Economist: U.S. won't tolerate a 'Lost Decade'

By Kevin G. Hall | McClatchy Newspapers

WASHINGTON — The long-simmering problems that boiled over into a global financial crisis last September require a strong government hand in the workings of the U.S. economy and financial system, according to economist and author James K. Galbraith.

Galbraith, a professor and scholar at the University of Texas at Austin, is the son of the late economist John Kenneth Galbraith, whose books in the 1950s influenced how Americans viewed economics and American capitalism.