Word: 1950s
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Dates: during 1940-1949
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Less precise but more emphatic was Edwin G. Nourse, chairman of President Truman's Economic Advisory Council (see NATIONAL AFFAIRS). Unless consumer credit expansion was checked, said Economist Nourse, "the hopeful 1950s would revert to the distressing conditions of the 1930s." Nourse had a powerful ally in Senator Robert A. Taft, who said he would support a bill to put Regulation W back on the statute books. If U.S. businessmen took too big a swig from the bottle, they would soon find the cork back...