Word: budgeting
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...attitude toward the Securities Act. In a statement to Dow, Jones, and Co. in New York, Secretary-on-leave Woodin assured Wall-Streeters that the government was not aiming at "recovery without profits." Further music to moneyed ears was the proposition advanced in his Boston speech by budget-balancer Douglas that recovery necessitates "a free flow of capital into legitimate business enterprises." Both were generally interpreted as indirect assurances to the recalcitrant banking world that Santa Claus will probably bring Administration support for a change in the Securities...
...ushered out of office without so much as a public acknowledgment of his services. Nor was it a sentimental occasion for Mr. Acheson's friends. Since last March two young advisers have stood close to the President's ear; Lewis Douglas, whom he made Director of the Budget, and Henry Morgenthau Jr. whom he made head of the Farm Credit Administration. Budgeter Douglas, a "hard money" man, was very close to the President as late as last May when Eugene Black was made Governor of the Federal Reserve, and Dr. Sprague was called in as a prime Treasury...
...thousand tickets for today's game were locked in the H. A. A. safe overnight. These 9000 tickets cost less than $50 to print and when they slipped through the presses there was every expectation that they would bring is $36,000 to help balance the H. A. A. budget. Well, they will remain unsold, and today's 52d annual classic--I use the word advisedly--will be witnessed by less than the customary full house. It is an astonishing thing to find H-Y tickets going begging...
...Budget Director is whooping it up again about the Burden of Government Extravagance falling upon the Middle Class Taxpayer. Perhaps Mr. Douglas will one day understand that the government's budget is not like the budget of an individual or a corporation; that the government controls the printing office and can therefore use it if it sees fit, whether under the camouflage of an unbalanced budget or under no camouflage...
...only one justification for retiring government bonds with taxpayers' money; for destroying their, the taxpayers' purchasing power in order to cancel government obligations; and that is the maintenance of a reasonably stable price level. Any other excuse for canceling bank deposits in order to balance the government's budget is insupportable. The fact remains, as always, that the danger, the only danger, which can attend a manipulation of the quantity of purchasing power is a violent change in the price level. And insofar as such a change in the price level will not attend an expansion of purchasing power...