Conventional Wisdom

John Kenneth Galbraith, 96, economic advisor to Presidents Franklin D. Roosevelt and John F. Kennedy, told Paul Soloman (RealAudio) that economic policies are being controlled by "the people who have the money," and that "corporations have taken over the basic process of governing."

Galbraith, FDR's New Deal advisor, believes that government must act in order to smooth the economic highs and lows. Economic management depending on the issues of the day. Government activism when it comes to the national economy.

Galbraith was one of the most famous economist in the world during the 50's. He wrote The Affluent Society, which is about excesses in the American economy.

Galbraith believes today's Republican right wing extremism in government will eventually reverse back to New Dealian types of policies championed by Democrats FDR and Kennedy. The Republican presidential eras were made possible by the Vietnam War in the 60's and the high inflation, high unemployment and high gas prices of the 70's and 80's, during which time the Republicans regrouped and took power. Some say his progressive-sounding theories sound really good today; hell, he's survived the policies of Eisenhower, Nixon and Reagan!

Today he believes that any dismantlement of Social Security, as proposed by the current Bush, is blindly driven by conservative ideologues. Social Security, he believes, isn't a Democratic or Republican program, it's the "people's program."

There is a new biography out on Mr. Galbraith and it appears to be very good.