Word: hendersons
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Failure No. 3, in some ways more important than any, was the failure to control the sinister inflation already resulting from the defense boom. Even OPACS Boss Leon Henderson, seldom a pessimist, now gloomily admitted the U.S. was probably on the edge of credit inflation, although he could not foresee such extremes as the printing of greenbacks...
...getting oiled this week. It began to open offices throughout the country, train a field staff, hold meetings to explain itself to businessmen. It announced three weapons to enforce compliance with its orders: publicity, restriction of supplies, lawsuits. Manufacturers of peacetime goods did well to contemplate the growth. Leon Henderson, waiting for new legislation on the price front, turned his attention to civilian supply. First move: obtaining (from OPM, which administers all priorities) priority status for such essential civilian industries as transportation, communication, utilities, food processing, farm equipment, mining. That means that orders of a bus line, for example...
...press was quick to detect the new menace in such a rule. Said the New York Times: "In effect OPACS has been attempting to control prices by asking for voluntary reductions in profits." Said the Wall Street Journal: "Profits ... are not the business of Mr. Henderson." Leon remained philosophical. "The honeymoon is over," he told a Congressional committee. He prepared to set price ceilings for the whole auto industry when the new model year begins. His present powers (which, apart from his jawbone, depend on the vague and drastic commandeering powers of the President) may by then be supplemented...
Cotton. Politically, Henderson meanwhile had aroused a far more dangerous foe than Detroit. This was King Cotton, whose price, thanks to the Fulmer Cotton Loan (85 %-of-parity) Act, has led the whole commodity list skywards in recent weeks. OPACS is formally in favor of parity prices for cotton (16.12? a Ib.). But after the price crossed 15? last week, the sympathetic rise in cotton textile and cottonseed oil prices drew OPACS's fire...
Lenin early urged British Communists to affiliate with and disrupt the Labor Party. He wrote: "I want to support [Arthur] Henderson with my vote in the same way that a rope supports a hanged man." But all efforts of the Communists were beaten off by Labor's leadership, with the support of the rank & file. Last Communist effort came in 1937 when Laborite Sir Stafford Cripps (whose long-standing friendliness to Moscow was last week honored by Hitler himself as a casus belli} and a handful of followers tried to force the Labor Party into a Popular Front...