Word: balderston
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Vice Chairman C. Canby Balderston of the Federal Reserve Board warned the Philadelphia Bond Club that industrial prices have risen 2% since the recession low, sooner and more sharply than after the two last recessions, despite continued high unemployment and unused industrial capacity. The upsetting fact about this, said Balderston, is that the price level did not dip during the recession, perhaps because the downturn was so short. "The recent advances are piled on top of a level that never dropped down. When prices fail to decline during a recession, then they are in position to contribute to inflation during...
...effect of this artificially high base, says Balderston, is that it crimps U.S. competition abroad (see Foreign Competition) and causes job losses at home. "The recent behavior of prices suggests that American firms have not improved their ability to compete at home or abroad. You hear of business being lost to foreign firms. This should give us cause to ponder, particularly about losses in lines where we have traditionally had an advantage. And firms can price themselves out of domestic markets, too. This should lead us to question whether job opportunities would not be greater if some prices were lower...
Thurs., Feb. 5 Hallmark Hall of Fame (NBC, 9:30-11 p.m.). Berkeley Square, John Balderston's sentimental compression of time past and time present, is a little old by now, but John Kerr, Jeannie Carson and Edna Best dress it up handsomely. Color...
...nonetheless showed concern about inflation by pointing a finger at credit as the great danger. "Selective"' consumer credit curbs might have to be imposed, warned Fed Vice Chairman C. Canby Balderston in Manhattan, if auto and mortgage credit are "radically" loosened. Balderston placed part of the blame for the recession on the $5.5 billion credit expansion in 1955, which, he said, caused companies to overexpand. He said that the danger of another credit burst "might create a widespread public demand for consumer credit controls as an alternative to enhanced cyclical fluctuations or to an increased degree of general credit...
...facts hardly supported Balderston's fear of a credit burst. Consumer credit has held fairly steady this year (see chart), as consumers cautiously kept from stepping up credit buying. Furthermore, payoffs have been good; the Veterans Administration reported last week that veterans holding G.I. home loans have set a "remarkable" record by paying off some $11 billion in home mortgage debts...