When Congress chopped the frayed mooring cable of OPA a year ago, there was a good deal of screeching around the big balloon of the U.S. economy. Harry Truman had already tossed out the ballast of wage controls. The cable was about to part anyhow. The first flight without controls soon made even 1940 prices look like something out of great-grandmother's album of souvenirs.
Nevertheless, there was general optimism then. The basis for it was the belief that the balloon would soon level off and that it would finally land, on higher ground than it had rested on before the war,...
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