Why is it that private insurance companies are not in trouble because people are getting older? Aren't they subject to the same demographics? The difference is that they've accumulated a fund, not a pay-in, pay-out system.

When they so-called 'target the interest rate', what they're doing is controlling the money supply via the interest rate. The interest rate is only an intermediary instrument.

...Only physicians are likely to be regarded as competent to judge the qualifications of potential physicians, so licensing boards in the various states...are typically composed..of physicians,...members of the AMA. The boards, or the state legislatures...give the AMA the power to influence the number of persons admitted to practice (by) lengthy training,...(and) the list of 'approved' schools and hospitals (which) is generally identical with the list issued by the Council on Medical Education and Hospitals of the AMA.

Everywhere, and at all times, economic progress has meant far more to the poor than to the rich.

. . I think the Adam Smith role was played in this cycle i.e. the late twentieth century collapse of socialism in which the idea of free-markets succeeded first, and then special events catalyzed a complete change of socio-political policy in countries around the world by Friedrich Hayek's The Road to Serfdom.

Why have we had such a decline in moral climate? I submit to you that a major factor has been a change in the philosophy which has been dominant, a change from belief in individual responsibility to belief in social responsibility. If you adopt the view that a man is not responsible for his own behavior, that somehow society is responsible, why should he seek to make his behavior good?

Every person shall be free to do good ' at his own expense.