The Economy: The Year of Tight Money And Where It Will Lead

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Paradoxically, 1966 has been by far the most prosperous year in U.S. history, yet has produced considerable concern about the future of business. Though production, profits and personal income jumped impressively, the economy developed some bothersome growing pains. And money was the root of many of these evils.

During the year, interest rates climbed by one-fifth or more, and many would-be borrowers could not get credit at any price. For lack of money, scores of communities put off plans for needed schools, parks and highways. Thousands of prospective home buyers were...