SUMMITS: Construction Shambles

An often-heard comment on inflation is that prices have risen so high that most people could not afford to buy the houses they now own. An ominous variant surfaced at a despair-ridden conference on inflation and the construction industry that was held in Atlanta last week—one of the eleven "minisummits" leading up to the Ford Administration's economic summit Sept. 27 and 28. Cracked Lewis Cenker, president of the National Association of Home Builders: "The commercial banking system can not afford all the real estate it is about to own."

The quip...

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