FISCAL: Smith for Bell

In a headline huff, Lewis Douglas walked out on the job of director of the Budget when he decided that the New Deal would be no economy administration. That was in August 1934. Franklin Roosevelt, who perhaps did not care for another such troublesome officer, did not bother to refill the post. So Daniel W. Bell, a pudgy, self-effacing Treasury careerist, became Acting Budget Director and remained so until last week when his successor was named.

Danny Bell's stepping down will mean just one thing: he still thinks of himself as the graduate...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!