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In the early days of the crash it was widely believed that Jesse L. Livermore, a Bostonian with a large and unquestionably exaggerated reputation for bear operations, leading a syndicate that was driving the market down.
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
Days
Reputation
Syndicate
Believed
Unquestionably
Driving
Jesse
Bear
Exaggerated
Market
Widely
Bears
Crash
Large
Operations
Early
Leading
More quotes by John Kenneth Galbraith
However, it is safe to say that at the peak in 1929 the number of active speculators was less - and probably was much less - than a million.
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The experience of being disastrously wrong is salutary, no economist should be denied it, and not many are.
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In any great organization it is far, far safer to be wrong with the majority than to be right alone.
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The inborn instability of capitalism has been part of the history of the system for several hundred years.
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There are times in politics when you must be on the right side and lose.
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Oligopoly is an imperfect monopoly. Like the despotism of the Dual Monarchy, it is saved only by its incompetence.
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Commencement oratory must eschew anything that smacks of partisan politics, political preference, sex, religion or unduly firm opinion. Nonetheless, there must be a speech: Speeches in our culture are the vacuum that fills a vacuum.
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Economists are generally negligent of their heroes.
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Any country that has Milton Friedman as an adviser has nothing to fear from a few million Arabs.
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The privileged have regularly invited their own destruction with their greed.
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A very complicated mass of things influences the economy - the speculative effect, government policy, consumer borrowing and spending, the level of technical innovation (which I concede, although everyone emphasizes it too much), and much more - including, of course, the rate of inflation.
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In the assumption that power belongs as a matter of course to capital, all economists are Marxians.
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More die in the United States of too much food than of too little.
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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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There are days when the result is so bad that no fewer than five revisions are required. In contrast, when I'm greatly inspired, only four revisions are needed.
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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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There is a common tendency to ignore the poor or to develop some rationalisation for the good fortune of the fortunate.
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If you feed enough oats to the horse, some will pass through to feed the sparrows (referring to trickle down economics).
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One man's consumption becomes his neighbor's wish.
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I was brought up in southwestern Ontario where we were taught that Canadian patriotism should not withstand anything more than a five-dollar-a-month wage differential. Anything more than that and you went to Detroit.
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