THE CREDIT UPROAR-: THE CREDIT UPROAR

Is the FRB Throttling the Boom?

THE Federal Reserve Board, as it has often been in the past, was under bitter attack last week. The ruggedly independent agency, which in 1951 was roundly belabored as an "engine of inflation," was now just as severely criticized as a boom-toppling instrument of deflation, largely because of its credit-tightening action. Amid the growing furor over credit, Texas Representative Wright Patman called for a full-dress congressional investigation to find out if the Federal Reserve has pinched credit too tight....