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Encyclopedia > Bernard Baruch
Bernard Baruch, 1920
Bernard Baruch, 1920

Bernard Mannes Baruch (August 19, 1870June 20, 1965) was an American financier, stock market speculator, statesman, and presidential adviser. After his success in business, he devoted his time toward advising Democratic presidents Woodrow Wilson and Franklin D. Roosevelt on economic matters. Image File history File links Size of this preview: 475 × 600 pixelsFull resolution‎ (2,896 × 3,657 pixels, file size: 1. ... Image File history File links Size of this preview: 475 × 600 pixelsFull resolution‎ (2,896 × 3,657 pixels, file size: 1. ... is the 231st day of the year (232nd in leap years) in the Gregorian calendar. ... 1870 (MDCCCLXX) was a common year starting on Saturday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Monday of the 12-day slower Julian calendar). ... is the 171st day of the year (172nd in leap years) in the Gregorian calendar. ... Year 1965 (MCMLXV) was a common year starting on Friday (link will display full calendar) of the 1965 Gregorian calendar. ... Financier (IPA: /ˌfi nãn ˈsjei/) is an elegant term for a person who handles large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. ... Speculation is the buying, holding, and selling of stocks, commodities, futures, currencies, collectibles, real estate, or any valuable thing to profit from fluctuations in its price as opposed to buying it for use or for income - dividends, rent etc. ... Thomas Woodrow Wilson (December 28, 1856–February 3, 1924), was the twenty-eighth President of the United States. ... FDR redirects here. ...

Contents

Beginnings

Bernard Baruch was born in Camden, South Carolina to Simon and Belle Baruch. He was the second of four sons. His father Simon was a German immigrant of Jewish identity who came to America in 1855. He became a surgeon on the staff of Confederate general Robert E. Lee during the American Civil War. His mother's Sephardic Jewish ancestors came to New York in the 1800s and were in the shipping business. In 1881 the family moved to New York City, and Bernard Baruch graduated from the City College of New York eight years later. He eventually became a broker and then a partner in the firm of A. Housman and Company. With his earnings and commissions he bought a seat on the New York Stock Exchange for $18,000. There he amassed a fortune before the age of thirty via speculation in the sugar market. In 1903 he had his own brokerage firm and had gained the reputation of "The Lone Wolf on Wall Street" because of his refusal to join any other financial house. By 1910, he had become one of Wall Street's financial leaders. Camden is a city in Kershaw County, South Carolina, United States. ... For other uses, see Jew (disambiguation). ... // For other uses, see Robert E. Lee (disambiguation). ... Combatants United States of America (Union) Confederate States of America (Confederacy) Commanders Abraham Lincoln, Ulysses S. Grant Jefferson Davis, Robert E. Lee Strength 2,200,000 1,064,000 Casualties 110,000 killed in action, 360,000 total dead, 275,200 wounded 93,000 killed in action, 258,000 total... In the strictest sense, a Sephardi (ספרדי, Standard Hebrew Səfardi, Tiberian Hebrew Səp̄ardî; plural Sephardim: ספרדים, Standard Hebrew Səfardim, Tiberian Hebrew Səp̄ardîm) is a Jew original to the... New York, New York and NYC redirect here. ... “City College” redirects here. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ...


Presidential Adviser: First World War

During World War I he advised President Woodrow Wilson on national defense, during which time he became the chairman of the War Industries Board. His stenographer was the unknown teenager Billy Rose. Baruch played a major role in turning American industry to full-scale war production. At the war's conclusion he was seen with President Wilson at the Versailles Peace Conference. He never ran for elective office. He supported numerous Democratic congressmen with $1000 annual campaign donations, and became a popular figure on Capitol Hill. Every election season he would contribute from $100 to $1000 to numerous Democratic candidates. “The Great War ” redirects here. ... Thomas Woodrow Wilson (December 28, 1856–February 3, 1924), was the twenty-eighth President of the United States. ... The War Industries Board (WIB) was a United States government agency established on July 28, 1917 during World War I and reorganized in 1918 under the leadership of Bernard M. Baruch. ... Shorthand is a writing method that can be done at speed because an abbreviated or symbolic form of language is used. ... Billy Rose (September 6, 1899 – February 10, 1966) was an American theatrical showman. ... The Paris Peace Conference was an international conference, organized by the victors of the World War I for negotiating the peace treaties between the Allied and Associated Powers and their former enemies. ...


Under President Franklin Delano Roosevelt's "New Deal" Baruch was a member of the "Brain Trust" and helped form the NRA. Franklin Delano Roosevelt (January 30, 1882–April 12, 1945), 32nd President of the United States, the longest-serving holder of the office and the only man to be elected President more than twice, was one of the central figures of 20th century history. ... The New Deal was the title President Franklin D. Roosevelt gave to the series of programs he initiated between 1933 and 1938 with the goal of providing relief, recovery, and reform (3 Rs) to the people and economy of the United States during the Great Depression. ... The Brain Trust was the name given to a group of diverse academics who served as advisers to U.S. President Franklin D. Roosevelt during the early period of his tenure. ... NRA Blue Eagle poster. ...


Presidential Adviser: Second World War

During World War II he was a consultant on economic issues and proposed a number of measures including: Homefront-United States-World War II covers all the developments inside the United States, 1940-1945. ...

  • A pay-as-you-go tax plan
  • Rent ceilings
  • Stockpiling of rubber and tin
  • A synthetic rubber program to replace natural rubber; there was not enough of this strategic material.

Baruch argued that in modern war there was little room for free enterprise. He said Washington must control all aspects of the economy and that both business and unions must be subservient to the nation's security interest. Furthermore, price controls were essential to prevent inflation and to maximize military power per dollar. He wanted labor to be organized to facilitate optimum production. Baruch believed labor should be cajoled, coerced, and controlled as necessary: a central government agency would orchestrate the allocation of labor. He supported what was known as a "work or fight" bill. Baruch advocated the creation of a permanent superagency similar to his old Industries Board. Thus Baruch proposed to freeze economic freedom during war in order to preserve it for peace. Obviously his approach enhanced the role of civilian businessmen and industrialists in determining what was needed and who would produce it.[1] Baruch's ideas were largely adopted, with James Byrnes appointed to carry them out. Pay-as-you-go is a system for businesses and individuals to pay installments of their expected tax liability on their business and investment income for the current income year. ... Rent control refers to laws or ordinances that set price controls on the renting of residential housing. ... This does not cite any references or sources. ... This article is about the metallic chemical element. ... This does not cite any references or sources. ... Portrait of U.S. Secretary of State James F. Byrnes James Francis Byrnes (May 2, 1879 - April 9, 1972) was a confidante of President Franklin Delano Roosevelt and at one point was suggested as his running mate for Vice President. ...


In 1946 he was appointed the United States representative to the United Nations Atomic Energy Commission (UNAEC) by President Harry S. Truman. On Friday, June 14, 1946, Baruch - widely seen by many scientists and some members of Truman's administration as unqualified for the task - presented his Baruch Plan, a modified version of the Acheson-Lilienthal plan, to the UNAEC, which proposed international control of then-new atomic energy. The United Nations Atomic Energy Commission (UNAEC) was founded in 1946. ... For other persons named Harry Truman, see Harry Truman (disambiguation). ... is the 165th day of the year (166th in leap years) in the Gregorian calendar. ... Year 1946 (MCMXLVI) was a common year starting on Tuesday (link will display full 1946 calendar) of the Gregorian calendar. ...


As a member of the newly created UNAEC, Baruch suggested the elimination of nuclear weapons after implementation of a system of international controls, inspections, and punishment for violations. The Soviet Union rejected Baruch's overture as unfair given the fact that the U.S. already had nuclear weapons, instead proposing that the U.S. eliminate its nuclear weapons before a system of controls and inspections was implemented. A stalemate ensued.


Park bench statesman

Baruch was a high profile public figure, and did his best thinking in Washington D.C's Lafayette Park and in New York City's Central Park. It was not uncommon to see him discussing government affairs with other people while sitting on a park bench; this became his trademark. It was said that his office was a park bench near the White House. Presidents Park is a unit of the National Park Service, located in Washington, D.C., USA at 38° 53′ 42″ N 77° 02′ 11″ W. It includes the White House, a visitor center, Lafeyette Square, and the Ellipse. ... Central Park is a large public, urban park (843 acres, 3. ...


In 1960, on his ninetieth birthday, a commemorative park bench in Lafayette Park across from the White House was dedicated to him. One would think after 55 years, he would stop to rest, but Baruch was not satisfied with staying put. He continued to advise on international affairs until his death on Sunday, June 20, 1965, in New York City, at the age of ninety-four. is the 171st day of the year (172nd in leap years) in the Gregorian calendar. ... Year 1965 (MCMLXV) was a common year starting on Friday (link will display full calendar) of the 1965 Gregorian calendar. ...


Quotes

  • Anyone taken as an individual is tolerably sensible...as a member of a crowd, he at once becomes a blockhead (originally a quote from the poet Schiller, and quoted by Baruch in his Foreword to the 1932 version of "Extraordinary Popular Delusions and the Madness of Crowds" by Charles Mackay, LL.D. (originally published in 1841)).

Trivia

Sir Winston Churchill, British statesman, and Bernard Baruch, financier, converse in the back seat of a car in front of Baruch's home.
Sir Winston Churchill, British statesman, and Bernard Baruch, financier, converse in the back seat of a car in front of Baruch's home.
  • Baruch's faith helped him make his fortune. During his Wall Street days, Baruch sold short, to the limit of his resources, a stock he believed to be overvalued. He expected a quick profit on the next business day, believing the directors would declare a dividend to support the stock which was being boosted to the limit. He knew, however, that if they did so, and the stock rose, he would have to cover instantly or lose everything. The day before the dividend declaration day, his mother reminded him that the next day was the high Jewish holiday Yom Kippur, and he had promised to maintain the solemnity of the annual occasion and "keep" the holiday holy. Keeping his promise, Baruch ignored the multiple phone calls and telegrams from his friends who urged him to take his profit and cover. After Yom Kippur had passed, he read the telegrams and learned that, indeed, the dividend had passed. Rather than rising on the news, however, the stock had fallen precipitiously. In the hours he had chatted with his mother, keeping his promise, he had become a millionaire.[2]
  • In 1931, Sir Winston Churchill was hit by a taxi, while on his way to meet Bernard Baruch.
  • He made a $50,000 contribution to Woodrow Wilson's 1912 presidential campaign.
  • Upon appointment to his first post by Woodrow Wilson, he divested his considerable financial holdings and sold his New York Stock Exchange seat to serve in government unencumbered.
  • Baruch endured days of grilling testimony from Alger Hiss, Counsel for the Senate Munitions Committee (the Nye Committee), answering innuendoes about personal finances and wartime profiteering.
  • Bernard Baruch was the first to coin the term "Cold War" in reference to the conflict between United States and the Soviet Union while giving a speech on April 16, 1947. By September 1947 it was picked up by journalist Walter Lippmann and became standard. See Origins of the Cold War on more information about the origin of the term.
  • Baruch owned a tungsten (wolfram) mining community named Atolia in California's Mojave Desert. During the years 1906 to 1926, Baruch spent one month a year at Atolia. The once thriving community of 4,000 individuals became a ghost town when, after World War I, tungsten was no longer considered a strategic material, and lower-cost sources were developed.
  • Secretary of Defense James Forrestal had this diary entry about a lunch meeting with Baruch on February 3, 1948: "He took the line of advising me not to be active in this particular matter and that I was already identified, to a degree that was not in my own interests, with opposition to the United Nations' policy on Palestine. He said he himself did not approve of the 'Zionists actions, but in the next breath said that the Democratic party could only lose by trying to get our government’s policy reversed, and said that it was a most inequitable thing to let the British arm the Arabs and for us not to furnish similar equipment to the Jews." (The Forrestal Diaries, Walter Millis, editor, 1951, p. 364.) Correspondence from Baruch to his friend, Forrestal, can be found in the Forrestal papers collection at Princeton for every year from 1940 to Forrestal's death in 1949. [1]
  • Baruch College, in Manhattan, New York has a statue of Bernard Baruch sitting on a bench inside of its entrance center. This statue is often mistaken to be a real person.
  • He was on the cover of TIME magazine a total of three times in his life.
  • "In Wall Street it is always ba-rook', but his friends say bahr'ook [with the stress on the first syllable]." (Charles Earle Funk, What's the Name, Please?, Funk & Wagnalls, 1936.)

Image File history File links Broom_icon. ... Image File history File linksMetadata Download high resolution version (2388x1920, 2277 KB) From the Library of Congress image information page: No known copyright restrictions. ... Image File history File linksMetadata Download high resolution version (2388x1920, 2277 KB) From the Library of Congress image information page: No known copyright restrictions. ... An acre is the name of a unit of area in a number of different systems, including Imperial units and United States customary units. ... Churchill redirects here. ... FDR redirects here. ... Photo portrait from May 1917 New York Times John Joseph Black Jack Pershing (September 13, 1860 – July 15, 1948) was a soldier in the United States Army. ... White House portrait Edith Bolling Galt Wilson (October 15, 1872–December 28, 1961), second wife of Woodrow Wilson, was First Lady of the United States from 1915 to 1921. ... Thomas Woodrow Wilson (December 28, 1856–February 3, 1924), was the twenty-eighth President of the United States. ... Alger Hiss testifying Alger Hiss (November 11, 1904 – November 15, 1996) was a U.S. State Department official involved in the establishment of the United Nations. ... The Nye Committee studied the causes of United States involvement in World War I between 1934 and 1936. ... For other uses, see Cold War (disambiguation). ... is the 106th day of the year (107th in leap years) in the Gregorian calendar. ... Year 1947 (MCMXLVII) was a common year starting on Wednesday (link will display full 1947 calendar) of the Gregorian calendar. ... Walter Lippmann (September 23, 1889 - December 14, 1974) was an influential American writer, journalist, and political commentator. ... The Origins of the Cold War are widely regarded to lie most directly within the immediate post-World War II relations between the two main superpowers of the United States and the Soviet Union in the years 1945–1947, leading to the Cold War that endured for just under half... For other uses, see Tungsten (disambiguation). ... For the indigenous American tribe, see Mohave. ... James Vincent Forrestal (February 15, 1892 – May 22, 1949) was a Secretary of the Navy and the first United States Secretary of Defense. ... is the 34th day of the year in the Gregorian calendar. ... Year 1948 (MCMXLVIII) was a leap year starting on Thursday (link will display the 1948 calendar) of the Gregorian calendar. ... Princeton University is a private coeducational research university located in Princeton, New Jersey. ... Year 1949 (MCMXLIX) was a common year starting on Saturday (link will display the full calendar) of the Gregorian calendar. ... Warner Bros. ... Merrie Melodies end title Merrie Melodies is the name of a series of animated cartoons distributed by Warner Bros. ... For the band, see Cartoons (band). ... Bugs Bunny is an animated hare who appears in the Looney Tunes and Merrie Melodies series of animated films produced by Warner Bros. ... The Bernard M. Baruch College of The City University of New York, known more commonly as Baruch College is a public university and one of the constituent colleges comprising the City University of New York (CUNY). ... For other uses, see Manhattan (disambiguation). ... Look up time in Wiktionary, the free dictionary. ... Flushing Cemetery is a cemetery in Flushing in the borough of Queens in New York City, New York. ... Several landmarks from two New York Worlds Fairs still stand in Flushing Meadows, including the US Steel Unisphere Flushing is an urban neighborhood in the northern part of the borough of Queens in New York City, New York. ... New York, New York and NYC redirect here. ... For other uses, see Annie (disambiguation). ...

Bibliography

Primary Sources

  • Bernard M. Baruch Baruch: My Own Story (1957) two volumes. ISBN 1-56849-095-X
  • Bernard M. Baruch; The Making of the Reparation and Economic Sections of the Treaty 1920.
  • Bernard M. Baruch; American Industry in War: A Report of the War Industries Board (March 1921) ed by Richard H. Hippelheuser; 1941.

Scholarly secondary sources

  • Margaret L. Coit Mr. Baruch (2000) ISBN 1-58798-021-5
  • Carter Field Bernard Baruch, Park Bench Statesman (1944)
  • James L. Grant Bernard M. Baruch: The Adventures of a Wall Street Legend (1997)ISBN 0-471-17075-5
  • Kerry E. Irish, "Apt Pupil: Dwight Eisenhower and the 1930 Industrial Mobilization Plan" The Journal of Military History 70.1 (2006) 31-61. Eisenhower worked closely with Baruch in 1930
  • Jordan A. Schwartz The Speculator: Bernard M. Baruch in Washington, 1917–1965 (1981) ISBN 0-8078-1396-6
  • William Lindsay White, Bernard Baruch: Portrait of a Citizen (1971) ISBN 0-8371-3348-3
  • Mary H. Cooper and Patrick Marshall, "Nuclear Proliferation and Terrorism" in "Global Issues: Selections from CQ Researcher" (2007) ISBN 0-87289-410-X

Personalities of Wall Street

See List of personalities associated with Wall Street. Over the years, certain persons associated with Wall Street have become famous, even legendary. ...


External links

Wikiquote has a collection of quotations related to:
Bernard Baruch

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References

  1. ^ Baruch, The Public Years, 321–28; Kerry E. Irish, "Apt Pupil: Dwight Eisenhower and the 1930 Industrial Mobilization Plan" The Journal of Military History 70.1 (2006) 31-61.
  2. ^ The book "Pinchhitter for Presidents" by Beverly Smith, cited in Reader's Digest April 1947 pg. 75.

  Results from FactBites:
 
Bernard Baruch - Wikipedia, the free encyclopedia (1060 words)
Bernard Baruch was born in Camden, South Carolina to Simon and Belle Baruch.
Bernard Baruch was the first to coin the term "Cold War" in reference to the conflict between United States and the Soviet Union while giving a speech on April 16, 1947.
Baruch College, in Manhattan, New York has a statue of Bernard Baruch sitting on a bench inside of its entrance center.
  More results at FactBites »

 
 

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