Word: galbraithe
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John Kenneth Galbraith, professor of Economics, last night accused Senator Homer E. Capehart (R-Ind.) of deliberately quoting a pamphlet of his out of context in a television broadcast yesterday afternoon, and denied that the pamphlet "praised Communism," as the senator had charged...
...world's biggest stock brakes, Winthrop H. Smith, disagreed yesterday with the recommendation by John E. Galbraith, professor of Economics, that stock buying should be put on an all-cash basic to prevent a repeat of the 1920 coach...
...statement, Galbraith said that buying on the market may reach the type of speculative hysteria which led to the 1929 depression. To forestall this possibility, he proposed that stock buying should be conducted with a 100 percent margin instead of a 60 percent margin...
...government has always had the means to prevent speculation, and the crash which inevitably results, Galbraith said, but has been unwilling to take the responsibility of precipitating this crash. "This is a matter of prevention, not control, for booms are not controllable, they are based on the hope of easy profit," he said. When the hope exists, there is a boom, he explained, and when it does not, there is no boom. The government cannot compromise on this matter...
...urged the government to make its opposition to stock speculation unequivocally clear. Galbraith also suggested that the New York Stock Exchange, "which stands to lose the most by a new crash," should emphasize investment for dividends rather than profits...