Money: Selectively Tight

"We're all trying to do too much too fast. Too much private investment, too much government spending, rising consumer appetites. And all of the coun tries are looking to monetary policies alone for avoiding the inflationary im pact." So said Federal Reserve Board Member Dewey Daane last week, focusing on the fact that the U.S., among other countries, has sought to restrain its economic exuberance by making money costlier and scarcer than at any other time in the 1960s.

Just who is being pinched by the money squeeze — and how badly? The victims are mostly the risky "marginal" borrowers....

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