Word: hendersons
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Baruch was a speculator and a creative investor who amassed enormous wealth outside of industry, who went to help his Government in time of need, and has made a later career as an adviser to five Presidents, an economic Nestor, a sage of war planning. Henderson was a research-foundation economist who has refused repeated offers to turn an honest business dollar, who has always felt his Government needed him, and has proved it. Both have a startling ability to deduce facts from figures, the event from the process. Each likes and respects the other...
...Henderson believes that the avoidance of inflation means attack all along the line: by heavy taxation, by various methods of compulsory saving, by expansion of production, by control of prices. Therefore he does not work alone, makes no final price decisions without complete agreement up & down the Government...
Baruch can be powerfully simple and direct, but he is a person of extraordinary sophistication, a master of charmingly indirect talk which suddenly opens to leave an inference the size of a bomb crater. He has spent a great part of his years holding his tongue. Henderson is a great babbler who wakes up sounding his "A" and holds it all day, roaring through his work in a rich torrent of cuss words, grunts and bellows, like a bull of Bashan...
...Henderson's Lesson. The first lesson of history is to read it. That Leon Henderson has done. Bernard Baruch is a man of peace, but of the 1918 U.S. economic effort, which Baruch managed, Field Marshal von Hindenburg wrote: "Her brilliant, if pitiless, war industry had entered the service of patriotism and had not failed it. ... They understood...
That is the Baruch thesis-and now Henderson's text, with 1941 modifications -but the U.S. never saw its full effect in World War I because the Armistice came first. Shoes were reduced to two types and to black, white, tan. Manufacture of pleasure automobiles was to cease. Housing had stopped dead. In another year the whole civil population would have been clothed in a cheap but serviceable sort of uniform. Flaps from pockets would have disappeared. At Alice Longworth's recommendation, steel had been taken out of women's corsets. There were gasless, meatless, sugarless, fuelless...