1950's Business and the Economy | People in the News

In January 1951 Michael V. DiSalle, director of the Office of Price Stabilization, endorsed a freeze on prices by saying it was like "bobbing a cat's tail": better to do it all at once close to the body, otherwise the result would be a mad cat and a sore tail.

On 7 October 1959 Walter D. Facler, assistant economic research director of the U.S. Chamber of Commerce, told a Senate committee that some unemployment could be a "positive economic good."

In 1959 Harold Geneen, executive vice-president of Raytheon, took over as president of International Tele-phone & Telegraph (IT&T).

In 1957 Fortune magazine listed Jean Paul Getty, with a fortune of $700 million to $1 billion in American and Arabian oil and real estate, as the richest American.

In 1959 Milton J. Hammergren, former vice-president of Rudolph Wurlitzer jukebox manufacturers, testifying before a Senate hearing on the...