Re: [Pen-l] [Fwd: Article by Joel Bakan on free marketeers & Milton Friedman]

[Bill Lear <rael@xxxxxxxxxx>]

On Friday, October 31, 2008 at 10:25:07 (-0430) michael a lebowitz writes:
>__________________________
>
>by Joel Bakan
>Special to the Sun
>
>Friday, October 03, 2008
>
>Watching Wall Street melt down over the past two weeks brought back
>memories, fond ones, of an afternoon I spent with Milton Friedman.
>...
>To begin with, he said, corporate firms have one, and only one, obligation
>-- to make as much money as they can for their shareholders. "A corporation
>is the property of its shareholders," he said. "Its interests are the
>interests of its stockholders. Now, beyond that, should it spend the
>stockholders' money for purposes which it regards as socially responsible
>but which it cannot connect to its bottom line? The answer I would say is
>no."

Wrong, Miltie.  His basic premise is so off-base, how can any person
take him seriously?  A corporation is a creature created by and
protected by the government, pure and simple.  His fairy tales would
be laughable were they not so destructive.


Bill
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