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To: Defrocked who wrote (8635)	10/14/1998 9:41:00 PM
From: Joseph G.	Respond to of 86076

<<CAMBRIDGE, Mass., Oct 14 (Reuters) - John Kenneth Galbraith, the ''people's economist'' who has advised Democratic presidents starting with Franklin Roosevelt, foresees a recession and worries ''the innocent'' will suffer. Galbraith turns 90 on Thursday - an event that will be celebrated at Harvard University where he has taught for half a century as well as with a new edition of ''The Affluent Society,'' his seminal work first published 40 years ago. Guests for Galbraith's gala are expected to include Arthur Schlesinger, Jr., Gloria Steinem and William F. Buckley. In the beamed-ceiling living room of his Cambridge home near Harvard Yard, the man who wrote the definitive study of the 1929 financial crash said in an interview this week: ''You see a speculative bubble and there's always a recession behind it.'' U.S. markets are ''very vulnerable right now. Not just the stock market, but also these hedge funds and mutual funds ... This is invariably a cyclical tendency built into the markets,'' he explained in the fading light of an October afternoon. ''After a certain period of speculative mania and a departure from reality, there's what very polite people call a correction,'' he said. ''I'm not averse to a correction, so long as it punishes the people most responsible for the preceding idiocy. The important thing is that the innocent people not be punished.''>>