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There was something superficial in attributing anything so awful as the Great Depression to anything so insubstantial as speculation in common stocks.
John Kenneth Galbraith
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John Kenneth Galbraith
Age: 97 †
Born: 1908
Born: October 15
Died: 2006
Died: April 29
Diplomat
Economist
Non-Fiction Writer
Politician
University Teacher
John K. Galbraith
Awful
Common
Anything
Attributing
Great
Insubstantial
Something
Stocks
Speculation
Superficial
Depression
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Where humor is concerned there are no standards - no one can say what is good or bad, although you can be sure that everyone will.
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All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.
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All of the great leaders have had one characteristic in common: it was the willingness to confront unequivocally the major anxiety of their people in their time. This, and not much else, is the essence of leadership.
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Complexity and obscurity have professional value - they are the academic equivalents of apprenticeship rules in the building trades. They exclude the outsiders, keep down the competition, preserve the image of a privileged or priestly class. The man who makes things clear is a scab. He is criticized less for his clarity than for his treachery.
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Wealth, in even the most improbable cases, manages to convey the aspect of intelligence.
John Kenneth Galbraith
Faced with having to change our views or prove that there is no need to do so, most of us immediately get busy on the proof.
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Very important functions can be performed very wastefully and often are.
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The more underdeveloped the country, the more overdeveloped the women.
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At best, in such depression times, monetary policy is a feeble reed on which to lean.
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The first goal of the technostructure is its own security.
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If all else fails immortality can always be assured by adequate error.
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We all agree that pessimism is a mark of superior intellect.
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There is an enormous thrust in our time to have a simple answer. And that simple answer is that all depends on Alan Greenspan and the Federal Reserve. And Alan, who is an old acquaintance of mine, is a marvelous performer in the impression he gives of enormously great perception.
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The happiest time of anyone's life is just after the first divorce.
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A point must be repeated: only the pathological weakness of the financial memory...allows us to believe that the modern experience of....debt...is in any way a new phenomenon.
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Financial operations do not lend themselves to innovation. What is recurrently so described and celebrated is, without exception, a small variation on an established design . . . The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version.
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People who are in a fortunate position always attribute virtue to what makes them so happy.
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There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.
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Money is a singular thing. It ranks with love as man's greatest source of joy. And with death as his greatest source of anxiety. Over all history it has oppressed nearly all people in one of two ways: either it has been abundant and very unreliable, or reliable and very scarce.
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It takes some skill to spoil a breakfast - even the English can't do it.
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