Ten months ago, Eric Johnston told a congressional committee: "It is impossible to take this job without having a lot of dead cats thrown on the doorstep." With modest courage, Johnston let it be known he was ready to suffer the dead cats.

Last week, scarcely scratched, handsome Eric Johnston announced that his stint as Economic Stabilization Administrator was over. Brought in originally because his predecessor, Alan Valentine, could not bring himself to decisive action, Johnston quickly did his first duty: he imposed an overall freeze of prices and wages. But he promptly eased the blow by rapidly unfreezing the...

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