Word: capehart
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Homer Earl Capehart, the onetime phonograph maker from Indianapolis, was for years a target for the bitter sneers of liberals and laborites from both major parties. Last week the old critics were cheering Homer Capehart while ranged against him were such old-time friends as the National Association of Manufacturers and Robert Alphonso Taft. The issue, that brought about this strange shift of forces: Republican Senator Capehart's bill to provide standby controls on prices, wages and rents...
...Bulldozer. Indiana's Capehart had been a symbol for decontrol for nearly two years. His Capehart amendment (permitting price hikes to cover all cost increases from the beginning of the Korean war to July 26, 1951) shot price ceilings full of holes and aroused the wrath of the Truman Administration. Harry Truman said it was "like a bulldozer, crashing aimlessly through existing price formulas, leaving havoc in its wake." Little wonder, then, that Capitol Hill was startled this year when Bulldozer Capehart proposed that Congress give the President power to freeze wages, prices and rents for 90 days...
Fascinated Democrats and dismayed conservative Republicans watched agape as Capehart judiciously steered the bill through the Senate's Banking & Currency Committee, of which he is chairman. Actually, his position was not inconsistent. The day after the Korean war began in 1950 he had proposed an immediate price-wage-rent freeze. His proposal was snubbed; controls were not imposed for seven months. In those seven months the wholesale price index rose by 15%, the consumer's index by 6⅔%. These increases, Capehart argued, left no foundation for sound controls. He fought Truman's belated program every step...
...program. Nevertheless, Republicans do not plan to end all wage and price controls immediately after Jan. 20. Key G.O.P. Senators and Representatives want to give the new Administration a chance to work out an attitude toward controls. Michigan's Representative Jesse Wolcott and Indiana's Senator Homer Capehart, who will head the committees most interested in controls, plan public hearings in early February. The general course Wolcott would like to chart...
Banking & Currency. Homer Capehart, the wealthy radio-TV manufacturer from Indiana, a strong conservative...