Lowering the Boom

Until last week, Washington planned to tighten up gradually on credit to fight inflation. Then Chairman Stuart Symington of the National Security Resources Board took a hand in the matter. Result: drastic new restrictions on housing and installment credit which brought loud cries of anguish from businessmen and consumers.

House builders were the first to feel the crackdown. They had thought that for the time being, at least, there would be comparatively mild controls. But Stu Symington, the man chiefly responsible for gearing the U.S. for war production, thought differently. The only...

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