Only a month after the Administration put its new hard-money policy into effect, cries of doom and disaster welled up, most of them from predictable quarters. C.I.O. and A.F.L. spokesmen expressed fears that the new policy would set off a recession. A group of 19 Fair Deal Congressmen introduced a resolution demanding that the Federal Reserve Board start pegging the price of Government bonds again. Farmers, they said, were having trouble getting support loans; industries had trouble financing expansion, and veterans were having a tough time getting mortgage loans.
There was no doubt that credit was tighter. New York and...
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