Choose

Thanks a lot to idea Channel,

In honor of Milton Friedman, we are streaming the ground-breaking Free to Choose series as it originally aired in 1980 as well as an updated 1990 version. If you missed the PBS premiere of “The Power of Choice” it is available here.

Pay special attention to Volume 3 - Anatomy of Crisis where Milton expertly discussed many issues including the sequence of unfortunate events (including what the US Fed did) that lead to the fall of Bank of United States. Fascinating stuff.

P.S. Not to be ungrateful, I just hope “Free to Choose” will stay free on the streaming network for good. And I love to ask my economists friends if we are indeed seeing “Free Lunch” here? (smile) Of course, in the age of Creative Commons, may be some rules are to be rewritten, including the “Free Lunch” hypothesis. (big smile)

P.P.S. Rather than plagiarizing myself, I am going to just quote myself, “Here is something resembling a transcript of episode of Milton Friedman’s part 3 of Free to Choose, “Anatomy of Crisis”. I don’t know how accurate is this transcript but one may learn something from it.”

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