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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
Experience
Investing
Must
Debt
Believe
Financial
Way
Memory
Weakness
Pathological
Memories
Repeated
Modern
Phenomenon
Point
Allows
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Economists are economical, among other things, of ideas most make those of their graduate days do for a lifetime.
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There's a certain part of the contented majority who love anybody who is worth a billion dollars.
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In the affluent society, no useful distinction can be made between luxuries and necessities.
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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.
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The years of the Great Depression were a superb time for economists because people not knowing what could be done or what should be done would always assume that maybe an economist had the answer. If you were just a lawyer in Washington, you were nobody. But if you were an economist, you might have the answer.
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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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Men are, in fact, either sustained by organization or they sustain organization.
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Almost every aspect of its (Federal Reserve) history should be approached with a discriminating disregard for what is commonly taught or believed.
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Economics exists to make astrology look respectable.
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There are times in politics when you must be on the right side and lose.
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To add to the technostructure is to increase its power in the enterprise.
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Consumer wants can have bizarre, frivolous, or even immoral origins, and an admirable case can still be made for a society that seeks to satisfy them. But the case cannot stand if it is the process of satisfying wants that create the wants.
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A wrong decision isn't forever it can always be reversed. The losses from a delayed decision are forever they can never be retrieved.
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Nothing so weakens government as persistent inflation.
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All, the intelligent and stupid, diligent and idle, have been swept along on a current of increased output that, in the usual case, owed nothing whatever to their efforts.
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Who is king in the world of the blind when there isn't even a one eyed man?
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I react to what is necessary. I would like to eschew any formula.
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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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We live surrounded by a systematic appeal to a dream world which all mature, scientific reality would reject. We, quite literally, advertise our commitment to immaturity, mendacity and profound gullibility. It is as the hallmark of the culture. And it is justified as being economically indispensable.
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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.
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