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I think the role of the Federal Reserve is enormously exaggerated.
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
Thinking
Enormously
Reserve
Exaggerated
Reserves
Federal
Role
Roles
Think
More quotes by John Kenneth Galbraith
A wrong decision isn't forever it can always be reversed. The losses from a delayed decision are forever they can never be retrieved.
John Kenneth Galbraith
There's a certain part of the contented majority who love anybody who is worth a billion dollars.
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
There is little that can be said about most economic goods. A toothbrush does little but clean teeth. Aspirin does little but dull pain. Alcohol is important mostly for making people more or less drunk ... There being so little to be said, much is to be invented.
John Kenneth Galbraith
In the affluent society, no useful distinction can be made between luxuries and necessities.
John Kenneth Galbraith
The only function of economic forecasting is to make astrology look respectable.
John Kenneth Galbraith
Mr. David Stockman has said that supply-side economics was merely a cover for the trickle-down approach to economic policy — what an older and less elegant generation called the horse-and-sparrow theory: If you feed the horse enough oats, some will pass through to the road for the sparrows.
John Kenneth Galbraith
It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled seas of thought.
John Kenneth Galbraith
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof.
John Kenneth Galbraith
We can safely abandon the doctrine of the eighties, namely that the rich were not working because they had too little money, the poor because they had much.
John Kenneth Galbraith
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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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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But it can be laid down as a rule that those who speak most of liberty are least inclined to use it.
John Kenneth Galbraith
Private enterprise did not get us atomic energy.
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We talk of the enormous virtues of work, but it turns out that that is mostly for the poor. If you're rich enough or if you're a college professor, the virtue lies in leisure and the use you make of your leisure time.
John Kenneth Galbraith
You will find that [the] State [Department] is the kind of organisation which, though it does big things badly, does small things badly too.
John Kenneth Galbraith
Almost every aspect of its (Federal Reserve) history should be approached with a discriminating disregard for what is commonly taught or believed.
John Kenneth Galbraith
People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.
John Kenneth Galbraith
In the assumption that power belongs as a matter of course to capital, all economists are Marxians.
John Kenneth Galbraith
In recent times no problem has been more puzzling to thoughtful people than why, in a troubled world, we make such poor use of our affluence.
John Kenneth Galbraith
