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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.
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
Modern
Phenomenon
Point
Allows
Experience
Investing
Must
Debt
Believe
Financial
Way
Memory
Weakness
Pathological
Memories
Repeated
More quotes by John Kenneth Galbraith
Why is anything intrinsically so valueless so obviously desirable?
John Kenneth Galbraith
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.
John Kenneth Galbraith
Educators have yet to realize how deeply the industrial system is dependent upon them.
John Kenneth Galbraith
Preservationists are the only people in the world who are invariably confirmed in their wisdom after the fact.
John Kenneth Galbraith
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.
John Kenneth Galbraith
At best, in such depression times, monetary policy is a feeble reed on which to lean.
John Kenneth Galbraith
Clearly the most unfortunate people are those who must do the same thing over and over again, every minute, or perhaps twenty to the minute. They deserve the shortest hours and the highest pay.
John Kenneth Galbraith
Foreign policy is conducted for the convenience and enjoyment of people in Washington.
John Kenneth Galbraith
I think the role of the Federal Reserve is enormously exaggerated.
John Kenneth Galbraith
I think without a doubt, that what is called financial genius is merely a rising market.
John Kenneth Galbraith
The modern conservative is engaged in one of man's oldest exercises in moral philosophy that is, the search for a superior moral justification for selfishness.
John Kenneth Galbraith
[Franklin Delano] Roosevelt was the central world figure in the two great disasters of this century - the Great Depression and World War II. By contrast, JFK came in relatively peaceful, agreeable times.
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It was Herbert Spencer, not Charles Darwin, who coined the phrase Survival of the Fittest.
John Kenneth Galbraith
There's no question that in my lifetime, the contrast between what I called private affluence and public squalor has become very much greater.
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.
John Kenneth Galbraith
The myth that holds that the great corporation is the puppet of the market, the powerless servant of the consumer, is, in fact one of the devices by which its power is perpetuated.
John Kenneth Galbraith
Conscience is better served by a myth.
John Kenneth Galbraith
This is a world inhabited not by people who have to be persuaded to believe but by people who want an excuse to believe.
John Kenneth Galbraith
To see economic policy as a problem of choice between rival ideologies is the greatest error of our time.
John Kenneth Galbraith
There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.
John Kenneth Galbraith
