The newspapers were jammed with ads inviting customers to buy on the cuff. Philadelphians could get a $269 television set for $5 down and $4 a week. In Rochester, N.Y., typewriters sold for 10¢ down with free servicing for a year. A Manhattan appliance seller blared: "No finance charge, no interest charge, no credit charge." At $14.2 billion, total U.S. consumer credit was up 153% from 1945; almost half of it was in installment credit.
Last week, Congress decided to prick the price-credit bubble. As one small move against inflation, it gave the Federal Reserve Board power to revive the wartime...
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