THE ECONOMY: Crossroads

Is inflation ahead for the U.S.? Or a price-lowering recession? The Administration, along with many businessmen, could not agree on a forecast. Secretary of Commerce Charles Sawyer thought the danger was inflation. In a report to President Truman, Sawyer asked that the new Congress extend the waning life of all present business controls (on exports & imports, scarce metals, etc.). He clearly indicated that he would also like some potentially stiffer "standby" controls.

Secretary of the Treasury John Snyder disagreed. At a credit conference in Chicago, Snyder told 1,083 representatives of the...

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