Milton Friedman Speaks: Is Capitalism Humane?
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- čas přidán 30. 07. 2012
- Dr. Friedman speaks on the morality of capitalism.
The question is irrelevant. Capitalism per se is not humane or inhumane; neither is socialism. If we compare the two in terms of results, it is clear that only capitalism fosters equality and works toward social justice. The one is based on the principle of voluntary cooperation and free exchange, the other on force of position and power. In a free economy, it is hard to do good; you either have to use your own hard-earned money to do it or work hard to persuade others to your course. But by the same token, it is difficult to do harm because by preventing a concentration of power, capitalism prevents people from committing sustained, serious harm. Is capitalism humane or inhumane? It is neither. But it tends to give free rein to the human values of human beings.
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Anyone else feel exhausted from obsessively watching things like this in order to arm yourself with tools to defend yourself in public against angry outraged people? Yet when you go to use these arguments, your exhaustion does not allow you to say much more than 1 or 2 things because you can't imagine having to explain the 1000 things you have to say to their 1 sentence?
This lecture was given in 1978! He described exactly what is happening today 2019.
Was looking for the date, thank you
If Monetarism worked students wouldn't be protesting again. Too bad it didn't...
When will you update it to 2020?
Cause it is happening today too, like. my god.
2020 even more so
This has been happening for well over 150 years.
Cornell wouldn’t have him today. He would be shouted down and banned from campus by “protesters.”
In a twist of fate, I have come to realize that Friedman rebelled more effectively and radically against convention than the hippies.
Francisco Bizzaro i know, right? Fucking amazing, yet people failed to understand what he was saying, even though he speaks the language of the masses.
rebelled against convention by sucking up to power. okay
@@tomj210 How else _can_ one suck?
Big time.
@@tomj210 Exactly. Friedman went down to Chile to help out the military Coup d' eta made by the A&P butcher General Pinochet with the assistance of the CIA.
Milton Friedman and Thomas Sowell rock.
Top top top intellectuals
43:02 "when you hear people objecting to the market, or to capitalism, and you examine their objections, you will find that most of those objections are objections to freedom itself. what most people are objecting to is that the market gives the people what the people want, instead of what the person talking thinks the people ought to want"
absolutely brilliant
Absolute bullshit.
It's becoming a society of take care of me because I can't/don't want to
@@turboplazz adolescence is taking its time with you isn't it! smh
@@turboplazz triggered
turboplazz shut up
"We have made immoral behaviour more profitable" Imagine if he lived to see what social media became.
Did he not? Iirc he only passed away around 2005ish.
This is not just economics. This is philosophy.
***** Go starve in Venezuela. ;^)
This is so true. Good economists such as Mises, Hayek, Buchanan and also Friedman (except on monetary policy) have to have a certain understanding of philosophy, sociology and political science besides economics.
Smith’s original works were on moral philosophy
Deplorable America to be fair economics is just mathematics applied to philosophy :P all social scientists are philosophers wearing different hats
Also because to be "good" at economics you need to understand how the individual thinks and behaves, and how a group environment affects said behavior. Behind the front of an economist lies an extremely awake human being in Milton Friedman.
It’s 2020, I’d say his words and wisdom age quite well
LOL, yeah you know garbage like plastic for also age quite well.
Yeah if you’re a multi billionaire
We've been talking about the exact same issues with the exact same arguments for the past 50 years. That's depressing.
Truly the dismal science
No kidding. I've been in Germany for some time now and there's always these anti-capitalism protests so finally I asked one of the people to define capitalism when he was done I was shocked, he just described fascism.
Yes that is a fake that DKP german commies started under Rosa Luxemburg they claimed even the social-democrats of Weimar, to be fascists. and Stalin cntinued that lie building the Iron curtain against fascism.But fascism was created by the communistleader Mussolini, insired by talks with Lenin in Switzerland during WW1! So many commienbelievers wrongly think fascism is capitalistic, instead of a cousin of communism.By the way Hitler was a socislist., not a fascist!
A clear thinker with the very rare ability to also speak with clarity. A gentle soul. A man for the ages whom I wish I had known.
May his ideas enlighten people for centuries to come
No Milton is shallow and has little if any understanding of human needs or societal functioning
@@robertjonesjr6028 yet, he speaks clearly and seems to have a clear thought, don't you think?
He can be wrong... But is wrong following a logic.
@@robertjonesjr6028 If you weren´t such a waste of oxygen and had an inch of humble curiosity, you would rapidly discover that Milton Friedman dedicated his ENTIRE LIFE precisely on the study of human needs and choices and their impact on others, the market and society.
But don´t bother now, I am absolutely convinced you are unable to learn anything at this point of your life.
Robert Jones Jr LOL. 😂😂😂😂😂😂😂😂😂😂🐑🐑🐑🐑🐑🧟♂️🧟♂️🧟♂️🧟♂️
he makes economics interesting.. i like his speeches very much... i never went to college. but , i never regret because i got great teachers via their books and speeches such as these...
you should check out Rothbard, you'd love it. As good as Friedman is here, Rothbard is even better.
He isn't taught at college, be glad you didn't go to college, your much better off and more free because you didn't.
It’s 2021 and we need this type of thinking more than ever
Oh how we need this man today!
When he died I was sad for days :(
The sad thing is that the lib, Hollywood and the media will shot him down.
Yes, we need more super-billionaires.
Patrick Bet David and his team.
Dorian Philotheates super billionaires create workplaces where other people can earn well
"When you hear people objecting to the market or to capitalism and you examine their objections, you will find that most of those objections, are objections to freedom itself. What most people are objecting to is that the market gives the people what the people want instead of what the person talking thinks the people ought to want."
100% TRUE IN ALL CASES.
What he said in the beginning about Germany, collectivism and self destruction. He basically predicted the current state of Germany and the EU forty or so years ago. Talk about foresight and clear vision. Milton Friedman the oracle of capitalism. Seems like I have more Russian literature that I have to read.
As do I
That book also explains perfectly the hatred in western society for marriage and the celebration of abortion.
Oracle, or, unapologetic intelligence?
All this knowledge is out there, but he's actually acknowledging it, utilizing it, and actually applying it to his logic. It's too politically incorrect for most mainstream scientists, but a scientist that aims for political correctness, isn't a scientist at all.
Anyway, I agree, around the sheeple, this guy IS Nostradamus! (My comment, tho in response to you, was aimed as a net effect, as you already get it.)
Germany is destroyed?... I DIDN'T GET THE MEMO!
You believe that the EU and Germany are in a state of self-destruction? LOL. Please look at the statistics before you speak. These are some of the richest and freest countries in the world. In fact , a couple of them are ranked more highly in the annual survey of economic freedom by the Heritage Foundation than the US itself. Why, back in 2015, Denmark was ranked more highly than the US!
Power corrupts; Absolute power corrupts Absolutely!!! A great thought which was, is and will always be applicable!
Yes and in Capitalism noone has such Power there are only influencers...
This is an old video, but compare it to any recent youtube video of a capitalist/conservative speaker at any university. The audience was quiet and polite, though there had to have been people in the audience that disagreed with some of Friedman's thoughts. Today the SJWs on campuses in recent videos would heckle, belittle and even assault the speaker because of THEIR belief in their own moral superiority. That is a clear example of the superiority of the free market - the willing and peaceful exchange of goods or ideas. And also a great example of how corrupt a people can be when they are convinced of their own moral superiority and intellect, at the expense of everyone else.
You raise interesting points that support the idea of agreement and disagreement. Freedom of Speech thrives in an environment where is disagreement is respected. I agree with Friedman's ideas about responsibility because that is how I was raised.
Conservatives love arguing with college kids to feel good about themselves. They love to bring up facts and reasonable arguments to reel you in, then shove their ideology down your throat. Monetarism failed and Friedman's policies have caused unimaginable suffering to working people all around the world. Ask the people of Chile what the "Chicago Boys" did to their country.
@@antrim7008 its mostly left leaning speakers that go their but they are so many that you dont notice its rare for a conservative to speak unless invited
antrim what are they suppose to bring up if they don’t bring facts and reasonable arguments?
antrim wouldn’t you want to argue with the facts though? If you aren’t arguing with facts, what are you arguing with? You are simply complaining about what you don’t understand. When did “Friedman’s policies have caused unimaginable suffering to working people all around the world” ?? He did not force any type of policy on any government. What happened in Chile after the Chicago boys left, helped Chile. You don’t need to ask the people of Chile. Read and understand what happened in Chile yourself.
You can be for or against the ideal but listening to this clip and discussing in all classrooms of the world will do us good.
I wish there were world leaders nowadays who would adopt the ideologies of this genius.
To me he is one of the great speakers for freedom and equality and individuality.
Hoping for leaders to change is pointless as they are working for their own self interests. It takes voters to make the change of their leaders.
Hillary would only adopt these policies to benefit her crowd. His ideologies can be greatly beneficial to the masses. Trump will do that.
I think free markets as preached by friedman is unstable! if he lived afew more decades he would see wall street crash ( due to low or no regulation ) and currently we see developed economies stuck in deflation, that were prior pumped up by debt in the earlier years and central banks all over are trying their best to keep the economy going by lowering interest rates to levels even negative, but its all not working. So what is the solution on the fundamental level ? i think either civilization progresses linearly into a single government United states of the world of sorts, or we all go communism
MOLESTERMAN 69 Wall Street didn't crash because lack of regulation but because they were forced to do things that were bad business for them to ''benefit' certain low income communities. For example when banks were FORCED to give money to those unqualified it caused the housing bubble and crash. Secondly, these banks were corrupt already so putting these laws on them to make it illegal for them to deny a certain person who has no money.
Dr. Friedman is one of the greatest economists of 20th century whose insights educates us from time to time. His lectures are always a pleasure to listen to and has incredible sense of humour.
Wonder what Milton would say of today’s new crisis. Cut taxes and reduce regulation, don’t bail out the airlines
Socialism for multi-billion dollar companies is the state of affairs in today's economy
Milton wouldn’t have imposed a worldwide lockdown causing the airlines to need bailing out
Sadly he would have been spot on with all of those. Although letting the airlines completely tank may not have been the best outcome for consumers just as much as the producers of that particular service.
he would have said this is real freedom
Joseph Bacon don’t bail out losers. That’s what would say and he’d be right. Too much money is wasted as the cronies get fatter
If anyone is watching this in 2019,you owe it to yourself to share this gem as much as possible.We do not want these intellectuals with the "death wish" to run any country.
BINGO!
The heart of this Lecture is almost a paraphrase of Frederich Hayek's "Road to Serfdom". If you've never read it, you really should...
One thing I like that came out of the labor movement is the 40 hour work week. I wish he’d discuss that.
40 years ago and still true words
I love how he has a big smile the entire time
I dunno sometimes it's a little smug looking
Where has this man been all my life ? 🙌🏽
Post this on rumble before youtube deletes it
Thomas Sowell at age 90 is the last of the Milton Friedman Chicago economic thinkers. We are doomed.
probably, one of his greatest lectures ,I've ever heard!
Hearing the sound feedthrough makes me nostalgic. Like my old cassette tapes.
Warning you may find yourself in a worst situation.
23:00
Is this man a time traveler? How can he be talking so accurately about what is happening right now in a video that's 40 years old.....
Exactly!
My favourite quote from this amazing speech couldn't be more true today: "The most harm of all is done when power is in the hands of people who are absolutely persuaded of the purity of their intentions".
Much of the “wisdom” he shares is considered common sense amongst the working class. All of it makes intuitive sense to anyone who briefly contemplates the issues at hand. But somehow, the “cream of the crop” of our elite educational institutions, the students at Harvard, Yale, etc., seem to have trouble grasping even the most basic of these concepts. Something is clearly very wrong in either the selection criteria or the curriculum, or both.
It's because they've never actually worked in their lives.
The key to wisdom among the educated may be hidden in one word you used: WORKING :)
parthct those people are funded by the government, they don’t want smaller government. Then they’ll have to compete for money just like any other business.
What about when the working class was calling for socialism and left wing politics in America's past?
There is a great difference ,in PHILOSOPHY, of those whom have worked and or served in the military, and those that have not. This is a general rule. Of course there are many that understand human nature anyway. Never trust a young philosopher, for he may not be aware of his inexperience. Have trust in your own experiences , but don't be foolish.
Friedman has brought light onto my clouded mind. Freedom pills for free!
Contemporary politicians should listen to this, especially the ones who believe they are morally superior to their opponents.
I wish I would have found Milton when I was younger. It would have change a lot for me.
2019 and still amazing...
Watching this during quarantine. About to come out of quarantine as a philosophist. 😅
I just love the grin he has which is part devilish and partly loving in a sense. It says “I know you’re not going to like this but you need to know”. God Bless ya Uncle Milty
"We have made immoral behavior far more profitable"
Tiktok joins
Brain cell regeneration has commenced.
"we have made immoral behavior far more profitable!" MF
This is an absolute masterpiece. Everyone in the world should listen to this (freely) on their 18th birthday.
Like learning the alphabet, which comes via repetition, I've repeatedly watched Df. Friedman's lectures.
Wish he was still around. We need his voice now more than ever.
You have to be kidding. We have had this nonsense imposed on us since Reagonomics and Thatcher with catastrophic results for ordinary people and massive redistribution of wealth to the richest 1%.
The result was the 2008 global financial crisis and the US government
having to bail out the financial system to the tune of $86billion per month
In addition Covid has forced governments around the world to spend huge amounts to keep their economies afloat.
Friedmanism and the Chicago boys blighted lives and were wrong
I f you have to bring back an economist it should be John Maynard Keynes who was clearly right.
Mr. Friedman would be shouted down from the stage in todays campus's because he would 'trigger' so many emotions.I miss the individual that speaks the truth no matter how negatively it might be received. We can never correct anything with out knowing the truth first.'Truth is NOT a left wing value.' Dennis Prager and I think it is true, just listen to the leftist politician promising all will be well if I give you free stuff!
People have got too neurotic last decade.
Some basic facts: 1- machines destroyed most rural jobs, people had no choice but go urban. 2- Those unemployed were absorbed by industrial jobs, that later were severely reduced by robots. 3- Then those were absorbed by the services sector. 4- The jobs at the services sector are right now shrinking because of new technologies. 5- There´s no other sector capable of absorbing all the unemployed from the services sector. 6- With mass unemployment, who will consume and fuel the system? Checkmate!
Clear and thought-proving lecture. I wish I had been able to attend his classes.
Should be standard viewing in schools
It's always easy to rely your success story on your opponent's failures, polish your success as long as you successfully look away from your your fails. Hundreds of millions of people suffering under capitalism, as it's going through its own corruption. Making this fact invisible is biggest success of capitalism. long live public relations!
Too much fun on a Saturday! :)
This is simultaneously genius and incredibly simple.
Amazing lecture. Great man.
This proves that as a society we have become lazy then dumb and now are too willing to go along with the plan. This is why people have come to hold socialism in such high regard without acknowledging the facts. Capitalism indeed is the best system to date. I once thought socialism would prevail in a good and moral way but over time have witnessed it's historic failures. Capitalism is far from perfect but it is better then any system to date.
Crazy how this so relates today.
“Let anyone who believes that a high standard of living is the achievement of labor unions and government controls ask himself the following question: If one had a “time machine” and transported the united labor chieftains of America, plus three million government bureaucrats, back to the tenth century-would they be able to provide the medieval serf with electric light, refrigerators, automobiles, and television sets?”-Ayn Rand
Yes they could, if they are highly skilled laborers in electronics and the other necessary skills to extract the resources. There are highly skilled biologists, engineers, computer programmers, doctors et al. in the "beaurocracy" so if they had that knowledge and brought it back they could replicate those things, just in the US military alone they could probably manage, let alone all the combined agencies. Dumb quote imo.
Forced charity will never prevail !
Milton Friedman is just as profound now as he was then. This, and the study of all of his works should be part of the standard curriculum in High School.
His point about persuasion versus coercion is powerfully astute.
First time I've ever heard Milton Friedman talk, well worth it.
They should make this a must-watch in the universities.
If Milton Friedman was alive college students would shut him down.
@Red Baron Nah, for bad reason. Nowadays if you have an opinion that's not from the masses you will get attacked, instead of the masses trying to convince you to their side.
@Red Baron regarding speech and ideas, the only good censorship is self censorship.
He would be shut down for mansplaining.
“When you hear people objecting to the market or to capitalism then you examine their objections, you will find that most of those objections are objections to freedom itself. What most people are objecting to are that the markets give to the people what the people want instead of what the person talking thinks people ought to want.”
Powerful
@@geza2fekete522 And why do you think there is a lack of competitive housing rates in San Fransisco?
Totally! And I can tell because I came from a “Socialist” country, Cuba and I left Cuba only 6 years ago, my family is still there and I last visited Cuba in December 2017-2018
This is my first time listening to anything from Milton Friedman. His arguments are very different from what I have been exposed to. His manner of speaking is cogent and persuasive. In other words, I think what he's saying makes sense. Yet, how can I know they are true? In fact, how does Milton Friedman know they are true?
How I wish he were still here!!
If capitalism is all about money, why is socialism all about.... Money?
Further, Adam Smith saw a problem in that only perfect liberty under capitalism/free markets could generate real equality. And he was very concerned that if workers were subjected to wage slavery, power and wealth would necessarily be concentrated in the upper class. He was right. 200 years later We've never had that kind of capitalism, and free market since the birth of the U.S..
That's my main problem with Prof. Friedmans ideology.
Well Smth never exerienced a democratic liberal society and could simply not imagine the equality of today ehre a nobody like Blil Gates can become the richest man of all! R
That is equality not that all get the same result to force that you would need a terrible dictatorship, forcing all to work hard and taking gain from the better ones!Like today it is a crime in Belarus to be unemployed...
@GritsnBeans You can call a flower by any other name, but its still a flower. Same is true of Liberty.
While I am still too ignorant to make up my mind about capitalism or socialism, I have to hand it to Dr Friedman--he speaks in ways that people can understand. He does not say a single sentence that cannot be understood--even if it is not accepted--by the person of ordinary intellect. He keeps his sentences within reasonable length, he uses easy words, and he rests at every comma and period so that the audience can absorb what was said before he goes on to the next phrase. I wish more of our public intellectuals would speak like this. Then we could have a real discussion.
Once you get past the myth that capitalism is synonymous with corruption, the answer is clear.
This was really good. I watched this and trying to apply it in terms of Bernie Sanders and democratic socialism. Pretty challenging.
+Spencer Beale The cornerstone of all Bernie supporters, personal responsibility.
Just don't hold your breathe Spencer, your lungs will collapse long before can rectify any means of socialism, whether that be democratic, Lucifarian, or otherwise... 😉
Judge Mox bet you say that today with a straight face.
@@onekerri1 Yep, the cornerstone of Bernie supporters remains personal responsibility.
Gracias Milton por tus ideas philosophicas. Milton and Dr. Peterson... Great men to listen to.
Milton, we need you more than ever now !
Since capitalism is DEFINED as the system based on private property rights, any event that involved the violation of property rights cannot be blamed on capitalism.
In India, they have long had what is called the "License Raj", based on socialist theories. Millions starved. Since the License Raj has been reduced and much of it lifted things are getting better, but since much of it remains, progress is not as fast as it could be.
Damn, Milton Friedman was a Savage! Terrible how young people are being persuaded by idiots into believing that Capitalism is bad and Socialism is the way to go...
There are other ways besides capitalism and socialism...
@@SoB_626 Name a single "way" other than capitalism that provides the freedoms AND progress that we have experienced.
It's very easy to say "there are other ways", it's something quite difficult to prove it.
Maybe because capitalism is bad and socialism is the way to go?
Look at how great capitalism has worked out now idiot!
Love the wealth inequality going on today, the wage stagnation and the growing cost of living huh?
Dumbass brainwashed goof
@@shamarwright1133 Wealth inequality is rising because of cronyism, not capitalism. The cost of living is increasing because of over-rules and regulations, which make it difficult for the market to provide those needs.
Come baaaaaack!! We need you!
Challenging discourse.This will feed my mind for a while. I do wonder though what Friedmans opinion on capitalism would be if he saw the present day United States.
Oh, how I wish this man were still with us!
If he gave this speech today, it would be 100% as relevant to today’s discourse as it was then. Perhaps even more relevant - hard to say. This suggests to me that common sense and reason and facts have done little to reverse the carnal tide of collectivist instincts.
I wish this sort of thing was 'required reading' in schools these days
Cheers from uruguay
The need for regulatory bodies is glossed over.
The moral atmosphere of today’s college campuses would not allow a man like this to even speak at their college, notice how all the students are listening and no one is shouting or crying.
Strange isnt it. Progression > all economic systems come to an end. Global capitalism exists today.
I am sure that you as an architect, with your knowledge of Rio ,probably can do better than my answer. Thanks for replying. I could maybe donate money to your efforts. The world needs people like you
Timeless.
Friedman just makes so much more sense than Krugman could ever hope to.
Your argument really made me rethink Milton Friedman's 45 minute video of facts, logic, and common sense. Thanks!
Friedman really had a way with words. An eloquence that can seldom be replicated.
Conveying facts, opinions, and even humorous musings with a razor sharp wit and the utmost fluidity.
While I personally favor the Austrian School over the Chicago School, Friedman was a sublime advocate of capitalism.
Almost poetic, in my ill-informed opinion.
Based Professor. Love this man!!!
In one word: JEALOUSY is what makes socialism popular.
Envy would be a better term.
Yes a good person enjoys the success of others as his own!
Friedman makes some great arguments for sure. His capitalism is incredibly pure though, nothing like the monster it's grown into now. I disagree with his assessment that any collective moral claims lead to negative results. That's an absurd notion. I think we need a mix of capitalism and socialism.
?
care for an example of which has led to good?
I am aware that the first corporations were formed under mercantilism, highly dependent on govt protection and was state capitalism, but that's as far as my memory goes.
I was just saying, that the modern Libertarian position defends a certain hierarchy of power, but instead of the State, as you pointed out, they favor a plutocracy. Prof. Friedman believed in that condition, and not in favor of changing it, or even saw a problem in it, despite classical liberalism condemning that position.
Just sheer nonsense JT!
Brilliant! Love it!
The whole thing about expanding markets is an old mercantilist myth.
If it wasn't capitalism that killed aborigines. Slavery was ANTI-capitalism. The more capitalist North abolished slavery first.
The places where thousands starve to death daily are those places with the least economic freedom. North Korea, communist. Ethiopia had its biggest famines under communism. Other African nations are emerging from communism, and suffering aftereffects.
Murdering aboriginals is not capitalism you fool...... It's murder. Capitalism is exactly the opposite and thrived despite of the sins of the past not because of it......otherwise all the countries in the world will be wealthy as all countries have blood on their hands
You arseholes dropped slavery 500 years after it was abolished in other parts, and then....it was because no one would trade with youdue to unfair competitive "advantage"
To my shame, my ancestors supported your independance....if the had any idea where that would lead.....
@@IDraganM --- The United States became in the year 1776 . In 1860 the American Civil War began and in 1865 was won with the surrender of the American South . Slavery in the United States was abolished in a 90 years span of time . England hadn't abolished its participation in the African Slave Trade 500 years earlier as English merchant ships were still importing slaves to the American Colonies in 1775 and 1776 . As for the African Slave Trade , it still continues today . Africa still operates the African Slave Trade as does the Middle East .In fact even the United Nations has warrants out standing for Slave Traders in Africa and the Middle East today , but don't take my word for it LOOK IT UP . The UN's own website has these issues publicly posted .
In America the poorest are the Haitians
@@williamwaha3193 this is all correct, thank you for doing your part to spread important information!
What I find most frightening is 40 years later things haven’t changed in fact... it’s worse... and arguably more frightening. The man is a genius! Was a genius! A loss to humanity that such a great thinker wasn’t replaced.
Thats right. The only true responsibility is individual responsibility. Ultimately, collective responsibility is void unless it divides itself into several parts to the individuals that belonged to it. Observe the totally different moral atmospheres in USA and China and you know what I mean.
***** Broken into what? Putin's Crimea? China's Great Fire Wall? Or your computer game?
We are just humans an we only do anything if we earn something, and what nobody owns nobody tends to... hene socialism leads to poverty and ruin! You cannot command eole to do their utmost. and likefarmers who only produce food to themselves are of no use for us other , we can only tax people who make more than their livelyhood!
Could you imagine if Friedman tried to have this speech today on a college campus? The children would riot, they'd carry on like idiots and scream and cry to prevent his message from being heard. They would do everything they could possibly do t prevent him from being able to speak. I can see the look of discomfort and uncertainty on some of the young people in this audience but I give them credit. They are willing to listen and maybe even learn something they didn't know when they walked in to the place. It doesn't mean they have changed their minds or opinions. Our kids today could learn a lot about civility and tolerance from these kids.
I wish I could hear his thoughts about the '08 crash and how we can prevent that from happening again without government regulation?
Thoughts?
It happened because of government intervention - government quotas for low income housing, federal reserve keeping rates low
It wasfirst a consequence of goverment lending money to simle peoplebuilding homes.It was a friendly tjhought to hel pepole who the banks nobbed but if banks do not do budsiness there is for a reason and it roved to be bad all money was wasted on the cheapst land and cheapest buildings resultiing in valueless properties. But the as Leman to put the bad credits in bunches and lure onEuroppean banks, was just a great con, a crime in any system...
What Sumit said.