Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : ahhaha's ahs -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (5574)	11/6/2002 12:44:14 PM
From: Elsewhere	Read Replies (1) \| Respond to of 24758

What do you think of John Kenneth Galbraith, specifically his views these days. Not knowing Galbraith either I mentioned him on the thread some time ago. It's a pity how bad the SI search function currently is so here some direct links: #reply-15480255 #reply-15480307 #reply-15481887 #reply-15484458

To: Lizzie Tudor who wrote (5574)	11/6/2002 1:12:54 PM
From: ahhaha	Read Replies (1) \| Respond to of 24758

What do you think of John Kenneth Galbraith, specifically his views these days. I have written extensively about him on this thread. He represents the 'crat mentality: war on wealth. Remove his prejudices and he's a pretty good economist, but you can't separate the two. He knows how right the other side is, so he wages war against it in order to preserve what he unconsciously resents. Did anybody hear the NPR marketplace interview last night with Galbraith? It was odd. He basically said the only thing holding up the economy is consumer spending, specifically car sales. This is the trait of the bears who are desperately looking for something to support their prejudices. Galbraith compromises what he knows because it goes against his prejudice. He hates Smith's invisible hand because it seems to reward many who aren't of the intellectual elite. JKG knows the economy is recovering slowly and the recovery is only mildly attended with wage cost push inflation. This circumstance will lead to a valid prosperity in contrast to the pile of crap 'crat pseudo prosperity of the '90s. So JKG has to find something to tear down this development. He attributed the increased auto sales to some sweetheart deal Bush made with the big-3 CEO's to sell cars for essentially no profits. You, a non-specialist in the auto industry, can see through this nonsense. It's so synthetic and contrary to the available facts that one has to wonder whether JKG is credible at all. He has his prejudice to protect, so he will cast the obvious in a negative light. Galbraith sees this coming to an end soon (consumer spending weakening) and another year of recession. When I look at a chart of GNP or any other chart except loan demand, I can't find the recession. Consumer spending never changes much. Why should you believe all these hack econos who say "the econumee is being held up by consumer spending"? It has never been true. The assertion is a little like saying, "the sky holds up the stars". Quite a contradiction to comments from Wayne Angell and other fed economists recently. Angell is the dumbest of the name econos. If you can be defeated by Fleck, an amateur economist, you should hang it up. FED economists are mostly useless. They're all believers in demand management, but that economic school has been reliably wrong. Fleck and Angell are strong believers in it though as is JKG. .. otoh Galbraith is in academia now at UT Austin so he is a little more free to say what he thinks. UT hired him for the same reason Bear Sterns hired Angell. They have public visibility. Human resource hires based on marketing potential, so both JKG and Angell have become creatures of what they resent. Munnee makes a lot of people dance like puppets.