Word: sec
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Dates: during 1930-1939
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...even with SEC as a "policeman whose business it is to watch out for pyromaniacs," Mr. Gay did not have full faith in the new Federal fire department. "Will it. perhaps, break down in the hurly-burly of actual practice?" he asked. ''None of us can have forgotten that the Federal Reserve System ... the embodiment of the best banking thought and experience in the world, did not check the great inflation which culminated in 1929. . . ." And he broadly hinted that the weakest spot in the credit hose was the Treasury with its huge stabilization fund and its moral...
...What I wish to emphasize today is that when the stock exchanges have done all that they can; when the member banks of the Federal Reserve have done all that they can; when SEC has done all it can, there still remains this immense outside factor, an abnormal money market with a gigantic volume of excess reserves, the control of which is not in their hands. Only sound Federal Reserve Bank policy and sound Treasury policy can control that. . . . My earnest wish is that through intelligent use of equipment which we have and by keeping our sense of proportion...
...SEC summoned Inventor Haas to Washington, asked for a demonstration of his device, consisting of a leather thong to which was attached a small leather-covered cylinder. When suspended over gold-bearing ground, the indicator was supposed to vibrate. Explained Septuagenarian Haas: "I call it a mineral vibrator. . . . The principle on which it works is affinity with affinity. I have to have a gold affinity to detect gold. . . . My instrument is loaded with affinity. ... I tune in with my gold vibrator. It is like a radio. You dial until you get a certain station. . . . When I take...
Dialed in for gold at SEC headquarters, Mr. Haas approached a table on which were five covered boxes. Four contained assorted fruits & vegetables. One contained gold. Holding his indicator in his right hand, the grey-haired oldster moved it along over the line of boxes until it reached a box at which it began to vibrate vigorously. The box was opened. It contained an apple...
Last week SEC ordered the La Luz registration suspended for "untrue statements," went on to declare: "Science and common sense combine to tell us that gold cannot be located by the use of 'doodlebugs.' It is reprehensible that such positive claims as to the value and presence of gold should be presented to prospective investors with no better basis than such examination as has been described...