Business: We Are in a Box

Senator J. William Fulbright's investigation of the stock market, which had some suspiciously political overtones from the start, last week turned into an out-and-out dogfight between Democrats and Republicans. G.O.P. Chairman Leonard Hall charged that Committee Member Paul Douglas of Illinois was "one of the original instigators of the gloom-and-doom attack" during the last congressional campaign, and that one of the star witnesses, Harvard's Professor John K. Galbraith, was an "oldtime New Dealing, A.D.A.-type of anti-Jeffersonian radical [who] flirted around with the customary pink fronts," and "almost wrecked" World War II's Office of Price Administration.

There was no doubt that the hearings...

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