May 30, 2009

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Those Who Think Action Might Be In Order Will Be Called Men Of Little Faith: John Kenneth Galbraith

The market will not go on a speculative rampage again without some rationalization. But during any future boom some newly rediscovered virtuosity of the free enterprise system will be cited. It will be pointed out that people are justified in paying the present prices –indeed, almost any price- to have an equity position in the system. Among the first to accept those rationalizations will be some of those responsible for invoking the controls. They will say firmly that controls are not needed. The newspapers, some of them, will agree and speak harshly of those who think action might be in order. They will be called men of little faith.

John Kenneth Galbraith, The Great Crash 1929 (50th Anniversary Edition: Houghton Mifflin, New York 1979) Pp 190

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editor @ 6:42 pm

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