Stossel 2015 09 04 Market Magic WS SDTV x264-XAiO

NO NEW EPISODE ON THE 11th!

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John F. Stossel is an American consumer reporter, investigative journalist, author, libertarian columnist, and former co-anchor for the ABC News show 20/20. In this show he looks at consumer-focused topics, such as civil liberties, the business of health care, and free trade

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DROUGHT SHAMING: California's water shortage has less to do with rainfall than bad government. The media shame JLo...Hugh Hefner... Jessica Simpson...Julia Roberts... and Jennifer Aniston for using lots of water to keep their lawns green.

But shaming won't make much difference. Californians waste water because politicians don't allow water companies to price water according to its scarcity. The best solution is an actual free market where people pay more for a scarce resource.

FREE HUNTING: Hunting animals for money, even animals like Cecil the lion, is a better way to protect endangered species than banning hunting.

PRIVATE ARMIES: National defense is a job for government, but Matthew VanDyke runs a private militia called "Sons of Liberty International." His volunteers fight ISIS terrorists. They, and private contractors, often do a better job than government.

LABOR SHORTAGES: We hear about lots of scares over shortages of certain workers. The latest is a pilot shortage scare. What should we do about it? Absolutely nothing! The market will work it out.

FREE-MARKET HEALTHCARE: The Surgery Center in Oklahoma says... "We don't take insurance!" and posts prices on their wall. That allowed them to lower prices so much that they attract people from thousands of miles away.

PRIVATE COURTS: Judge Alex Ferrer arbitrates outside the government court system. 78 percent of lawyers say arbitration is more efficient than government run courts.

MY TAKE:
This was life for billions of people.... for thousands of years. But Since 1990, the number of people living in extreme poverty has been cut in half. A billion people who once lived like that no longer do. This is the biggest unpublicized story of the century. Thanks to the magic of the free market, a billion people are no longer miserably poor.

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