When Arkansas Senator J. William Fulbright ran his "friendly study" of the stock market last March, Wall Street doubted that the end result would be friendlyand, as a result, the market tumbled. But the report that the Fulbright committee issued last week, along with recommendations for changes in security regulations, had little in it to worry Wall Street. Instead, Democrat Fulbright and his majority colleagues centered their fire on the Federal Reserve Board.
The FRB, said the report, did not raise margin requirements fast enough or high enough to stop what the committee called the "unhealthy speculative developments" in the market...
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