INFLATION: Death of $1 Down

In the name of controlling inflation the Federal Reserve Board last week put an end to easy credit for U.S. installment buyers.

From 60% to 80% of such consumers' goods as automobiles, radios, refrigerators are financed on installments. With down payments as low as 4%, maturity limits up to 48 months, a modest rise in national income on top of a growing scarcity of consumer goods can mean a fantastic increase in time sales. Consumer credit last month hit an all-time high of $8,800,000,000, 7½% above the record of 1929's boom.

So last...

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