Word: hendersons
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When Leon Henderson's wholesale price ceiling went into effect, the U.S. entered into a controlled economy which made the old NRA strait jacket look like a sport shirt. Next week the retail ceiling will follow; the strait jacket will be laced...
This time, when Leon Henderson called the three gallons for the nonessential motorist "a damned sight more than he's entitled to," nobody laughed. The song faded from the heart, Pollyannery from the head. Now the citizenry learned again the truth about total war: no matter how bad the experts say things are going to be, they turn out worse...
...Leon Henderson made it clear that he did not consider the March price structure ideal. He promised that he would realign prices at different selling levels when and as "gross inequities" showed up. Some were so immediately obvious that supplementary OPA orders were already being readied.* But OPA made its over-all ceiling policy clear: retail prices are not to be changed; the changes will come at the wholesale or manufacturing level. If necessary, subsidies will be used, as they have been in Britain (to the tune of ?125,000,000 a year) and in Canada. "But the ceiling," said...
...physical job of policing the order and of correcting inequities is so enormous that many victimized retailers may go under before OPA can get around to their rescue. Leon Henderson last week gave this migraine to an ex-Harvard professor of government, Merle Fainsod, who heads OPA's new Retail Trade & Services Division. There was serious trade talk of an ultimate need for no less than 300,000 OPA policemen. Long before that number are hired, Professor Fainsod will find himself smack up against Paul McNutt's manpower mobilization problem...
...worked and will continue to work in individual cases like rubber, gas, and sugar, but the economists from Hansen to Keynes are united in believing this one-sided attack inadequate to control, an entire price structure. Temptations to the bootleg "black market" are too severe; enforcement difficulties are overwhelming. Henderson himself has publicly recognized price control to be an interim measure, a temporary substitute for taxes that hurt...