Taking a look at the high tide of the nation's business boom, Presidential Economic Adviser Arthur Burns last week judged that it was time to sound a note of warning. Though the U.S. is in glowing financial health, he told a conference of economists at Pennsylvania State University, "it is important to prevent the confidence that generates prosperity from passing into the overconfidence that generates speculative booms . . ."

Economist Burns served notice that the Eisenhower Administration is ready to curb credit in housing, the stock market or automobiles to nip any speculative boom. Burns also tossed off a...

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