Lee Edwards interviews Milton Friedman over the phone. The men discuss Friedman's involvement with Senator Barry Goldwater's 1964 campaign.

The conversation occasionally touches on comparing Goldwater to Reagan. Related, Friedman says the biggest mistake of Reagan was reversing the legacy of 1964: taking the power away from "East Coast, country club" Republicans and giving it to the populist Western Republicans. Friedman argues a much better pick for a running mate over Bush would have been Donald Rumsfeld.

At the end of the conversation, Friedman speaks about the term limits and balanced budget movements.