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Montagu Norman was the Governor of the Bank of England then and employed and consulted him. I forget how many years Sachs was attached to the Bank of England giving economic analysis and advice.

How he got back to America and attached to Lehman Brothers, I don't know, but he was the economic adviser of Lehman Brothers. He was also a free-lancer. I think I'm right in saying that he never sold himself to any one banking firm. He sold himself to Lehman Brothers, but he reserved the right to sell himself to others for particular economic problems.

Sachs arrived in the government almost immediately. He'd worked on Barney Baruch's economic problems too. He's a most catholic, interested hard worker. I'm sure he contributed a great deal to Johnson's thinking that this whole modern economy was a balanced situation, that it was out of balance in 1931-'2 and '33 and that it must be gotten back into balance. Sachs felt that there is an optimum - he used this word “optimum” over and over again - production. There is an optimum profit. There is an optimum dividend. There is an optimum wage. There is an optimum price. That means that when these factors are in correct balance everything is just right. It doesn't matter whether wages are high, prices high, profits high, production high, or whether they're