There is no name for all who participate in group decision-making or the organization which they form. I propose to call this organization the Techno… - John Kenneth Galbraith

One does not fire or sack higher-income personnel; in the interest of greater efficiency, they are only shed.

However, none of this was immediately apparent. If one has been a financial genius, faith in one’s genius does not dissolve at once. To the battered but unbowed genius, support of the stock of one’s own company still seemed a bold, imaginative, and effective course. Indeed, it seemed the only alternative to slow but certain death. So to the extent that their cash resources allowed, the managements of the trusts chose faster, though equally certain death. They bought their own worthless stock. Men have been swindled by other men on many occasions. The autumn of 1929 was, perhaps, the first occasion when men succeeded on a large scale in swindling themselves.

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.