John Kenneth Galbraith, economist
One of the things you must understand about 1929 and the antecedent years, as about any speculative episode, is the danger… in attributing intelligence to the simple fact that people are associated with large sums of money or large financial operations. We don’t ask whether they’re intelligent. We say, they’re associated with all this money, so they must be intelligent. We attribute intelligence to association with financial operations. And only afterwards do we discover that error and that the people involved can be extremely successful in gulling themselves. That they can be in effect, and I use the word advisedly, marvelously stupid.
I used to be quite an optimist… I thought that by keeping the memory of the 1929 crash alive we would have a warning against the kind of feckless, fatuous optimism which caused people to get in and shove up the markets and shove it up more and get carried away by the illusion of ever-increasing wealth. I’ve given up on that hope because we’ve had it happen too often again since.
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