Word: fulbrights
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...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...
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...
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...