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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
Bear
Exaggerated
Market
Widely
Bears
Crash
Large
Operations
Early
Leading
Days
Reputation
Syndicate
Believed
Unquestionably
Driving
Jesse
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Meetings are a great trap. Soon you find yourself trying to get agreement and then the people who disagree come to think they have a right to be persuaded. However, they are indispensable when you don't want to do anything.
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If you get a reputation for being honest, you have 95 percent of the competition already beat.
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It takes a certain brashness to attack the accepted economic legendsbut noneat all toperpetuatethem. So theyare perpetuated.
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The only function of economic forecasting is to make astrology look respectable.
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It is not the individual's right to buy that is being protected. Rather, it is the seller's right to manage the individual.
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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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The greater the wealth the thicker will be the dirt.
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Power is not something that can be assumed or discarded at will like underwear.
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Technology means the systematic application of scientific or other organized knowledge to practical tasks.
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The power of the corporate bureaucracy - the power of technostructure (a term that did not take off) - is something to which I still adhere.
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Increasingly in recent times we have come first to identify the remedy that is most agreeable, most convenient, most in accord with major pecuniary or political interest, the one that reflects our available faculty for action then we move from the remedy so available or desired back to a cause to which that remedy is relevant.
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No grant of feudal privilege has ever equaled, for effortless return, that of the grandparent who bought and endowed his descendants with a thousand shares of General Motors or General Electric.
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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.
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Economics is not an exact science.
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Economists are generally negligent of their heroes.
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We now in the United States have more security guards for the rich than we have police services for the poor districts. If you're looking for personal security, far better to move to the suburbs than to pay taxes in New York.
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You will find that [the] State [Department] is the kind of organisation which, though it does big things badly, does small things badly too.
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The more underdeveloped the country, the more overdeveloped the women.
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