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Capitalism and Freedom is a book by Milton Friedman originally published in
1962 by the University of Chicago Press which discusses the role of economic
capitalism in liberal society.
Michael Robert Milken (born July 4, 1946) is an American financier and
philanthropist noted for his role in the development of the market for high-yield bonds
(also called junk bonds) during the 1970s and 1980s, for his 1990 guilty plea to felony
charges for violating US securities laws, and for his funding of medical research
Milken was indicted on 98 counts of racketeering and securities fraud in 1989 as the
result of an insider trading investigation. After a plea bargain, he pled guilty to six
securities and reporting violations but was never convicted of racketeering or insider
trading. Milken was sentenced to ten years in prison and permanently barred from the
securities industry by the Securities and Exchange Commission. After the presiding
judge reduced his sentence for cooperating with testimony against his former
colleagues and good behavior, he was released after less than two years.
His critics cited him as the epitome of Wall Street greed during the 1980s, and
nicknamed him the Junk Bond King. Supporters, like George Gilder in his book,
Telecosm, note that "Milken was a key source of the organizational changes that have
impelled economic growth over the last twenty years. Most striking was the
productivity surge in capital, as Milken … and others took the vast sums trapped in
old-line businesses and put them back into the markets."
Milken has also been engaged in philanthropic activities since the early 1980s.
He is co-founder of the Milken Family Foundation, chairman of the Milken Institute,
and founder of medical philanthropies funding research into melanoma, cancer and
other life-threatening diseases. In a November 2004 cover article, Fortune magazine
called him "The Man Who Changed Medicine" for his positive influence on medical
research.
Milken's compensation, while head of the high-yield bond department at
Drexel Burnham Lambert in the late 1980s, exceeded $1 billion in a four-year period,
a new record for US income at that time. Drexel went bankrupt in 1990. With an
estimated net worth of around $2 billion as of 2010, he is ranked by Forbes magazine
as the 488th richest person in the world. Much of that wealth comes from his success
as a bond trader; he only had four losing months in 17 years of trading.
Chelsea Victoria Clinton (born February 27, 1980) is the only child of former
U.S. President Bill Clinton and U.S. Secretary of State Hillary Rodham Clinton.
Clinton was born in Little Rock, Arkansas during her father's first term as
Governor of Arkansas. She attended public schools there until her father's election to
the Presidency of the United States at which time she attended and graduated from the
private Sidwell Friends School in Washington, D.C. She continued her undergraduate
education at Stanford University and earned master's degrees from University College,
Oxford, and Columbia University's Mailman School of Public Health. She is currently
pursuing a doctoral degree at the Robert F. Wagner Graduate School of Public Service
at New York University. She worked for Avenue Capital Group, and serves on the
board of the School of American Ballet.
Between December 2007 and the end of the 2008 primaries, she campaigned
extensively across the country, appearing mostly on college campuses, for her
mother's ultimately unsuccessful Democratic presidential nomination bid and
introduced her mother at the August 2008 Democratic National Convention.
McCreery was born in 1993 to Judy and Michael McCreery in Garner, North
Carolina.His mother works as as a realtor. He is of partial Puerto Rican descent - his
father was born in Aguadilla, Puerto Rico to a Puerto Rican mother from San Juan and
an American father.
He used to impersonate Elvis as a child, and started learning guitar at age ten.
He attended West Lake Middle School and sang at his graduation. He also attended
Garner Magnet High School where he joined a vocal ensemble, Die Meistersingers,
that performs across the United States. He started out singing tenor but switched to
bass when his voice turned lower in his sophomore year. He won a country radio
station singing contest called "Clayton Idol", and was one of 36 finalists in a "Rip the
Hallways" contest featuring teenage vocalists in North Carolina. He has performed at
various local events.
Personal lifeMcCreery is a fanatic of baseball, and was the homerun-hitting
pitcher for his team called the Garner Trojans. He said in an interview that one of his
favorite artists is Garth Brooks.
The effects of Capitalism and Freedom were great yet varied in the realm of
political economics. Some of Friedman's suggestions are being tested and
implemented in many places. However, many of the ideas described in this book are
considered controversial or even radical to this day.