Pulmonary syndrome versus jaundice
Fifty years ago, "pulmonary syndrome, " later referred to as hyaline
membrane syndrome, was a major concern, and quite widely attributed to the
new vogue of early umbilical cord clamping.  The youngest son of President
John F Kennedy died of hyaline membrane disease (see Wikipedia entry:
http://en.wikipedia.org/wiki/Patrick_Bouvier_Kennedy)
Gunther (1957) commented that even while pulsations of the cord continued,
cessation of placental transfusion was often apparent, "as if a main reservoir
had been filled," and she cited the research of Jaykka (1957) who
determined that inflation of the lungs occurred with increasing blood flow into
the alveolar capillaries - the shift of blood volume from the placenta to the
lungs.
Desmond et al (1959) documented continuing pulsation of the umbilical cord
stump in newborn infants, and were able to correlate this with early
respiratory distress.  The lungs, not the amputated placenta, should become
the target of respiratory blood flow after birth.
Gunther commented on the increasing fear that increased intake of placental
blood could cause severe jaundice.  She noted, however that only one of the
50 babies in her study developed jaundice - and it should be noted that
bilirubin levels are normally high in newborn infants.  Several investigators of
erythroblastosis fetalis had already for many years observed that bilirubin
only gets into the brain if the blood-brain barrier is compromised by anoxia or
sepsis (Orth 1875, Schmorl 1904, Zimmerman and Yannet 1933).  Lucey et
al. (1964) would later demonstrate that bilirubin stains only the subcortical
nuclei susceptible to damage in monkeys subjected to experimental
asphyxiation at birth.