Word: vardaman
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Dates: during 1940-1949
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Diligent Man. As his career waxed, the up-&-coming lawyer began to take an interest in the St. Louis Symphony Society, thus met James K. Vardaman, an old friend of Politician Harry Truman. When "Jake" Vardaman went into the Navy, he left the legal end of his business in Clifford's hands. The Vardaman Shoe Co. was being liquidated. Clifford tied up the loose ends...
...Clifford also joined the Navy as a lieutenant (j.g.)-Sent to make a survey of the Pacific Coast supply situation, he won a citation for "diligence." Vardaman meanwhile had become Harry Truman's naval aide. And when Jake went off to Potsdam with Harry Truman in 1945, he summoned Clifford to man the White House station while he was gone. After Vardaman was made a member of the Board of Governors of the Federal Reserve System, Clifford stayed on. He began helping Judge Sam Rosenman to write speeches, and when Rosenman left, the President gave Clifford a full-time...
...respects this is the same hard-driving regimen Harry Truman had staked out for himself when he first entered the White House. But it now revolves around a brand-new operating routine. The old days of government by cronies are gone, and so are most of the cronies (Jake Vardaman, Ed McKim, John Caskie Collet, George Allen, et al.). The President now has a new, tightly knit staff and a new administrative procedure which makes full use of his Cabinet...
...mine-run 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...