Word: fulbrighters
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Dates: during 1950-1959
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...Republican senator made his latest accusation following a stormy session of the Senate Banking Committee, in which his motion to have Galbraith recalled to Washington was overruled by committee chairman Senator William J. Fulbright...
After the meeting, Fulbright's office reported the motion to recall Galbraith would only be considered in executive session; this closed meeting will probably not come "until after Wednesday," the office said...
...Rather Risky." For many a market break, Wall Streeters are hard put to find an explanation. But for last week's, the reason could be found right in the Washington hearing room where Senator J. (for James) William Fulbright was holding his "friendly study" of the stock market. As the days wore on, the tone of the questioning made it clear that the affair was becoming less friendly every minute, with no noticeable increase in studiousness. Senator Fulbright was questioning not only the doings on the stock exchanges, but was using his hearings to investigate business in general...
...Fulbright opened the week's activities, the market declined only a little. It tumbled next day at the testimony of Harvard Professor John Kenneth Galbraith, 46, a onetime underling of Leon Henderson in World War II's Office of Price Administration. Galbraith, who says he has never bought stocks speculatively, was introduced as the author of a forthcoming book on the 1929 crash. Not surprisingly, he seemed to have the crash on his mind as he testified. In the present market, said Galbraith, there were resemblances to 1929 that were "possibly disturbing." Prices had risen at an "unhealthy...
Would Galbraith agree, asked Fulbright, that encouraging people to come into the market now, as the New York Stock Exchange has been doing, is "rather risky"? Galbraith agreed. In fact, said he, stock margins should be raised from the current 60% to 100%, to discourage new investors. After Galbraith finished, the New York Journal-American's Financial Columnist Leslie Gould suggested a headline to describe the effects of his testimony: EGGHEAD SCRAMBLES MARKET...