Word: baruchism
(lookup in dictionary)
(lookup stats)
Dates: during 1930-1939
Sort By: most recent first
(reverse)
BERNARD M. BARUCH...
...public hearings, prepared to write a report for the President. Created by Congress, it had heard many a witness, some with ideas, more without, on how to take the profit out of war. No proposal had gained more attention or stirred more discussion than that of Bernard Mannes Baruch, Wartime head of the War Industries Board, for "freezing" all prices by presidential proclamation at the outbreak of War (TIME, May 25). At the Commission's closing session Mr. Baruch reappeared to answer such critics of his plan as Newton Diehl Baker and General Douglas MacArthur, Chief of Staff...
...There was not a single witness," declared Mr. Baruch, "who did not propose price-fixing through some means. The excess profits tax standing alone as a means of equalizing the burdens of war is fatally defective because it aggravates inflation. The fixation of a few individual prices is a wrong war policy because it would be confiscatory, because it has only a fragmentary effect on inflation and because it is more difficult than general stabilization...
Next to the Baruch plan, the most arresting proposal the Commission heard last week came from New York's swart little Congressman Fiorello Henry La Guardia. A War aviator, Representative La Guardia wanted a constitutional amendment to allow a wartime Government to declare a moratorium, nationalize all industry, ration the entire civil population and conscript everyone "from Texas Guinan to J. P. Morgan." Ships, railroads, everything would be taken over without compensation and returned later to their owners without damage payments. Testified this Republican insurgent...
...Baruch Plan. Most important proposal before the W. P. C. came from Bernard Mannes Baruch, astute white eagle of Wall Street. As chairman of the War Industries Board, which mobilized and controlled business to supply the Army during the War, Mr. Baruch learned from experience all about war profiteering. To eradicate it he proposed a Federal command of still-pond-no-more-moving. "In modern warfare," he testified, "administrative control must replace the law of supply and demand. To measure inflation of price and profit we must have some norm. The obvious norm is the whole price structure...