Word: raskob
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Dates: during 1920-1929
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Potent in downing the horrid thought that through Smith and Raskob the Democracy had been led into the camp of Mammon, was the pleasant effect of party affluence itself. Even more potent was last summer's disclosure that "Raskobism's" loudest foe, Bishop James Cannon Jr., of the Methodist-Episcopal Church, South, was himself messily involved with a Manhattan bucket-shop (TIME, July 1). At a South Georgia Methodist conference last week the Rev. Bascom Anthony of Thomasville, got a resolution adopted to reduce the tenure of service of Methodist Bishops from life to four years. Cried...
...invented by anti-Smith Democrats, "Raskobism" contains the following ingredients: one part Roman Catholicism, one part wetness, one part political irregularity (Mr. Raskob used to be a Republican), one part big business. The religious and prohibition issues were not directly focused by the two dry Protestant candidates in Virginia. The stigma of political irregularity had been allayed by Mr. Raskob's work for the Democracy in 1928; indeed, this stigma was transferred to the anti-Raskobians by their alliance with the Virginia Republicans in this year's primary. But still in the hearts of oldtime Democrats may have...
...Democrats were not inclined to criticize Mr. Raskob because of the stock market, Republicans were. Last fortnight in the Senate, Democratic Leader Robinson of Arkansas attributed in part the recent market crash to a flow of unduly optimistic statements from Calvin Coolidge, Herbert Hoover, Andrew William Mellon. Defending the Republicans, Senator Robinson of Indiana rose to blame Mr. Raskob for the frenzy of speculation. He called Mr. Raskob a "plunger," cited Mr. Raskob's published faith in stocks, his plans for a workers' investment trust, his null General Motors statement (TIME, Feb.11) as public inspirations to gambling, responsible...
Last week Mr. Raskob replied that the Robinson criticism was "false, vicious, wholly unwarranted and manifestly a political attack." Said he: "I do not gamble in the stockmarket. I have always purchased stocks outright ... in companies that I thought had an attractive future and have held them until such time as I thought they were selling for all they were worth...
...County Trust Co., close personal friend of Alfred Emanuel Smith, committed suicide with a revolver. For a whole day the news was suppressed lest a run on the County Trust develop. Ill health and mental derangement were given as the official reasons but stockmarket losses were suspected, admitted. Mr. Raskob was named acting chairman of the bank, which auditors quickly pronounced "in perfect condition...