Word: galbraithe
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Senator Homer E. Capehart (R-Ind) yesterday continued his verbal attack upon John Kenneth Galbraith, professor of Economics, by accusing the professor of "coming down to Washington to sell a book and embarrass the Eisenhower administration...
...Republican senator made his latest accusation following a stormy session of the Senate Banking Committee, in which his motion to have Galbraith recalled to Washington was overruled by committee chairman Senator William J. Fulbright...
After the meeting, Fulbright's office reported the motion to recall Galbraith would only be considered in executive session; this closed meeting will probably not come "until after Wednesday," the office said...
...Fulbright opened the week's activities, the market declined only a little. It tumbled next day at the testimony of Harvard Professor John Kenneth Galbraith, 46, a onetime underling of Leon Henderson in World War II's Office of Price Administration. Galbraith, who says he has never bought stocks speculatively, was introduced as the author of a forthcoming book on the 1929 crash. Not surprisingly, he seemed to have the crash on his mind as he testified. In the present market, said Galbraith, there were resemblances to 1929 that were "possibly disturbing." Prices had risen at an "unhealthy...
...Would Galbraith agree, asked Fulbright, that encouraging people to come into the market now, as the New York Stock Exchange has been doing, is "rather risky"? Galbraith agreed. In fact, said he, stock margins should be raised from the current 60% to 100%, to discourage new investors. After Galbraith finished, the New York Journal-American's Financial Columnist Leslie Gould suggested a headline to describe the effects of his testimony: EGGHEAD SCRAMBLES MARKET...