On Van Nuys Boulevard in suburban Los Angeles last week, used-car Dealer Jack Black put up signs around his lot: "GOING-BROKE" sale. Excited Dealer Black was complaining about the Federal Reserve Board's new restrictions on installment buying, which had cut the payoff time on cars from 21 months to 15 (TIME, Oct. 23). When such controls had been slapped on in 1948, Black said he had lost $13,500 and had been forced to go out of business. This time he said he was quitting before the loss; at week's end he had...
To continue reading:
or
Log-In
