Word: jakes
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Dates: during 1940-1949
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James K. ("the Commodore") Vardaman Jr., freshman member of the Federal Reserve Board of Governors, likes to tell businessmen what they like to hear. Last week at Virginia Beach, Jake Vardaman gave conventioning Morris Plan bankers a cheerful little earful. Said he: "I hope we shall soon be freed of all regulations except those that Congress shall itself decree." He referred specifically to famed Regulation W (curbing consumer credit sales) as objectionable "in principle...
...pronouncement,by a governor of the Federal Reserve, which administers Regulation W under Executive Order, could have been more pleasing to the Morris Planners, whose prime business is consumer loans. But how much weight did affable Jake Vardaman pull on the board...
...banker in St. Louis before Old Pal Harry Truman brought him to the White House as naval aide, Vardaman lately had been doing much speaking out against Federal Reserve credit curbs and the Board's ban on margin trading. But what few listeners have realized is that Jake Vardaman claims to put out such thoughts "as an individual." He does not feel that he is laying down FRB policy. But his "unofficial" opposition has created plenty of confusion...
...real power in the Federal Reserve was still its astute, millionaire chairman, Marriner Stoddard Eccles. He showed this by quickly slapping down Jake Vardaman three days after he had brought his good cheer to the Morris Planners. At a New England bank management conference in Boston, Eccles said bluntly: "It can hardly be contended, with reason, that the credit gates should be opened now," though single payment loans, charge accounts, soft goods and minor durable goods might soon be freed from restrictions. But major durable goods, accounting for "the great dollar bulk of consumer credit," said Chairman Eccles, would remain...
Democrats were first; but their show was a sorry one. Only 1,800 party stalwarts were on hand to greet the big men from Chicago: tall, grinning Boss Ed Kelly and his small, bald lieutenant, Jake Arvey (TIME, July 22). Boss Ed dutifully praised Harry Truman as "the Old Hickory type, the shirtsleeves type, who will fight for his friends and his country." Little Jake said nothing, sat making mental note of the empty seats from which delegates from 75 downstate counties were distressingly absent...