Regulation | Murray N. Rothbard

Recorded in October 1992 at Belhaven College in Jackson, Mississippi. Includes a Question and Answer period.

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http://www.readrothbard.com/regulation-murray-n-rothbard

TRANSCRIPT
00:06
thank you very much pleasure to be here
00:09
and it’s great to see people into the
00:12
free market and I was drinking at home
00:14
next the intent for today is bring
00:18
extremely and officially government
00:25
regulation economy how much does not the
00:27
type of man first first wife nothing is
00:33
registered other than in America by now
00:35
a problem a basic problem namely that
00:39
well one thing most people feel that
00:41
there were softer they were ten years
00:43
ago
00:44
they feel that their children would be
00:46
worse than they are which is a big big
00:50
change the American dream it was most
00:51
people expect to have their children
00:54
better well they are so he generation
00:56
improves how beginning they need things
00:59
they perceive it sliding down slowly the
01:02
Chilean with a business like a cotton
01:05
consumer confidence well is that and
01:09
that’s what crazy with the reasons for
01:11
it first place worth we’re going to be
01:13
precession I’m not here to talk about
01:15
the recession tonight alert about the
01:17
topic from the time of the recession
01:19
that’s always had been recessions have
01:21
been every three four ten years of
01:23
something and something else has changed
01:25
namely on top of the recession of middle
01:27
of the recession there’s also a graduate
01:29
of the substantial slowing their decline
01:32
of America think living to dance
01:34
these are the average in person average
01:37
income as correcting front plane and
01:40
directing their taxes of course although
01:42
they’re coming work since 1973 is been
01:45
spoken which study decline marketing ops
01:49
so that’s best account of course for the
01:53
perception of thinking it works the
01:55
reason for the perception and easy
01:58
variant aspect of those young people can
02:01
afford and get married and for a house
02:04
anymore needs to be a before
02:05
or have money 15 knock down the camp
02:07
compound they can’t afford it now so
02:10
such as the perceptions I forgot to see
02:12
something going on there
02:14
the one of the one of the responses of
02:22
the session of the comic Alliance effort
02:25
one of our prions these people responds
02:28
at least on the right direction and the
02:30
State of the Union address President
02:32
Bush this January 28th play a moratorium
02:36
on new government government regulations
02:39
and originally I think the 30 days or 60
02:45
days you extend those ends where by
02:47
august might still be on our merry way
02:49
no but the interesting thing is that the
02:52
this could consider me he’s highly
02:55
gathered or such having government tell
02:58
us every session or I’ll get us out of
03:00
the recession spooby to intervene in the
03:02
economy very much and one obvious answer
03:05
what may be a more trying on new
03:07
regulations under that for a moment vice
03:11
president Quayle and the Council on
03:14
competitiveness which has done some
03:16
really good work against or peddling
03:18
Congress is trying to be funded I think
03:21
of a circle thing they trying to be
03:22
regulate a little bit and with Council
03:27
on competitiveness it has done since the
03:29
Bush administration began to change 100
03:32
federal regulation under them they offer
03:35
okay
03:36
maybe hundred thousand regulation
03:39
imagine change 100 to save the public
03:41
that estimated 10 15 to 20 billion
03:43
dollars annually under these are the
03:47
Titans like a it’s like a frothing on a
03:50
cadence of my tip of the iceberg and
03:54
there are tens of thousands of federal
03:56
regulation the old ones that brought new
03:58
ones and a little bit changing hope they
04:01
can save the public anything in all
04:03
they say they’ll eliminate the whole
04:05
ball of wax the whole shebang there are
04:11
two bills in Congress I presume they
04:12
didn’t pass over they have the following
04:14
the political protocol seen too
04:16
depressing last couple of weeks have all
04:18
the latest comers left by home the
04:22
nickels read bill requiring get on an
04:26
impact statement employment an impact
04:29
statement for woollen apparel regulation
04:32
before we go to effect seems fairly
04:34
reasonable if you have this regulation
04:35
how many people just roll out of work
04:38
I’m going to the cause of who suffer and
04:42
this person is not passed but the thing
04:45
is a different what about the old
04:47
regulation or the hundreds of thousands
04:49
are on the books about their economic
04:51
impact employment I must make something
04:53
about that or the hatch those are the
04:56
hatch combats bill obviously does not
04:59
pass which we require three years cap on
05:02
the total cost of federal regulations
05:04
and he is any new regulations comment
05:08
for that will come in here long time any
05:10
increase in the cost of economy of
05:12
business new regulations you want
05:14
separate reducing our oil during or
05:17
somewhere else
05:18
it was worth it and pass either I mean
05:21
refunding really when we dealing with a
05:24
monstrous parasitic burden atomic
05:27
systems we were dealing with and there’s
05:29
a little bit shuffling here and a little
05:31
bit of reduction could be twenty the
05:35
Duvall Atlanta or what happen
05:37
I’d say for whole thing was eliminated
05:40
so we have I think this is one one thing
05:43
reaching there too I think big reasons
05:45
for the client live exam at one of these
05:48
tremendous increase in the tax burden
05:50
fellow state and local which keeps
05:53
siphoning off private savings and
05:56
private income to our to government
05:59
bonds ovens for number two tremendous
06:02
increasing cost of regulation and
06:05
government thing before I got government
06:06
we think as they increase burden
06:10
denominate system so what the one thing
06:14
a regulation does sort of it certainly
06:16
hits the consumer five-way but for a
06:18
while a let’s turn it up there today
06:21
one thing is the regulation increases
06:25
cost obviously international business
06:27
what was the time to make the economy
06:28
you can’t do this provision have to do
06:31
that fill out this form they are hazard
06:34
of being lower the competitiveness of
06:37
business abroad us we can’t compete with
06:39
of Japan Germany on the hurt and cause
06:42
of the client living standard for
06:43
everybody beginning like the client
06:46
living standards and there’s a myth of
06:49
know many people many businessmen that
06:53
if you increase the course of business
06:55
either by attacks or by regulations just
06:57
pass it on to the consumer sort of like
06:59
asking is a check you know the leader if
07:02
you’re the check but that’s not the way
07:03
it works that is suddenly found another
07:06
consumer voted on the extra cost but
07:10
doesn’t work that way can’t is pass
07:12
online of course the consumer because
07:13
the competition and a competition of
07:16
role of the companies other firms so
07:19
what happens the way the increased cost
07:21
does pass on the consumer not that easy
07:23
what happens is trends a lot of business
07:26
and they make losses and supply and
07:29
goods goes down and types of then go up
07:32
so which were the question of path on
07:34
and in a manner so such that business
07:37
who gets her and consumers get hurt
07:39
everybody gets hurt not exactly every
07:41
month it was the exception minute so one
07:46
cost increase in regulation decrease
07:48
with taxes on business increase it hurts
07:50
businesses and personal assistance
07:51
services of your loss and her saving
07:54
that also hurt the consumer production
07:56
of that
07:57
Worthen for the course regulation
08:00
proposed federal war on the curtain but
08:04
there are they said that some groups the
08:05
benefit but everybody loses because the
08:09
interesting thing is if everybody who
08:10
are governed by going why they don’t
08:12
have them with you excitement and people
08:17
would eventually get live of the
08:18
situation and pressuring people chief
08:20
regulations are crippling the economy
08:22
maybe we should cut them now eliminate
08:24
them there are some groups will benefit
08:27
by these photos terminology these roots
08:31
support a lobbying for them and pushing
08:33
and hesitating them and so far was
08:37
successful and in first place people
08:42
advocate regulation do not say I’m
08:44
wondering I shouldn’t order to Shack the
08:47
public okay I want to regulation because
08:50
I might have a monopoly or I want
08:52
restrict and be like occupation or my
08:54
business they said that they wouldn’t
08:57
get very far and wide quickly so I’ll
09:03
give an example a crazy regulation I was
09:07
talking in my class of the a lecture
09:10
that my client is the last night of our
09:12
regulations and they all popped out the
09:14
ropey they’re all filling adult students
09:17
that they were interpreters and small
09:19
business many examples of a crazy
09:23
regulation think of my aunt raises that
09:25
about Vegas situation California
09:28
whatever or one thing in happens of who
09:31
balance first nineteen poser regulation
09:33
even even if the regulation binoculars
09:36
you can just fill out forms looks at the
09:38
beginning about the content of
09:39
regulation preventive its fill out forms
09:42
of government needs filling out form the
09:44
room he’s juicing fill out forms
09:46
standing in line the essence of
09:49
government so Ron he’s fill out forms
09:53
the small business gets hurt more
09:55
another justice
09:56
number four solar business has heard
09:59
much more than thing dozens if you tell
10:00
the motors you fire employment form
10:02
colors together we have a small
10:06
businessman that four or five and
10:08
politer can’t hire full-time for motors
10:10
and so the impact of regulations can
10:13
menacing disproportionate on small
10:15
business tourism it’s crumbling as a
10:18
business and so because the competitors
10:21
realize about that some realize any kind
10:25
of fixed course and for this position
10:26
it’s fixed cross with more respect for
10:28
well though from other competitors that
10:31
means also the small but I mean the
10:33
weight doesn’t get big announced they
10:35
mostly by growing he starts in the long
10:37
like my Polaroid corporation start race
10:40
morning rotor giant operating if you’re
10:43
efficient satisfying consumers well you
10:45
criminal and very beginning to have
10:47
regulation ePHI regulation of the
10:50
program fully have started I’ll ever
10:52
grow and so the big business is content
10:54
these young upstarts won’t come on –
10:58
Tina’s on challenge that habitation it’s
11:00
not just your smaller that’s also this
11:03
moment which could have been big which
11:04
could have satisfied consumers better
11:06
without these regulation so that’s
11:12
that’s an even time in the content of
11:14
regulation there is a silly thought come
11:17
on the young and also another language
11:25
competition in consumer of a turbo rich
11:30
French economist of 18th century the
11:32
sort of pre Austrian type the wonderful
11:35
session couldn’t read them and then
11:36
attack around later
11:37
so the same sort of drama going on that
11:42
is going on now except they didn’t say
11:45
was benefiting the consumer them from
11:48
again that got me quicker the points out
11:53
of the regulation design allegedly
11:55
designed protect consumers role on the
11:57
sweet in other words why children sort
12:00
of them exercises or her smart for your
12:03
average doctor
12:04
to contract or ever but there wasn’t
12:06
from honor is a licensed contractor
12:09
license doctor everyone must be good and
12:11
so the government by putting me from
12:14
odder government on each of these
12:17
occupation treaty doesn’t begin that we
12:20
can leave the acting them consumer
12:22
learning that was going on picking the
12:24
best people conserve your instead of
12:26
being healthy against your government
12:29
regulation we can cripple them in their
12:31
own learning process their own
12:34
competition I would say there are
12:38
several examples of this again I’m sure
12:40
all your the document was even more the
12:45
the mind my brother more example the
12:49
photographer the general Virginia and
12:52
goods of property but not the sounds
12:54
profession to printer and but he can’t
12:58
he can’t become a fool hundreds of
13:01
others even wanna get at the positive
13:03
license under the cost too much where
13:06
you have a fixed cost but I don’t know
13:08
what of this hundreds of dollars for
13:10
your license he won’t be a part my
13:12
photography can’t do it because my life
13:15
and my license of course the licensing
13:16
situation my hands will be occupation of
13:19
the sudden the I suppose the Virginia
13:23
Board of photographers or whatever this
13:25
is licenses okay and what do you have to
13:28
doing that we have to say tail on money
13:31
to be quote good moral character on
13:33
court
13:33
I don’t know what I don’t know what
13:35
privileges photographer become judges of
13:38
the moral character become ssystem
13:40
preachers or ever been a right the VSS
13:43
evident because to my team annuity can
13:46
bestow engagement illegal repository but
13:49
you can’t thank me and can’t advertise
13:50
in the paper it can be in the yellow
13:52
pages which cuts the scope of is market
13:55
and thing huh that’s not a parable
13:57
plainly my brother this anyway but was
14:00
because we could be doing their good
14:02
service or public eager could be
14:04
competing with a license for ographers
14:06
and they can’t do it because the cartel
14:09
situations Carla the whole country is
14:11
colorized tourism dozens of groups
14:13
getting speaking out on
14:16
there’s actual competitors my student
14:20
says talking about that they said that
14:22
Southern California one of the he’s from
14:24
plumber in California in Los Angeles
14:27
area he couldn’t comment plumber but
14:28
that they had us and one of the time of
14:30
coming at 130 different license
14:33
requirements and different in different
14:35
jurisdictions which course speeded that
14:37
funny you know you know something you
14:39
don’t know
14:39
1az hope Ryan’s are coming to school
14:42
special for school in another example I
14:48
got the lady who was a only four or five
14:51
beauties beauty school hairdresser the
14:53
beauty parlor in California beside
14:55
retire Nevada
14:57
the man is failure to Pretoria there’s
15:00
any other states retired about 180 small
15:04
she couldn’t do it for you know she had
15:05
to go to beauty school proprietors or
15:08
somebody in the matter kind of
15:09
hairdressing is different imaginative
15:11
California and they might not just be
15:14
had reservations to be an auditor Hawaii
15:16
ask me license to be an owner those I
15:18
think he’s regulations Obama not one of
15:22
my pet peeves is in short they have
15:24
every taxi every every city in the
15:27
country of the packing monopoly
15:28
unbelievable story
15:30
the New York City where I was born and
15:34
raised when was my life there were
15:38
twenty two thousand nine feet on the
15:39
street in the 1920s and was booming
15:42
Muriel and 1930 the big depression of
15:45
course was one woman isn’t here your
15:49
choreographer a ride on ride on taxi
15:51
very much I keep it the climb and it
15:54
went out with 22,000 about 11,000
15:56
something I mention though the exact
15:58
number eleven times of one day
15:59
Washington a 1934 1936 and one period of
16:05
taxing mistreated me or those of the
16:06
city government that we need help and
16:09
okay and before that for 1934 and one of
16:13
the moment of the private actually have
16:15
had a driver’s life and our car we kind
16:18
of think
16:19
and they hadn’t got a license for ten
16:21
bucks to come out of a hockey Commission
16:24
and I’m sitting along again if they’re
16:26
10 bucks you get a replacement that’s it
16:27
pay the course of a car cause I’m going
16:30
on a drive and ten bucks all the license
16:34
from since 1934 until the present day
16:37
city in the northern I shoot what do you
16:39
single do license that’s it
16:42
prices were frozen forever growling 1934
16:45
so then how do you might have your only
16:49
by a cab
16:50
are you know you’re only by my hand by
16:53
the license or somebody’s going to come
16:54
out of the cab business license which
16:57
really was ten bucks and now something
16:59
I’ve have like a hundred fifty thousand
17:01
dollars and this purse wheat of that
17:04
push isn’t supply curve comments a life
17:06
means supply the cam going to be their
17:09
strength at the price their life you can
17:10
find cabs in New York can finally
17:13
rush-hour again I mean when it’s raining
17:15
came out as a baseball game going on you
17:17
can’t hide your work one can wear this
17:19
place are they don’t like after you have
17:21
and result of list by the way have black
17:24
markets and Camden pray by Eagle calves
17:26
can we go pass juicy cast three five
17:28
years ago
17:29
insane structuring all those caramel
17:32
ovation I think and a fan of the Las
17:36
Vegas or such that’s fairly free market
17:38
oriented locally there are two thousand
17:41
cam licenses in that says they haven’t
17:42
been having increases for ten years all
17:44
the cities booming population said
17:47
seventy percent per year increased
17:49
Buffalo tourists so the number of ham
17:52
severely restricted therefore three if I
17:54
get a cab anyway this is their lawn and
17:58
on sure you don’t want to fly examples
18:01
of us so so we and this brings us to
18:07
another employer who initiative benefit
18:11
for cartellis benefit and a whole group
18:15
of regulators weather makers will call
18:18
the new class little clients right the
18:21
guy who did the regulate the cousin’s
18:23
farm performed recording unit palapa
18:25
forms the
18:29
technocrats are you near them planners
18:31
and city planners and therapists upon
18:34
the amount of faragon brainwash you
18:37
don’t like the toaster sensitivity
18:40
training you can little this whole crew
18:43
love people were moment if I might look
18:45
at the benefit their their DiNozzo we
18:49
have a we have the whole city about the
18:53
sector private sector chuckles
18:55
productive sector she’s actually
18:56
producing business services and leeching
18:59
off our that on the public sector
19:01
bureaucrats politicians arrest of it and
19:05
so in the image has a tremendous
19:07
increase in public sector and decrease
19:09
in private sector that people leave the
19:11
private sector and go to the parasitic
19:13
sector
19:14
I wasn’t developed the moment bullet
19:15
forces that’s for the house host and the
19:18
parasite and one was over him under
19:21
communism and he had he had a communist
19:23
system in Russia and Russert Eastern
19:26
Europe supposedly impregnable
19:29
totalitarian pretty watching everybody
19:31
almost everybody down my workplace
19:33
management class abilities doing the
19:35
producing and selling bingo open
19:38
collapses and of course everything
19:40
chaotic so I hope they don’t have to
19:42
reach that one okay the whole system by
19:46
that and it’s we wake up a final
19:51
resuming will not reach that point of a
19:54
point of if you have general Hammond
19:56
productive moving out of power Citigroup
19:58
the paradise that wife greater a greater
20:01
and more songs on the decline
20:05
whatever the purple decay so long the
20:14
month and one lot of questions of that
20:17
support what we do believe your breath
20:20
and therapists and planners will happy
20:22
lament all the stuff when we deliver my
20:26
favorite answer that about Howard Jarvis
20:28
the heroic leader of the publishing
20:31
thirteen movement in California
20:33
in 78 and by the way if you wanted to be
20:36
out after the funnies I’m tend to be
20:38
optimistic you know they’re coming topic
20:40
having a mean living in California
20:42
during that year 1978 was a heartwarming
20:45
experience murder everybody everybody’s
20:48
attacking this nice person
20:50
the quantum property taxes by two-thirds
20:52
everybody attacking entire establishment
20:55
economist PTAs Teachers Union government
21:00
official newspapers big business you
21:02
know the spectrum unions was a list of
21:05
contributors of big contributors to the
21:08
anti-poverty make everything operating a
21:10
California if you look at the list of
21:12
who’s who businesses contributed for
21:15
proposition 30 never heard of them a
21:16
little holiday saw them on the screen
21:22
and and so everybody was attacking it
21:25
and they bowing on the pool party
21:27
everybody I mean running thing one that
21:30
hasn’t has a time of push for me
21:32
personally opponent was seventy percent
21:34
against that’s worth the time approached
21:36
for the role he could see this way
21:38
knowing telecom positions are he a
21:40
minute and I found me much just bananas
21:42
if you pass this the streets will
21:44
disappear a firebomb was available these
21:47
would be here what we’re going to buy an
21:49
eye on the street on many doctors were
21:52
told is very and yet and yet one and one
21:55
night my teeth December 15 percent
21:57
magnificent everybody was against itself
21:59
of public a public room
22:02
just wait for them trying to get rounded
22:04
tomato a little thing of them he was a
22:06
heroic moment probably actually rose
22:09
number that’s something that and he gets
22:11
an entire establishment blockaded or two
22:15
or three comments a sign maybe move and
22:17
one has a transition for today like that
22:21
but that was a desert is the
22:23
magnificence of demonstration member
22:24
eilen I spoke at a rally the night
22:27
before proposition 13 growth Brian
22:30
Berkeley somewhere and almost nobody
22:33
there these big baseball part could be
22:36
people there are three the president
22:38
took these people and the don’t worry
22:41
about option of the right number of
22:43
rallies they just going broke sure and
22:46
on the ground
22:47
settled well my favorite answer to the
22:51
question what do you do about the people
22:54
who was from in her work you’re at the
22:57
planners of Arabism counselor how is
22:59
your was my favorite answers at well and
23:02
that he’s only one of the people we said
23:04
free to find the toughest job in the
23:06
private sector so that’s Yuri Maltsev
23:13
I favored Soviet the factor he defected
23:17
just before me this is was iron curtain
23:21
fell before 1989 in the last month top
23:27
economist of the Russian one so when a
23:30
ton of motocross broke Sweden whoever it
23:33
against flesh and kinky daisies and took
23:35
half of that two weeks later they over
23:37
the borders they rang he yo he said
23:41
would he do it all these people he said
23:43
well what do you do with KGB a couple
23:46
million TGV people watch or xqp
23:48
we do a mother they make look kind of
23:50
Doris like security from you change
23:54
security accurately so on
23:58
somehow related skill that what
24:02
so long but I think on the answer to it
24:08
must be how much regulations too much in
24:13
the home but who lacks appeal on it how
24:15
long how fast you do it well first of
24:19
all have that can you do try practice be
24:22
camera magnet buttoning and personal
24:24
they hold up I would pushing but they’re
24:28
all of you will my mark give a couple
24:31
weeks make the answer I think it’s
24:41
pretty clear
24:41
get rid of your Illinois never enough of
24:44
the better we start pairing available is
24:47
tremendous network purple regulation and
24:52
nobody ever talks about it we didn’t
24:53
talk about it and we understand another
24:57
better to hear about the guys that will
24:58
be for their benefit I can’t can’t get a
25:03
photographer in the archive of our
25:05
program and the rural Virginia because
25:07
you’re being protected from some obscure
25:10
fashion so but I think we need a lot of
25:15
Education public around what’s going on
25:17
filming the public basically Salman Khan
25:21
the calm because and what are weakening
25:24
the Khan one reason they’ve got a way
25:25
with the media intellectual lately such
25:28
as the colloid week we also have the
25:30
intellectual elite academics a little
25:34
columnist you know over the network news
25:38
programs all these people are part of
25:41
the new class they were there they’re
25:42
the difference the same group its and
25:45
actually in the has better than
25:46
obscenities I think the same ideology
25:48
and that’s why we only hear about media
25:50
current so they’re about to which
25:53
anything
25:54
and forget for the general public what
25:58
can be done about that I’m not quite
25:59
sure if I’m not ready to suggestion none
26:02
about me anyway let me answer all
26:04
questions thank you interim regulation
26:08
questions Obama’s book how to go about
26:10
it
26:12
thank you very much
26:22
we now right over the floor to any
26:24
questions that anybody has dr. Rock Park
26:28
will entertain a few minutes of
26:30
questions that I have a few closing
26:32
comments also dr. Roth or has graciously
26:38
sent up staying out for a little walk
26:40
afterwards in case some people had
26:42
mentioned to me about autographing books
26:44
and things like this and we’ll just stay
26:46
around for a few minutes after the
26:48
closing of the first session tonight but
26:52
do we have any credence now that you
26:54
might want to promote propose to dr.
26:56
Roth Hargitay cancer field you didn’t
27:05
heed them yes I have one but before I
27:10
asked it I what did you tell the class
27:12
the last one I found efficient about
27:15
that determine either said that did
27:18
license to fish for salmon cost 40,000
27:21
are the word 40 remember Menninger
27:26
commences a question being is a part of
27:29
regulation how is he dead it is to our
27:35
society that a working shut up you come
27:39
again
27:39
public private from climate gets
27:42
arrested several comic separate lecture
27:46
content area the private netting list is
27:50
being watched as a census on recession
27:53
507 by heaven wasn’t me
27:56
during the 1980s very much by 1920s the
28:00
bank credit expansion fuel reserve
28:02
system court in expanded
28:04
credit and led to cheap credit letter /
28:07
malinvestments bad investments
28:09
finally loans booms a shopping mall of
28:13
Texas the village and things like that
28:15
and we’re paying the price for that so
28:17
corporations and then individuals got
28:19
something’s dead and thanks cousin
28:22
Federal Reserve System to fueling that’s
28:24
pumping more credit than more money in
28:26
the system the it’s been like a virus by
28:31
the recession by restricting their
28:33
income by by having to pay back
28:36
unfortunately there’s nothing pay off as
28:39
much as you think
28:39
because even the corporation’s an
28:42
individual to pay now going in with that
28:44
hanging off their ass that’s a great
28:46
manufacturer many corporations
28:49
especially those of real estate their
28:51
ass hasn’t deflating faster than paying
28:53
off the debt so the ratio of debt to
28:56
assets is going up that’s why it takes
28:58
it’s going to take a long time unit out
28:59
of recession effect already in a long
29:01
time anyway the price of the pilot that
29:04
can be counteracted by this kind of life
29:06
by simply the natural forces of a market
29:07
you know people can’t government to
29:10
print money but we can we the government
29:13
can print money to pay off their debts
29:14
and we can’t we have to tighten our
29:17
belts one of the reasons why we’re where
29:19
the Federal Reserve driving down
29:22
interest rates are not working them
29:23
people all want to borrow anymore I want
29:24
to pay all their existing debt it’s not
29:27
gonna work like a horse I told that’s
29:30
paid off old is doing asked in the
29:32
nineteen thanks personally government
29:34
bonds we don’t need so the public has
29:38
much were doesn’t offer the public does
29:40
unproductive and these private debt
29:42
knows that something had be something
29:44
other than exist the government debt
29:46
reserve all this is dissipated so and
29:51
pile up tremendously and the government
29:54
has an ally I don’t have to either we
29:56
pay off their debt being the taxpayer or
30:00
a trend line basically inflated that our
30:02
way which is what a German bit of
30:04
anything free either way it Turtles and
30:07
direction so no magic there’s no magic
30:10
elixir of the public
30:11
that united to the Sun and since I mean
30:15
I think the public pulling that very
30:17
important was worse one thing worse than
30:19
the public as increasing taxes the
30:21
truncated or the increasing taxes major
30:24
recession even worse find some type of
30:26
way more saving is called permanent
30:28
scepter so the weight of course for
30:31
anybody hailed for this expansion the
30:34
way to government pay off their data
30:36
reduce it stop spending and cut their
30:38
expect I mean my favorite by the way my
30:40
favorite budget proposal people actually
30:42
would you cut it was massive what about
30:45
the parent the current government budget
30:46
one point featuring in as a famine I
30:49
mean look recently he’s going up but
30:52
anyway my favorite answer what does a
30:55
year your incidents they would be very
30:58
moderate about it along soccer you guys
31:00
take the last artery free spending prior
31:04
fifty billion dollar deficit have my
31:07
final day of our expenditures go back of
31:09
that let’s pass a law and from now on no
31:12
we found of agency you’ve spent any more
31:13
than they did in 1970 period if it’s a
31:17
new agency they can’t say anything I
31:21
think of people while Safari the streets
31:24
in 1980 are very good shape don’t
31:26
worship them we are now let’s do that
31:28
I’m sorry that we have a big surplus it
31:30
pay off a lot other than that you cut
31:32
taxes that’s the way the day I did grass
31:35
make custom Herman spending just go back
31:37
inside hanging right over very fewer
31:40
fresh we come to say you see nice go by
31:42
1980 is only 90 degrees milder
31:44
professionally I’ll refer going back to
31:46
17
31:50
1980 start small and that’s a big
31:56
problem the only agency to do it cut
31:57
slash government spending
31:59
yeah those of us who advocated
32:01
free-market tunnel you’re the question
32:03
what about monopolies
32:04
if you have no regulation I’m certainly
32:07
heaven that in common question okay and
32:10
a green I think a great answer the mommy
32:11
the created by the government the
32:13
government who creates believe the a lot
32:16
of white plumber like the photographer
32:18
go north of the government set up
32:20
cartels create federal contracts up I
32:24
mean the Regulatory Commission have a
32:27
interstate commerce English set up
32:29
allegedly to help because railroad
32:32
freight rates are going up too high and
32:34
then we need a government to keep them
32:36
well public interest make sure the big
32:39
business monopoly with her the consumer
32:40
the ask the actual ring before just the
32:43
opposite actually was happening before
32:45
the ICC came in 1887 freight rates are
32:48
going down
32:49
railroads accessibility find out if our
32:51
colonies cut production and cut
32:54
shipments and read the rate that
32:55
couldn’t do it in the free market
32:56
internal the government to do it the ICC
32:59
the creature of the railroad basically
33:01
to try to Carl I the system to do with
33:03
Bismarck didn’t Germany locally you
33:06
can’t lower epic keep the rates up you
33:08
can’t over it can’t even beat shipments
33:10
have like we have in the NRA officially
33:13
have a cartel and they’ve got a labor
33:15
they couldn’t tell the public look we
33:17
have a cartel you were a straight razor
33:19
so we do need to occur big as well have
33:21
a big shell game and then repeated every
33:24
and every major legislation sista resume
33:27
R&D; law of the same thing movie with me
33:30
more stuff comes in the picture but
33:31
basically things were like just for
33:33
exists for example when I was before I
33:36
forget now my king but they’re all but
33:40
what Brandeis the one most revered
33:41
figure the plane has your Garmin lecture
33:44
he his official biographer the title of
33:47
book was the fight from the fighter for
33:50
freedom of Brandon so value-neutral turn
33:53
this guy’s must be grateful even three
33:55
composition well he actually wasn’t
33:57
believin retail retail store monopoly
33:59
you want to be here the consumer info
34:02
consumer mobile trailers you let once
34:05
because or another gift store he was the
34:08
father of resale price maintenance of
34:10
their so-called Fair Trade Act which
34:13
meant of the retail Association set of
34:15
minimum price nobody that’s this Canon
34:17
County going to jail this existed until
34:21
1960 I think with masters and Kmart and
34:24
and I think my master than a quarter
34:27
that broke it took a constitutional
34:29
fight event Supreme Court before that
34:32
have two shows restricting this
34:33
restraint of trade defeat it was so
34:36
employers that the be Peter Mel enticing
34:40
pros which opposed cartel Carlotta
34:42
government in the name of helping out
34:45
freedom and free competition at all
34:46
accident so government is not undulating
34:48
will composition when it doesn’t read na
34:51
mele of its favorite people
34:53
most of the end I think only antitrust
34:55
exam about one corporations run – at the
34:57
other one who better than off the market
34:59
composition to turn on the government
35:01
and it’s kind of unfair expression –
35:03
well effective – to equal whatever it is
35:06
it might sometimes phony excuse me break
35:09
up using government to break out their
35:10
competitor I mean unless there’s a
35:16
complicated tough I thing with you was
35:17
the thing about the keyboard the two
35:19
different aspects was one of the
35:21
regulation cable rage and two of the
35:24
type of people most the most that he
35:25
went off with a monthly tranche eyes so
35:28
this cable bill we regulate the prices
35:31
believe that’s probably impact to see or
35:34
others should’ve just the opposition not
35:36
really prices won’t allow free
35:38
competition King both of them they hold
35:41
fine dropping things on how much of math
35:43
took a lot of telephones to begin cable
35:47
mister stop so the laws of being
35:48
truthful being constricted the that by
35:54
the month paralyzes the big talk
35:56
politician was liberal campaign
35:58
president Toussaint many years and he
36:00
tell me a story about you
36:02
mobile cable franchises with one of the
36:04
big brackets and the country has defined
36:07
with monthly franchise who gets it
36:09
we talk about the struggle machine yes
36:11
sir a guy who only the trans out to
36:13
Vegas has been a long time
36:15
I shouldn’t say mafioso tight anyway the
36:23
in the Tucson final five or seven with a
36:27
71 city council to battle looking to
36:31
possible people franchisees who get the
36:33
franchise one city councilors just a
36:34
secret ballot and so anything secret
36:37
about me think about some national
36:38
security the statement was you can the
36:40
secret ballot tournament I’m paying full
36:42
company hidden fees are coming to find
36:47
out which everybody their money betrayed
36:50
George Washington punk at the famous
36:52
Tammany Philosopher’s back in late 19th
36:54
century to work marching plugin said
36:57
he’s his definition an honest politician
36:59
a tremendous master bring one of Mises
37:21
is great in sciences and it’s quite a
37:22
puzzle for my family to share of
37:25
everything are depicted pretty see your
37:28
problem and who are the problems we own
37:29
little in order to be all over the place
37:32
see your problem they call them anything
37:34
you have a two million dollar commission
37:36
or something I mean I thought
37:38
Rockefeller Foundation five FFP the
37:40
problem and they used to just the
37:42
government from amantha programs to
37:43
combat transnational program at the end
37:46
of the massive program problems though
37:48
they are not worse and two or three
37:50
other problems are created and then the
37:52
course for government creating a song
37:54
another problem why not cumulative
37:57
intervention that’s what’s happened in
37:59
health care not expert health years the
38:00
point I was going out of 1930 much less
38:04
Apple whether you are now nobody nobody
38:09
poor little dirty like em every leggings
38:10
for their doctor their muscle everything
38:12
else I’m Mara by mind my family
38:15
physician charged two bucks for a office
38:20
visits big bucks for homes as Mukunda
38:23
themselves losing you’re under 16 I’m
38:25
never heard of this that he has waited
38:28
importable of the clinics they were the
38:30
treated treated by a doctor with no
38:33
problem health ensures the problem oral
38:35
care as the person’s immune me on Friday
38:38
from fighting she was great and then
38:41
start third-party health-insurance and
38:43
beg hero and wind up the huge metal of
38:46
course but most people can’t afford
38:47
another clients those are not the only
38:50
other can we have a third party medical
38:53
insurance or to have the demand curve
38:55
goes up to infinity somewhere if you say
38:58
I will buy the government my Medicare
39:01
will pay off any doctor bill I also go
39:04
skyrockets my fact friend of mine so
39:08
I’ve had an operation and guess what
39:11
guess what the bill is I’m going to be
39:13
so big he says don’t worry about what
39:16
the sure doesn’t pay will cut point of
39:21
the me these Sherman I mean the fact
39:23
that providing the unlimited amman and
39:25
then they got you having nothing is
39:27
course it’s not affordable them they
39:29
start talking about putting a cap on it
39:30
the holding the total food mess the only
39:33
way to get ahead of this eliminate
39:35
entire government as much as medical the
39:37
only way Kent can do so via the belly
39:40
back get it out and the event event
39:46
doctors coming were so effective
39:49
regulation getting worse inevitable what
39:51
you subsidize less than they even start
39:54
really thought about calling I remember
39:59
making 15 left us from favorite early
40:01
education says I were in and
40:04
conservatives a note on you had federal
40:06
a that we control over public
40:08
education I don’t know if everything
40:10
probably promised me guaranteed will be
40:12
covering the bill at the profit our
40:13
course everybody realize all the time
40:27
yeah that’s also great that’s also an
40:29
example cumulative intervention the milk
40:31
that’s all the racing cake because what
40:34
happened was the may corporation
40:36
actually Eastern corporation
40:37
northeastern establishment corporations
40:40
front about corporation came in
40:43
efficient and the profits are full and
40:46
not in the big enough and the first of
40:49
lookism he kind of make this once again
40:52
it shipped to the southwest and fund on
40:54
my lap and thought they have education
40:58
corporations a weapon the one weapon spa
41:04
happens a takeover bid coming and the
41:07
old day you know quite a bit I want to
41:10
take over this corporation I told my
41:12
buddies it’s only announced November the
41:15
fifth by now ok I’m about to see one
41:17
more time to buy out an anthology of
41:19
available day take a little bath fish
41:22
into the meeting but no more heroes and
41:25
look at night no another so the protein
41:27
yo oh my corporation doesn’t like that
41:29
because a lot of hard and brittle empire
41:33
the research people orient I didn’t like
41:36
it
41:36
so they got senator Williams people evil
41:39
of its figure enough anybody here
41:40
remember senator house and when you
41:41
don’t have in Jersey I used to be the
41:43
aggression right I like a man that gets
41:46
one one of the you’ve actually described
41:48
immersed in the vector
41:51
and and one of the most beloved person
41:55
in the New York Times article Devon
41:57
getting money to the arts and neh
42:00
recording individual artifacts are
42:02
prematurely aged type and he gets very
42:05
passionately as well or past because
42:07
those you can’t do this anymore I can’t
42:08
be covered people over when you can you
42:11
want to me when you want to take over
42:13
corporation you have to stop at 5% and
42:15
imagine and then weight them exceed 90
42:18
day for unit out of worthless me to
42:21
avert everybody say everybody female by
42:24
however it is and they and they stopped
42:26
a little power chargers come in the best
42:28
is what’s going to happen and a message
42:31
this more or less hostile takeovers cold
42:33
of the Williams not at that point 1970
42:36
Michael Milken first the financial
42:39
genius sided get around the bank to get
42:41
around the Williams Act like commencing
42:44
takeovers to little I knew long jump
42:47
possibly for their enemies you fight
42:49
Cadillacs pulling bubbles jump higher so
42:55
anyway someone look a they’ve got around
42:57
the rocket pops down from pipes and they
43:00
will take can take a look if they hated
43:02
and then they eat the need and then you
43:04
know the Bush administration hire a lot
43:06
to love this fashion from the jail comes
43:09
out charges while a 250cc regulators
43:13
anyway program regulation beautiful web
43:16
even these are chicken valets let me
43:18
hear the matter not crime and yet and
43:21
yet the and the average person is really
43:23
depressing yet they have a personal
43:25
discreet I by the way thing on TV I
43:28
think more than anything up acting I’m a
43:31
mystery what do you think it’s uncle
43:32
George
43:33
sorry what do you think of them I love
43:36
them they should follow away the key
43:40
three hundred dollar fine without the
43:42
ten years of jail I mean mass rape as
43:45
mass murders will get that are you know
43:47
kind of on the rest because this
43:49
proportions here you see like then this
43:51
is the way they see the rotten state of
43:54
the world and as my humans okay
43:57
our large mutual fund groups that come
44:02
three months ago that no matter who was
44:05
elected president that was before
44:07
borough it dropped out there none that
44:09
the economic policies were fairly well
44:12
threatened each one of them would follow
44:14
up what the policy behind the thing is
44:18
both parties are changing the changing
44:19
however it can contain different nuances
44:23
of cases someone more conservative
44:26
doesn’t make much difference it’s sort
44:29
of like we need to for airing of when
44:37
you the general party infinite Strube
44:41
not the same the other hand I think
44:42
Clementi worse their left-wing pennies
44:44
pieces we have more s’more heaven
44:47
investment more taxes and we should take
44:51
the time to hear Pemberley so what’s our
44:56
to evolve in February making it worse
44:58
it’ll get
44:59
reactions that died and I’m getting this
45:01
trust back you think maybe of course
45:03
there’s a lot of they get worse back
45:05
there is no reaction that gets worse
45:07
follow my way when he contacted first
45:10
passed people say when in fact mostly
45:14
hospital liberal mostly limited air
45:15
attacks there aren’t their argument look
45:17
yeah become actions use visible
45:19
everybody to be lower taxes because he
45:21
can’t see excise back you can see tales
45:23
back to their to work because it makes
45:25
the things is when people fight them
45:27
over tonight he’s throwing up a little
45:30
time right you know I attended other
45:33
thing he won’t come the paralyzer to
45:35
evil that’s true
45:37
no I see your position as being rather
45:41
aggressive and maybe sometimes when the
45:45
country seems to be a little death to
45:47
the idea of reducing unnecessary
45:49
regulation in cost you have to sort of
45:52
be a little bit of a bit loud it won’t
45:56
get their attention given what I
46:00
perceived be a fairly extreme position
46:03
on your part that you need to feel that
46:05
all regulation and regulation I guess
46:08
being somewhat the details surrounding a
46:12
law and I don’t believe you’re proposing
46:14
that we don’t live under law enforcement
46:18
yeah administrative regulation so let’s
46:20
take just a simplistic example instead
46:24
of being against regulation for
46:25
increased cost which is obvious or
46:27
increased government spending which is
46:30
obvious how about the to solve the core
46:35
problem that is of misbehavior for
46:38
example an industry that without
46:41
regulation might pollute
46:42
what would be the solution through there
46:45
what would the natural forces be to keep
46:48
a business or industry or some sort of
46:51
organization from misbehaving president
46:54
against fraud which cover mama doesn’t
46:58
cover a lot of the other stuff you mean
47:00
extra laws against fraud or legitimate
47:04
and political separate question
47:07
pollution is what happened there
47:10
inclusion the tank on personal property
47:13
new words of you if you of course smoke
47:15
into the screen or whatever into my area
47:18
or injuring a long ago he clearing the
47:21
crops and all that what happened was in
47:24
the early 19th century the for the early
47:27
19th century property rights are
47:29
protected Okita who owned like property
47:31
were coming to your property injunction
47:34
out your fucking
47:36
Isaiah and when locomotives first came
47:39
in eighteen thirties and forties and
47:41
were chubby now to feel every pouring
47:45
slogan obvious inclusion why they were
47:47
destroying the crops of the farmer
47:49
Thomas temple of the railroads the court
47:52
and they were in the judges and said
47:54
defending the property rights the farmer
47:56
says follow hook he know it’s in the
47:58
period of property license to ban
48:00
something higher than conferences public
48:02
policy that for Public Policy the man we
48:05
haven’t doesn’t mean the streamlined
48:07
railroads and imploring us to you
48:09
basically fighting more legalese in
48:13
other words the course that systematic
48:15
like maybe thirty gone favored riding
48:19
roughshod and pollution or over property
48:21
owners so we did that he and yet allow
48:24
that four hundred you know polluting
48:26
technology in other words away on a
48:29
personal Union major foolish commentary
48:32
Menace polluters they were the
48:34
government there’s nothing is checked
48:35
them and one of the one example I want
48:38
to give us posing you know mobile has no
48:42
on step right here on corner booth or a
48:44
lot and trucks are causing your lawn and
48:47
where they get to where the traffic
48:48
tie-up and if a quick you take the guy
48:52
at court the book your honor she can’t
48:53
horse I know on the course of look
48:55
probably the more for your computer
48:57
finding my lawn so now it have to do it
49:00
weekend if you might have a hundred
49:02
years of the lon I’m of the trust
49:03
curtain causing everything so a problem
49:06
not technology problem on capitalism
49:07
following the government amount of
49:09
course property writers but that’s
49:10
supposed to be doing and that’s a that’s
49:13
a that’s like that’s a good point
49:14
the pollution point also the place of
49:18
privatize
49:19
with make sure the river them get the
49:21
rule and privatize the rivers make sure
49:23
that from the owners River make sure
49:33
you

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