John Kenneth Galbraith

Money. "In all of the panics there were recognizable constants. First came an expansion in business activity. This usually centered on some dominant form of investment . . . Then, as time passed, expansion gave way to speculation . . . The banks, needless to say, provided the money that financed the speculation that in each case preceded the crash."1a

"Could it all be better? The answer is yes.
Proof begins with the people who manage money. If anything is evident from this history, it is that the task attracts a very low level of talent . . . Inadequacy is protected further . . . by the fact that failure is not always at cost to those responsible."1b


1 John Kenneth Galbraith (1908-2006). Money. Whence It Came, Where It Went. Revised ed. John Kenneth Galbraith, 1975, 1995. New York, NY: Houghton Mifflin Company.
a The Price, at 106-113.
b Afterword, at 310.