John Kenneth Galbraith Quotes
Banking may well be a career from which no man really recovers.
Galbraith, John Kenneth. Ambassador's Journal: A Personal Account of the Kennedy Years. Houghton Mifflin, 1969.
During this crises, the taxpayers of America had to bail out most of the largest banks in the country whose profligate investment strategy had squandered their depositors and other customers money as a result of the spiral to reap higher and higher profits until they collapsed with the executives making millions in bonuses when their banks were losing money. They put millions of people out of work, and their greedy policies crashed the housing market and then the same banks evicted millions of families when the banks foreclosed on their mortgages with thousands of bank officers committing felonies in the foreclosure processes. This was to Blankfiein and many of the other leading bankers, “God’s Work”.
She warned of some of the structural weaknesses of American Banks three decades before the 2008 Great Recession and the Banking Meltdown showed the flaws.
The savings and loan crises became clear shortly thereafter.
John Kenneth Galbraith OC, also known as Ken Galbraith, was a Canadian-American economist, diplomat, public official and intellectual. A leading proponent of 20th-century American liberalism, his books on economic topics were bestsellers from the 1950s through the 2000s. As an economist, he leaned toward post-Keynesian economics from an institutionalist perspective.
