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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
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Thinking
Enormously
Reserve
Exaggerated
Reserves
Federal
Role
More quotes by John Kenneth Galbraith
Economics exists to make astrology look respectable.
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Foreign policy is conducted for the convenience and enjoyment of people in Washington.
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For the sake of The Progressive, I will say that [Robert] La Follette was relevant, but he was the last.
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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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The questions that are beyond the reach of economics-the beauty, dignity, pleasure and durability of life-may be inconvenient but they are important.
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I react to what is necessary. I would like to eschew any formula.
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The notion that you would initiate a new product without preparing the way by persuasion and advertising and salesmanship is fantastic. It's an integral part of the system.
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Washington is a place where men praise courage and act on elaborate personal cost-benefit calculations.
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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.
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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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The line dividing the state from what is called private enterprise, orat least fromthehighlyorganized part of it, is a traditional fiction.
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A good rule of conversation is never answer a foolish question.
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The urge to consume is fathered by the value system which emphasizes the ability of the society to produce.
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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.
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There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.
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People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.
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The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.
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I predict, not because I know, but because I'm asked.
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No society ever seems to have succumbed to boredom. Man has developed an obvious capacity for surviving the pompous reiteration of the commonplace.
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Franklin Delano Roosevelt and J.F Kennedy were Presidents in very different times.
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