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Galbraith on U.S. Economy

January 23, 1991

Again, another hackneyed column by John Kenneth Galbraith in The Times ("The Price of Comfort," Opinion, Jan. 6) with the usual reverent references to John Maynard Keynes. The economic/political indictments of the Reagan-Bush administrations fail to note the liberal/Democrat-controlled Congress "spend-spend-spend" role in the dramatic "creditor-to-debtor" reversal of the U.S. world economic posture in just over 10 years.

As the Paul M. Warburg Professor of Economics Emeritus at Harvard University, Galbraith and his professorial ilk taught the jocks who totally lacked business ethics and morality and who raped the S&Ls, perpetuated the philosophy of profit at any price and peddled junk bonds to the unsuspecting and devastated companies trying to protect themselves from mergers and acquisitions. Obviously, graduate business schools in the U.S. need to be revamped.

JOHN NAUMANN

La Crescenta

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