Word: baruchly
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Glowering over his spectacles, Baruch arrived on Capitol Hill to give the Senate his recommendations for meeting the direst military crisis since Pearl Harbor. Adviser to Presidents and Congresses for more than a quarter of a century, he carried the outraged recollection that his counsel had too often been disregarded. In the past two years, Washington had brushed off his repeated advice that the U.S. get up off its hunkers and rearm itself. Many observers figured that Washington would go on brushing him off. Baruch, the ancient prophet, was out of date...
...Then Baruch spoke in the high-ceilinged Senate caucus room before the Senate Banking & Currency Committee which was studying the President's proposed legislation. For three hours he testified, reading from a prepared statement, moving easily up & down the committee's table to catch their questions, waving a hearing aid in front of him like an antenna...
Invitation to Inflation. Said Baruch: "Experience has taught us that when the Government steps into the market with such enormous demands requiring such quick priority, you must control all prices, including wages, rents, foods and other costs, eliminate profiteering and ration certain scarce essentials...
...only was the Truman program inadequate; it was dangerous, Baruch maintained. "Should this bill be enacted, without price control," he warned, "the Government may get what it wants, but with needless delay and ever-increasing prices. The public will be left to compete for the remainder-with the fattest pocketbook, not the greatest need, deciding who gets what is available. This bill, gentlemen, is an invitation to inflation...
...Bernard Baruch was positive that the U.S. people were ready for price controls. Who opposed them? he demanded. "The millions whose savings will be reduced if inflation continues? The millions of teachers, firemen, policemen, nurses, civil servants, and others with fixed incomes? Old-age pensioners? Workers who find their real wages cut by rising living costs? Farmers who find the cost of the things they must buy mounting...