Word: businessmen
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Dates: during 1950-1959
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While some bankers agree that businessmen and consumers are holding back because of high rates, many financial men from coast to coast are dead set against cheaper interest. They argue that it does not create as much demand for loans as reducing reserve requirements to make more loanable funds available. Besides, say bankers, lower rates mean trouble on the profit and loss statement...
Smith: What I mean is-well, pollsters like Sam Lubell have discovered that most people aren't very disturbed by the depression and, God knows, a lot of businessmen think it will be over in six months or so without getting much worse. You know-not really cutting deep, not sincere...
Smith: No! But businessmen did some damage, too. They overproduced, and they cut down investment-one of the perils, by the way, of the Age of Abundance. Much of the blame has to go to the auto industry. The overselling of cars in 1955 was shocking. And it was a mistake not to cut prices in 1957. Matter of fact, this depression could rightly be called the Auto Depression...
...cure the depression quickly, but to do what's best for the country in the long run. This means more than getting people to go out and buy a new lipstick or a new refrigerator. If the depression is to serve any purpose, the people, and especially businessmen, should learn the proper economic lessons from it. They should relearn such basic virtues as prudence and the value of a good day's work, and what is worth how much. We need to cut waste, and work for a balanced budget...
...activities of the Harvard Student Agencies will not interfere with businesses in the Square, according to James W. Brine, president of the Harvard Square Businessmen's Association...