gallbraith


a gallbraith is a sharp pain in the gall-bladder experienced by somebody reading some of the work of j.k.galbraith who suddenly realises that what he was saying a long time ago about economic bubbles is still achingly relevant today, thus raising profound questions about the ability of human beings to learn lessons from past experiences.
“ouch! brad, i just experienced a m-ssive gallbraith when i realised that contemporary financial innovation involves a debt leveraged against more limited -ssets, just like it did in the past!”

“gosh! hermann, it just occurred to me that one of the problems in the rise of a bubble is that the people who see it coming are treated as imbeciles as a result of the c-ssandra effect! what a m-ssive gallbraith!”

ludovic woke up on 1st october 2007 and had a full-force gallbraith when he realised that everybody was about to start blaming marginal things outside the market for the failures of the market itself.

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