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...that unity he would have to do a tall job of convincing. Somehow he must convince angry, embittered businessmen that they needn't sell their businesses and move to Canada (or wherever); that the Federal Reserve Index meant what it said -the U. S. stock was up. He must convince millions who had voted against him that he held no grudge against the crusade that had tried to topple...
Neurologists still remember Sir Henry's slashed arm. For pain is an important index in the diagnosis of brain and nerve injuries. A neurologist searching for a brain tumor in a patient with a weak, dragging left leg, for example, carefully pricks him with a pin to see where and how much he retains his sensation of pain. If the skin in a limited area is dulled, the neurologist knows that only a surface nerve is injured. If the patient is analgesic over a wide area, several nerves or even part of his brain may be damaged. By carefully...
...year maintenance. Added to this was another figure : an estimate that $5,000,000,000 of the current defense appropriation will actually be spent by the end of this fiscal year. This will raise the Federal Reserve Board Production Index from August's 123 to 140 by next June. This estimate rested on three assumptions: 1) England stays in the war as a U. S. customer, 2) no inventory boom temporarily inflates production, 3) no price inflation handicaps consumption...
...more national income and, therefore, a bigger & bigger reservoir of savings to finance the expansion. Furthermore, said the New Dealers, taxes always cut consumption. Why tax, then, until consumption has increased to the point of full production, full employment (which they estimated at around 170-180 on the FRB index)? They rejected the "fetish" of a balanced budget, preferring a balanced economy instead. But when full employment is reached, and a choice between guns and butter must be made, the New Dealers would plump for guns-i.e., consumption taxes. By 10 p.m. they had talked Leon Henderson to sleep...
Four kinds of customers sent the steel rate up: 1) industrial builders, doing jobs for defense (TIME, Sept. 9); 2) manufacturers of durable goods, whose index of new orders received went up to 162.2 in July from 156.9 in normally more active June; 3) the export market, mainly the United Kingdom, which rose 14.6% in July to 707,809 tons, 14.2% of the month's production; 4) consumer industries (automobiles, refrigerators) which, instead of being elbowed aside by the defense boom, are so far being carried along with...