While some people loudly cried for wage & price controls, the Senate-House watchdog defense committee last week lent itself to an all-out attempt to sabotage credit controls, the only existing brake the U.S. has had against inflation.
Up before the committee to complain came the National Automobile Dealers' Association, aided & abetted by the C.I.O. Autoworkers' Walter Reuther. Indirect controls, they cried, were awful. Regulation W was so harsh, said New Jersey Dealer William L. Mallon, that "many thousands of new car dealers [might be] compelled to discontinue their business." The auto dealers wanted the payment time on new cars...
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