Free to Choose

I'm reading Milton Friedman's "Free to choose, a personal statement."  It was published in 1980, but reads like today's paper.  I'm in chapter 3, about the Depression, and the origin and problems of the federal reserve system.

"In the realm of ideas, the depression persuaded the public that capitalism was an unstable system destined to suffer ever more serious crises.  The public was converted to views that had already gained increasing acceptance among the intellectuals; government had to play a more active role; it had to intervene to offset the instability generated by unregulated private enterprise; it had to serve as a balance wheel to promote stability and assure security." And that rapid growth and power extended to Friedman’s day (1980) and ours in 2013. And it extended the Great Depression for a decade because the government had failed in its assigned responsibility in the Constitution--section 8, article 1. The Great Depression was not a failure of private enterprise he says, but of government. Unfortunately, both Presidents Hoover and Roosevelt tried to solve it with more of what brought it about, just as Bush and Obama did in 2008-2009. FDR's New Deal was Obama's Hope and Change.