Word: fulbrighter
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Although Sen. William J. Fulbright (D-Ark, the chairman, publicly announced March 21 that a decision on Galbraith's recall would be made at the executive session. Galbraith revealed that he was asked unofficially to prepare the written statement for presentation at the secret meeting...
Before Senator J. William Fulbright's stock-market investigation committee last week appeared Bernard Mannes Baruch, a speculator who has made millions. Before he was 30, Bernie Baruch owned a seat on the Exchange, had made (and lost) more than $1,000,000. Forty years ago, when he was netting upwards of $2,000,000 yearly on Wall Street, Baruch used to say: "I am a speculator and make no apologies...
...international affairs, emotions-even the weather. "Largely because of the crash of 1929, the impression has built up that the stock market is the cause of booms and busts. Actually, it is the thermometer-not the fever." The Sound-Money Man. Gently, Baruch exposed the shallow depth of the Fulbright investigation by detailing aspects of the market that deserved (but did not get) serious study, e.g., the growth of investment trusts, the entry of life insurance companies into the market, the capital-gains tax that Baruch said discourages investors from selling. The market's rise, said he. merely reflects...
...Asked what he thought about raising margin requirements above the present 60%, Baruch retorted: "How can you really, in good conscience, say to a man he cannot buy stocks except on 100% when they can buy anything they like with nothing down? It just does not make sense." Fulbright tried to trap Baruch into endorsing the earlier testimony of Harvard Economist John K. Galbraith, who thought he saw some parallels between the current market boom and the period just before the 1929 crash. Baruch smoothly said he knew nothing of Galbraith "to his detriment," then added: "I think economists...
...week's end Fulbright seemed relieved that the first phase of his "friendly study" had ended. He conceded that he had turned up "no major abuses,'' puzzled some businessmen by adding: "I didn't expect to find any." Although Fulbright can resume hearings in the next fortnight or issue some kind of face-saving report, old Washington hands thought he would be happy to adjourn his investigation indefinitely. Democrats know the study is, at best, doing them no good. At worst. if the market skidded or business turned down, Democrats would be blamed...