Fortnight ago the Federal Reserve Board clamped down on installment sales (TIME, Aug. 25). This week, in the course of explaining that order, FRB Chairman Marriner S. Eccles forecast a new one. "The public should be fully aware," he said, "that the regulation is subject to change ... as economic conditions require a further dampening of buying power." Now is the time, said he, for wage earners to "get out of debt."
No one who knew Mr. Eccles was surprised at his warning. Himself the No. 1 spend-in-depression, save-in-boom exponent, he has lately...
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