The Speculator, Bernard M. Baruch in Washington, 1917-1965

Book excerpt: By anyone's standards Bernard M. Baruch was a giant among Americans of this century. Although he was never elected to public office, his influence on American public policy was staggering. A Jew who amassed a fortune from Wall Street speculation in raw materials, Baruch became one of the most powerful, interesting, and enigmatic personalities in Washington politics. The Speculator: Bernard M. Baruch in Washington, 1917-1965 is the first complete study of Baruch. President Wilson appointed him chairman of the War Industries Board in 1918 and asked for his economic advice at the Paris Peace Conference. Thereafter, Baruch adopted the roles of background political strategist and of publicist on national issues such as price stabilization. He became extraordinarily influential during the 1920s, the New Deal, and World War II. By the end of Franklin D. Roosevelt's presidency, Baruch's fame as a presidential advisor and his network of friends had made him one of the most respected and feared men in Washington. Jordan A. Schwarz's biography not only reinterprets Baruch but also illuminates the major figures and events of his time. Through Baruch's eyes we gain an enhanced understanding of Woodrow Wilson, Herbert Hoover, Franklin D. Roosevelt, Harry S. Truman, Dwight D. Eisenhower, and other prominent Americans. Schwarz's analysis offers us insights into the persistence of Wilsonian liberalism in public policy, the drive for corporatist planning during the New Deal, the organization of war mobilization, the development of the Baruch Plan for control of atomic energy during the cold war, and the failure of anti-inflation efforts during the 1940s and 1950s. Schwarz's definitive study is the result of extensive research in Baruch's large manuscript collection and in dozens of other library collections throughout the country, including those at the Hoover, Truman, and Roosevelt libraries.