The potters herald. [volume] (East Liverpool, Ohio) 1899-1982, 1948-08-05
Force Depression
In '49;; Wall St.
Advises The Cop

Old and respected Wall Street
spokesmen have suddenly become
dissatisfied with making record
profits and are out lobbying for a
depression in 40.
Barron's National Business and
Financial Weekly in the July Goth
issue coldly and calmly advises Mr..
Dewey (whom they assume will be
the next president) to manipulate
government policies so as to bring
about an early depression. They
even tell him how to do it. Why?
Pure politics and to hell
with the unemployed and the bank
rupt farmers. We quote:
"The present boom in business is
ten years old. In the = nature of
things, its end seems wholly like
ly to arrive some time before the
political campaign in 1852. If at
that time Dewey should want to run
for reelection, with the hope Of
enjoying a successful second term,
he would look with dismay upon the
arrival of a depression in 1851 or
1852. The only way he could try
to avoid such a contingency would
be to Shape federal policies toward
deflation as early as possible in
1919. A recession taking place so
soon could easily be blamed on the
Truman administration, and efforts
toward recovery could be made
once the medicine were taken. With
luck Dewey could be regarded as
the man who had rescued the ma
tion from a dangerous setback in
prosperity"
The article goes on to "blame"
the present administration for pre-
venting a depression which the edi-
tors feel would be very healthy for
the economy. Probably the editors
feel that our economy is not heal
thy without a pool of 8 to 10 mil
lion unemployed.
If Mr.. Dewey should become the
next tenant of the White House
we sincerely hope that what he said
about "no commitments" applies
to the editors of Barron's.
The "Me First" Congress
A combination of Republicans
and reactionary Democrats have
controlled the last two sessions of
Congress.
Congress refused to increase old
age pensions and Social Security
benefits to go along with the in
creased prices which it promoted
and encouraged. Congress, did,
however, pass law providing sub
stantial pensions for Congressman
and Senators-which did not exist
before.
This anti-labor Congress willed
all measures for low-rental hous
ing;n low-eost housing for owner
ship, rural housing of any kind,
and veterans housing.
However, Congress at its last
session appropriated twenty-five
million dollars for public build
ing to provide additional office
space for u. S. Senators. There are
only SO senators.
Congress refused to increase the
minimum wage of forty cents an
hour.
However, Congress voted to in
crease the wage of Senators and
Congressman from ten thousand
dollars to fifteen thousand dollars
a year. In addition each Senator
and Congressman was provided
with $2500 tax exempt expense ac-
count.
Congress passed tax reduction
bill which gave the greatest bene
fits to those whose income is ten
thousand dollars a year and up. A
Congressman's salary starts at fif-
teen thousand.
Never forget that Congress is
very particular about having a |
drastic rent control for the District !
Of Columbia. For the rest of the
nationa Congress is inclined to fav-
or giving more power to localities
to boost rents.