Word: baruchly
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Republicans were quite happy. The break showed that prices could readjust themselves, and without the controls which G.O.P. leaders have consistently opposed. Even Bernard Baruch, who recently recommended far-reaching controls (TIME, Jan. 26), begged off from testifying before the Senate Banking and Currency Committee until he had time for another look around. He wired Committee Chairman Charles Tobey: "There is evidence, superficial perhaps, but existing, that commodities show a tendency to soften. Were that to come about, the need for control would be less pressing...
...issue of February 3, the Daily Worker declared that Professor Eliott "has done more to influence American foreign policy" than either Baruch or Hoover. It claimed that he has succeeded in reorienting U.S. policy "toward rebuilding a strong reactionary Germany as a spearhead for an anti-Soviet...
What had caused it? As usual, the Street had many answers. Some blamed short selling, selling by foreigners, uncertainty over the Marshall Plan and the plea to Congress by Bernie Baruch, a crack speculator himself, to forget tax cuts, put back an excess-profits...
Inferentially, Baruch was for ERP, but that was not enough. Peace, he said, cannot be legislated, or even bought with appropriations. But economic stability "can be brought into existence inside of two years, through an all-out production drive here and in the rest of the world." The Baruch program: 1) stabilize the world, 2) stabilize...
...Baruch really believe that farm prices could be rolled back, and wages "stabilized"? He was not talking about what was politically expedient or even politically practical, but what he thought ought to be done. "We must stop inflation not to save Europe but to save America," he said. He offered this yardstick to measure any anti-inflation plan: "Let the public ask-whom does it hit? If it hits everyone, more than likely it will be a good program. If it taps here and there, touching one segment while exempting others, it will be a bad program...