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Gold/Mining/Energy : Gold Price Monitor
GDXJ 98.59-2.8%Nov 13 4:00 PM EST
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To: long-gone who wrote (50943)3/30/2000 10:28:00 PM
From: Alex  Read Replies (1) of 116759
 
<<Mr. Galbraith is saying that if the Fed?s high interest rates kill the boom, then all fingers point at them (and the politicians in office). He continues, "The market will not go on a speculative rampage without some rationalization. But during the next boom, some newly rediscovered virtuosity of the free enterprise system will be cited [a "new era" due to "structural changes"]. It will be pointed out that people are justified in paying the present [high] prices?indeed, almost any price?to have an equity [or ownership] position in the system. Among the first to accept these 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."

On page 73, Mr. Galbraith uses the term "prophets of doom" as society?s label for people who don?t jump on the bandwagon of euphoria during boom times. He says in the concluding paragraph of his book, "?inaction will be advocated in the present even though it means DEEP TROUBLE in the future. Here, at least equally with communism, lies the threat to capitalism. It is what causes men who know that things are GOING QUITE WRONG to say that things are FUNDAMENTALLY SOUND." Mr. Galbraith?s last words in his book are a WARNING to not be deceived by LYING MEN.>>

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