Word: fulbrights
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Dates: during 1950-1959
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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...
...maintaining even our position." To show what he meant, Curtice predicted that by 1962 auto registrations will rise 30%, with a gross national product of $500 billion. Then Capehart spoke up again. The line of questioning, it seemed to him, had nothing to do with the stock market. Snapped Fulbright: "You have no right continually to criticize my questions." But Capehart disagreed. "I am going to continue to do so because I am thoroughly-100%-convinced that the purpose of this investigation is not to investigate the stock market, but to harass the Eisenhower Administration and to harass business...
Humphrey was joined by Indiana's Republican Homer Capehart, who had been needling Fulbright from the beginning. Said Capehart: "The series of questions that we have had in this committee have all tended to be on the negative side, [and have tended] to prove that stock prices are too high and that maybe we are just a few steps behind a crash such as we had in 1929." Said Fulbright: "It is very inappropriate to engage in bickering with you before this audience." Replied Capehart: "You started it ... You . . . stick to your knitting and ask [your] questions." Fulbright flushed...
...Convinced. Time and again during the investigation, Fulbright had asked witnesses, for reasons best known to him and his farm constituents in Arkansas, whether they thought the auto industry was competitive and whether prices of General Motors cars were too high. At week's end G.M. President Harlow H. ("Red") Curtice got a chance to answer the question himself. Armed with charts and statistics, Curtice testified that the auto industry is fiercely competitive, and that G.M.'s prices have increased less since 1941 than its competitors'. But why, asked Fulbright, did G.M. not cut its prices when...