THE ECONOMY: Two Years to Pay

Consumers were either running out of ready money, or were keeping their pocketbooks zipped for fear they would. To get them back in a buying mood, the Federal Reserve Board last week let another notch out of Regulation W, the wartime belt it had tightened on credit buying. Starting this week, the U.S. consumer can take up to 104 weeks to pay for anything he buys, and put down only 10% of the purchase price on everything but automobiles (still one-third down). Articles costing less than $100 will be exempt from all controls. (Previous top: $50.)

FRB Chairman Thomas B. McCabe thought the changes would hardly be “a significant element” in reviving inflationary pressures. And no one but President Truman seemed worried because Regulation W would expire June 30. He had asked Congress for an extension, but Congress seemed willing to let it die.