In any great organization it is far, far safer to be wrong with the majority than to be right alone. - John Kenneth Galbraith

The real accomplishment of modern science and technology consists in taking ordinary men, informing them narrowly and deeply and then, through appropriate organization, arranging to have their knowledge combined with that of other specialized but equally ordinary men. This dispenses with the need for genius. The resulting performance, though less inspiring, is far more predictable.

Recurrent speculative insanity and the associated financial deprivation and larger devastation are, i am persuaded, inherent in the system. Perhaps it is better that this be recognized and accepted.

I have sufficiently urged that all suggestions as to financial innovation be regarded with extreme skepticism. Such seeming innovation is merely some variant on an old design, new only in the brief and defective memory of the financial world.