STATE OF BUSINESS: Placing the Blame

"I think the very flat refusal to take care of the matter of our long-range financing is one of the most serious things that has happened to the United States in my time." Thus President Eisenhower last week criticized Congress for its failure to raise the 4¼% ceiling on long-term Government bond rates (TIME, Sept. 21). Raising the interest the Government pays on such bonds, argued Congressmen, would only be an open invitation to all other money rates to go up, would cost the Government more to finance its debt. Last week interest rates were going up anyway without...

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