Word: fetishizers
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Bankers criticized Mr. Morgenthau furiously for his "fetish of 2%," arguing that the offering would have been a success if it had consisted of 2¼% bonds of 12 to 14 years maturity. But Mr. Morgenthau, breathing heavily, stuck to his old cheap-money theory, fighting the war boom as he had fought the depression. His program "to finance this war in the seven-to-ten-year range at 2%" was denounced as "stubborn amateurishness." His reason (labeled as "eyewash"): "to save this and future generations many millions of dollars on the public debt...
Background for Broadway. Dapper Dan Walker became a Broadway columnist by accident. Georgia-born and 44 years old, he is a 145-lb. man with thin brown hair and a well-scrubbed look, who manages to look neat even after a seven-hour nightclub tour. He makes a fetish of cleanliness, gloomily anticipates a soap shortage, which he feels will be deliberate ly manufactured by the Government be cause "they'll want us to get used to living without soap so we'll be able to get along with all the foreigners who'll be coming...
...next 15 years he applied himself in officers' schools, became known respectfully as a "brain" in the Army and a top-drawer junior officer. When Douglas MacArthur became Chief of Staff, Eisenhower for a time was his aide. Mechanization was a fetish with MacArthur, and so it was with Eisenhower. He was a tank...
...which have been in effect for some time. Under this system a company now gets 12? per pound for anything produced up to its allotment, but gets 17? for any additional copper. By reducing quotas downward the Government can in effect pay more for copper while maintaining the 12? fetish...
...past record he will probably continue to think about war financing in terms of the cheap-money theories of the '30s-will go on trying to fight a war boom as if trying to fight a depression. And timid Mr. Morgenthau in sticking to his fetish of 2% is likely to find that either he has to take control over the entire credit system of the nation or add to the inflationary fires...