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 massive gallbraith when I realised that contemporary financial innovation involves a debt leveraged against more limited assets, 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 Cassandra effect! What a massive 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.