Word: fulbrights
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Dates: during 1950-1959
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...years had Wall Street gone through such a hectic week. On Monday, as Wall Streeters gloomed over the Fulbright investigation, stocks had their biggest drop since the start of the Korean war. Industrials fell 9.72 points, to 391.36, back to where they were in early December. Next day Wall Street took cheer from Treasury Secretary Humphrey's testimony (see below), and stocks bounded up. They ended with a gain of 7.92 points, the largest single-day's advance since Sept. 5, 1939. In the next two days they crept up farther, ended up the week with...
Senator J. William Fulbright's investigation of the stock market, which had some suspiciously political overtones from the start, last week turned into an out-and-out dogfight between Democrats and Republicans. G.O.P. Chairman Leonard Hall charged that Committee Member Paul Douglas of Illinois was "one of the original instigators of the gloom-and-doom attack" during the last congressional campaign, and that one of the star witnesses, Harvard's Professor John K. Galbraith, was an "oldtime New Dealing, A.D.A.-type of anti-Jeffersonian radical [who] flirted around with the customary pink fronts," and "almost wrecked" World...
There was no doubt that the hearings were generating so much more heat than light that Chairman Fulbright himself admitted that the whole affair appeared to be "futile." Then he helpfully translated just what he meant by "futile": "We are in a box. If any good comes out of these hearings, the credit redounds to the President rather than...
Next witness was Treasury Secretary George Humphrey, who had been following the hearings closely. Humphrey decided that it was time to read former College President Fulbright (University of Arkansas) a little lesson in economics. Humphrey was frankly worried about the effects of the investigation, feared it would affect confidence in the economy as a whole as well as the market. The market, said he, is a meeting place of the ideas of millions of people. "Confidence is a subtle thing. It is built slowly and can be easily and quickly shaken . . . Confidence-or lack of it-has more...
...Fulbright was stunned. "Do you think we should discontinue these hearings?" he asked. Said Humphrey: "I do not think I would care to advise this committee on what its functions are and what it should do." New York's Republican Senator Irving Ives wanted to know if Humphrey had heard "anything today about" a stockmarket crash. Said the Secretary: only "in the hearings of this committee...