A congressional committee posed the question: What can the Government do to combat the recession? Federal Reserve Loard Chairman Thomas B. McCabe, a Pennsylvania banker and businessman before he was a Government official, this week gave them a straight-from-the-shoulder businessman's answer.
Although President Truman, who appointed McCabe, has done plenty of talking about raising taxes, the FRB chairman's remedy was just the opposite. The big trouble now, said Tom McCabe, was that there was a great shortage of risk capital, although "such risk taking has long been an American tradition." Businessmen either did not have the cash or found investment...
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