Journalists From Philadelphia

"In the last decade or two there has grown up in this country, principally under the leadership of Professor Milton Friedman, a school calling itself the Monetarists. The leaders sometimes sum up their doctrine in the phrase: "Money matters," and even sometimes in the phrase: "Money matters most.""

"The spread-the-work schemes, in brief, rest on the same sort of illusion that we have been considering. The people who support such schemes think only of the employment they would provide for particular persons or groups; they do not stop to consider what their whole effect would be on everybody.The spread-the-work schemes rest also, as we began by pointing out, on the false assumption that there is just a fixed amount of work to be done. There could be no greater fallacy. There is no limit to the amount of work to be done as long as any human need or wish that work could fill remains unsatisfied. In a modern exchange economy, the most work will be done when prices, costs, and wages are in the best relations to each other."

"In brief, on net balance, machines, technological improvements, economies and efficiency do not throw men out of work."

"Suppose a clothing manufacturer learns of a machine that will make men’s and women's overcoats for half as much labor as previously. He installs the machines and drops half his labor force.This looks at first glance like a clear loss of employment. But the machine itself required labor to make it; so here, as one offset, are jobs that would not otherwise have existed. The manufacturer, how ever, would have adopted the machine only if it had either made better suits for half as much labor, or had made the same kind of suits at a smaller cost. If we assume the latter, we cannot assume that the amount of labor to make the machines was as great in terms of pay rolls as the amount of labor that the clothing manufacturer hopes to save in the long run by adopting the machine; otherwise there would have been no economy, and he would not have adopted it.So there is still a net loss of employment to be accounted for. But we should at least keep in mind the real possibility that even the first effect of the introduction of labor-saving machinery may be to increase employment on net balance; because it is usually only in the long run that the clothing manufacturer expects to save money by adopting the machine: it may take several years for the machine to "pay for itself."After the machine has produced economies sufficient to offset its cost, the clothing manufacturer has more profits than before. (We shall assume that he merely sells his coats for the same price as his competitors, and makes no effort to undersell them.) At this point, it may seem, labor has suffered a net loss of employment, while it is only the manufacturer, the capitalist, who has gained. But it is precisely out of these extra profits that the subsequent social gains must come. The manufacturer must use these extra profits in at least one of three ways, and possibly he will use part of them in all three: (1) he will use the extra profits to expand his operations by buying more machines to make more coats; or (2) he will invest the extra profits in some other industry; or (3) he will spend the extra profits on increasing his own consumption. Whichever of these three courses he takes, he will increase employment."

"Every man knows there are evils in this world which need setting right. Every man has pretty definite ideas as what these evils are. But to most men one in particular stands out vividly. To some, in fact, this stands out with such startling vividness that they lose sight of other evils, or look upon them as the natural consequence of their own particular evil-in-chief."

"Among the most viable of all economic delusions is the belief that machines on net balance create unemployment. Destroyed a thousand times, it has risen a thousand times out of its own ashes as hardy and vigorous as ever. Whenever there is long-continued mass unemployment, machines get the blame anew. This fallacy is still the basis of many labor union practices. The public tolerates these practices because it either believes at bottom that the unions are right, or is too confused to see just why they are wrong. The belief that machines cause unemployment, when held with any logical consistency, leads to preposterous conclusions. Not only must we be causing unemployment with every technological improvement we make today, but primitive man must have started causing it with the first efforts he made to save himself from needless toil and sweat."

"Though some of them would disdain to say that there are net benefits in small acts of destruction, they see almost endless benefits in enormous acts of destruction. They tell us how much better off economically we all are in war than in peace. They see “miracles of production” which it requires a war to achieve. And they see a postwar world made certainly prosperous by an enormous “accumulated” or “backed up” demand. In Europe they joyously count the houses, the whole cities that have been leveled to the ground and that “will have to be replaced.” In America they count the houses that could not be built during the war, the nylon stockings that could not be supplied, the worn-out automobiles and tires, the obsolescent radios and refrigerators. They bring together formidable totals.It is merely our old friend, the broken-window fallacy, in new clothing, and grown fat beyond recognition. This time it is supported by a whole bundle of related fallacies. It confuses need with demand."

"So we have finished with the broken window. An elementary fallacy. Anybody, one would think, would be able to avoid it after a few moments’ thought. Yet the broken-window fallacy, under a hundred disguises, is the most persistent in the history of economics. It is more rampant now than at any time in the past. It is solemnly reaffirmed every day by great captains of industry, by chambers of commerce, by labor union leaders, by editorial writers and newspaper columnists and radio commentators, by learned statisticians using the most refined techniques, by professors of economics in our best universities. In their various ways they all dilate upon the advantages of destruction."

"Let us begin with the simplest illustration possible: let us, emulating Bastiat, choose a broken pane of glass.A young hoodlum, say, heaves a brick through the window of a baker’s shop. The shopkeeper runs out furious, but the boy is gone. A crowd gathers, and begins to stare with quiet satisfaction at the gaping hole in the window and the shattered glass over the bread and pies. After a while the crowd feels the need for philosophic reflection. And several of its members are almost certain to remind each other or the baker that, after all, the misfortune has its bright side. It will make business for some glazier. As they begin to think of this they elaborate upon it. How much does a new plate glass window cost? Fifty dollars? That will be quite a sum. After all, if windows were never broken, what would happen to the glass business? Then, of course, the thing is endless. The glazier will have $50 more to spend with other merchants, and these in turn will have $50 more to spend with still other merchants, and so ad infinitum. The smashed window will go on providing money and employment in ever-widening circles. The logical conclusion from all this would be, if the crowd drew it, that the little hoodlum who threw the brick, far from being a public menace, was a public benefactor.Now let us take another look. The crowd is at least right in its first conclusion. This little act of vandalism will in the first instance mean more business for some glazier. The glazier will be no more unhappy to learn of the incident than an undertaker to learn of a death. But the shopkeeper will be out $50 that he was planning to spend for a new suit. Because he has had to replace a window, he will have to go without the suit (or some equivalent need or luxury). Instead of having a window and $50 he now has merely a window. Or, as he was planning to buy the suit that very afternoon, instead of having both a window and a suit he must be content with the window and no suit. If we think of him as a part of the community, the community has lost a new suit that might otherwise have come into being, and is just that much poorer.The glazier’s gain of business, in short, is merely the tailor’s loss of business. No new “employment” has been added. The people in the crowd were thinking only of two parties to the transaction, the baker and the glazier. They had forgotten the potential third party involved, the tailor. They forgot him precisely because he will not now enter the scene. They will see the new window in the next day or two. They will never see the extra suit, precisely because it will never be made. They see only what is immediately visible to the eye."

"It is often sadly remarked that the bad economists present their errors to the public better than the good economists present their truths. It is often complained that demagogues can be more plausible in putting forward economic nonsense from the platform than the honest men who try to show what is wrong with it. But the basic reason for this ought not to be mysterious. The reason is that the demagogues and bad economists are presenting half-truths. They are speaking only of the immediate effect of a proposed policy or its effect upon a single group. As far as they go they may often be right. In these cases the answer consists in showing that the proposed policy would also have longer and less desirable effects, or that it could benefit one group only at the expense of all other groups. The answer consists in supplementing and correcting the half-truth with the other half. But to consider all the chief effects of a proposed course on everybody often requires a long, complicated, and dull chain of reasoning. Most of the audience finds this chain of reasoning difficult to follow and soon becomes bored and inattentive. The bad economists rationalize this intellectual debility and laziness by assuring the audience that it need not even attempt to follow the reasoning or judge it on its merits because it is only “classicism” or “laissez-faire,” or “capitalist apologetics” or whatever other term of abuse may happen to strike them as effective."

"The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups."

"The "Austrian" economists, more consistently than those of any other school, have criticized nearly all forms of government intervention in the market — especially inflation, price controls, and schemes for redistribution of wealth or incomes because they recognize that these always lead to erosions of incentives, to distortions of production, to shortages, to demoralization, and to similar consequences deplored even by the originators of the schemes."

"Ed Bradley is a member of an elite group of CBS News professionals who have mastered a variety of duties and who have been honored on many occasions for their abilities."

"Ed Bradley was much honored by his peers, the best honor always to receive, from those who judge harshest and judge best. It is very appropriate that Ed Bradley would be honored here in the halls of the Congress of the United States. Perhaps he was destined to be honored in any case, because he was a pioneer, a first of his kind. We are still in an era when the first blacks are coming forward and we honor them simply for piercing the iron veil of race, but we honor Ed Bradley in this Chamber today as a leader of his profession."

"60 Minutes has been on the air since 1968, and reporters such as Mike Wallace, Morley Safer, and Andy Rooney have been with the show for many years. The late Ed Bradley was a very popular reporter on the show."

"All across America, thousands of est graduates, Forum participants, Erhard employees, and other faithful acolytes — not to mention countless others who may have remembered only vaguely the man with the strange-sounding name of Werner Erhard — watched as 60 Minutes correspondent Ed Bradley related a dark story of Erhard's past."

"Ed Bradley was an African American journalist who was best known as a correspondent on CBS's 60 Minutes. In recent years, he became a broadcast icon on that Sunday evening television show."

"Ed Bradley was the legendary 60 Minutes reporter."

"The CBS crew had arrived: Ed Bradley; his producer, David Gelber; and a cameraman. The 60 Minutes people had government permission to work on other stories in Beijing, but they went first to Shanghai as tourists, which gave them cover to work on the real story. Ordinary Chinese did not recognize Ed Bradley as a television star as he walked down the streets of Shanghai."

"Before, when I was covering the war in Vietnam and Cambodia, we used to have what I call the three Ss. You would shoot a story, you would script a story, which is to write it and then ship the story. And if you were in Cambodia you'd go to the airport and try to find a pigeon to carry it out for you. Someone who was leaving Cambodia to go to either Bangkok or Saigon or Hong Kong because there wasn't the satellite technology. There was no uplinks then. Today, the second major change is also in personnel. Today you have so much satellite coverage you can report live why from a battlefield. Before you were often there just by yourself. Now you're likely to be with 20 other reporters. I just think there's more people out there covering the same story and covering it in a very different way because of the technological advances."

"Morley has a gift for doing the kind of story that you think only Morley could do, or that certainly Morley could do better than anyone else."

"I will not go into a story unprepared. I will do my homework, and that's something I learned at an early age."

"And I always found that the harder I worked, the better my luck was, because I was prepared for that."

"Mr. President, this is Ed Bradley in New York. There are many people who would question our system of criminal justice today in the United States--in fact, many people who have lost faith in our criminal justice system. With so many people languishing on death row today for so many years, how can you say with such assurance that justice will be certain, swift, and severe?"

"Who was the role model, the living example of what the est Training could do? Who else but Werner Erhard, a man some of his employees say, thought of himself, as god."

"Since the 1970s some seven-hundred-thousand people have signed up for a self-improvement called 'est', or as it's now called 'The Forum.' Est was the brainchild of a former used-car salesman named Jack Rosenberg. Back in the sixties, Rosenberg deserted his wife and four children in Philadelphia, changed his name to Werner Hans Erhard, and moved to California where he started another family, and, came up with the idea for est."

"In a nutshell, Erhard's message was this: If you are in a rut, the problem isn't your parents, your boss or the system, it's you. Take responsibility, Erhard said, and you can transform your life overnight."

"The ticking seconds announcing the start of 60 Minutes signal the end to another weekend. Hearing the clock is a weekly reminder there are only a few short hours left in Sunday and that another work week is about to begin. Seeing the distinguished and debonair Ed Bradley is the only thing I like about this show."

"For nearly forty years, Ed Bradley dedicated his life to journalism and uncovered some of history's greatest stories. His legacy, his life's work, is a story for all of us to admire. Ed was a man of journalistic integrity, he not only set a high standard for his fellow journalists; he also helped to break down barriers in a field that traditionally has not reflected the true diversity of our Nation."

"Known best for his investigative reports on the CBS news program 60 Minutes, Ed Bradley won 19 Emmy Awards throughout his journalism career, including one for lifetime achievement in 2003."

"Ed Bradley was a CBS and White House correspondent before becoming a Sunday night fixture on 60 Minutes."

"Bradley joined CBS's 60 Minutes as coeditor in the 1981–1982 season. He also anchored and reported special broadcasts on 60 Minutes II. Bradley's first full-time work in television was as a war correspondent for CBS News during the Vietnam War. … He has received numerous Emmy Awards for his work, one for a 1981 interview with Lena Horne."

"Most of us know Ed Bradley from his 25 years of work on the CBS news magazine 60 Minutes, and his many interviews with world figures, celebrities and cultural icons. The men and the women who sat in the chair across from Bradley doing his 60 Minutes interviews were figures of importance, people to whom we should pay attention, and we could rely on Bradley to make sure that no skeleton in the darkest corner of his subject's closet was safe from the tenacious journalists."

"In addition to valuable contributions to journalism, Bradley's reporting also spurred social activism, but also spurred change with his reporting on AIDS in Africa, Death by Denial, which helped influence drug companies into discounting and donating AIDS drugs to Africa."

"In 2000, Ed Bradley celebrated his nineteenth season as co-editor of and correspondent for 60 Minutes. … He covered presidential campaigns and national conventions from 1976 through 1996 for CBS."

"Ed Bradley has remained a part of the CBS news team where he has garnered numerous awards on the popular 60 Minutes news magazine television show."

"I learned this from Mike Wallace. Listen, be a good listener. You don't have to fill space. Just sit there and listen."

"Aretha Franklin was tough. She turned out to be good, but she was, you know, she was -- she's a very -- she's a very wonderful, but in some ways, shy woman. You don't think about that when you see how she emotes and performs."

"I've always said when I die and if I do get to the pearly gates and St. Peter says, what have you done to deserve entry, I'd ask him if he'd saw my piece. It's always been a favorite of mine."

"People know that they can tune in to "60 Minutes" any Sunday and know that they're going to learn something by watching the broadcast. They may not like every piece, they may not agree with every piece, but they'll say, huh, I didn't know that about something in there."

"I think the evening news broadcasts are very different today than they were 25-years-ago. I think that the advent of 24-hour cable television. You don't have to wait for 6:30 or 7:00 to get the national news. You can turn on cable any time and you're going to get it right away. And I think that that 24-hour continuous news cycle has affected the way that news is covered. And I'm not sure that that's always a good thing. It can be, but it's not always a good thing."

"Tragedy occurs when a human soul awakes and seeks, in suffering and pain, to free itself from crime, violence, infamy, even at the cost of life. The struggle is the tragedy - not defeat or death. That is why the spectacle of tragedy has always filled men, not with despair, but with a sense of hope and exaltation. (pp. 4-5)"

"In the 20th Century, treason became a vocation whose modern form was specifically the treason of ideas. ("The Circles of Perdition," December 8, 1947)"

"Toscanini was hailing a great artist, but that voice was more than a magnificent personal talent. It was the religious voice of a whole religious people — probably the most God-obsessed (and man-despised) people since the ancient Hebrews. ("In Egypt Land," December 30, 1946)"

"Once upon a time, when the Yewnited States was just a little shaver among the nations, but already very spoiled along the literate Eastern fringes, there lived younder in Tennessee a lovable old man with a tongue like a rat-tailed file and a face so hard they called him Old Hickory. ("The Old Deal," October 22, 1945)"

""What statesmanship! What vision! What power! We have known nothing like it since my ancestor, Peter the Great, broke a window into Europe by overrunning the Baltic states in the 18th Century. Stalin has made Russia great again!" ("The Ghosts on the Roof," March 5, 1945)"

"The book begins with the clang of a cell door closing in a GPU prison. It ends with a shot in the back of the head in a murky passageway of the prison cellar. It moves with the speed, directness, precision and some of the impact of a bullet. ("Brightest in Dungeons," May 26, 1941)"

"When the train of history makes a sharp turn, said Lenin, the passengers who do not have a good grip on their seats are thrown off. Last week the Communist Limited had just about completed the dizzy turn from the Communazi Pact to the Battle of Britain, and U. S. literary liberals were spattered all over the right of way. ("Revolt of the Intellectuals," January 6, 1941)"

"All children are afraid of the night; when they grow up, they are still afraid, but more afraid of admitting it. ("Night Thoughts," May 8, 1939)"

"The Wizard of Oz (M. G. M.) should settle an old Hollywood controversy: whether fantasy can be presented on the screen as successfully with human actors as with cartoons. ("The New Pictures," August 21, 1939)"