The following is the text of James Galbraith‘s written statement delivered
a few days ago to members of the Senate Judiciary Committee .
May 18, 2010
I write to you from a disgraced profession
Chairman Specter, Ranking Member Graham, Members of the Subcommittee,
as a former member of the congressional staff it is a pleasure to
submit this statement for your record.
I write to you from a disgraced profession. Economic theory, as
widely taught since the 1980s, failed miserably to understand the
forces behind the financial crisis. Concepts including “rational