Like any good driver, Treasury Secretary Humphrey knows that there is a time to put on the brakes and a time to step on the gas. Having put the brakes on credit expansion by raising interest rates, Humphrey last week decided the time had come to step on the gas. The supply of credit had become too tight for the needs of a still expanding economy and a Government still in the red. One warning signal: construction, which usually rises seasonally in April and May, dropped in May for the first time in eleven years.
Humphrey, the architect of the...
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