"Underlying most arguments against the free market is a lack of belief in freedom itself. " --Milton Friedman.

This week the world lost the Nobel prize winning economist Milton Freidman. If you look at what's happening in the world economically, a lot of it would be very pleasing to Milton. He was "Mr. free-market capitalism."

Milton was an advocate for your personal freedom. The more he could keep government out of your life, the happier he was. Seems when he spoke, governments finally listened.

In the span of just a decade we have watched the crumbling of communist Russia and the eastern block, and the meteroic rise of China and the entire pacific rim. The veil of economic darkness appears to be lifting off Mexico and most of Latin America. Parts of the world that looked hopelessly depressed only a few years ago are enjoying a prosperity like never before. Even Vietnam is joining in and transferring from an agricultural economy to an industrialized nation.

America is the most successful "free market economy" ever. Remember that everytime you hear on the news how bad things are. America is way better off than the media will lead you to believe. If you listen to them it will seem that we are perpetually sitting atop a great abyss, ready for the great plunge at anytime. It's a wonder anyone puts their money to work in the U.S. stock market.

Every year America turns out great entrepreneurial ideas and companies. They just keep coming, and have for many years. It doesn't appear that this will be ending anytime soon.

This last year a young man named Chad Hurley started a video sharing company called YouTube. It's world headquarters was in a small room above a pizza parlor in San Mateo, California. It just sold to Google for 1.7 billion dollars. Google itself has morphed into a 150 billion dollar company in the span of a few short years. Only in America.

Innovation is the most important resource in our increasingly knowledge-based global economy. A recent study shows that as much as three-quarters of the value of publicly traded U.S. companies … some $5 trillion … is derived from “intangible” assets, namely ideas and innovation. That' s close to half (42 percent) the value of the entire U.S. economy (or GDP).

America has been responsible for nearly every major invention of the 20th century. Innovation and new ideas are the driving force behind our economic might. It is part of our cultural heritage as a nation. You might say innovation is part of our DNA.

So the next time you are doubting America. As you sit and wait for better times to put your money to work in the stock market, there is some guy in his garage with an idea right now that will revolutionize the world in some way and start yet another American bull market. These are the "good times."