ELIOT JANEWAY
As an economist, Janeway coined the term to represent the potential “lashing back” by white workers against blacks if there was a severe recession and whites became unemployed in large numbers.
Eliot Janeway, born Eliot Jacobstein, was an American economist, journalist and author, widely quoted during his lifetime, whose career spanned seven decades. For a time his ideas gained some influence within the administration of President Franklin D. Roosevelt, and he was an informal economic advisor to Lyndon B. Johnson, especially during Johnson's years in Congress, though he broke with Johnson over the economics of the Vietnam War. His eclectic approach focused on the interaction between political pressures, economic policy and market trends. He was at times a vigorous critic of the economic policies of presidents from Franklin D. Roosevelt to Ronald Reagan. His enduring pessimism about US economic prospects earned him the nickname "Calamity Janeway".
