1942.04.08 ”Pull It In”
by Ralph Lee (1906-1947)
23 x 15 in., ink on board
Coppola Collection
Ralph Lee was an editorial cartoonist for the Portland Oregonian. He died suddenly, at 41, in January 1947. His cousin, Art Bimrose, was the editorial cartoonist for the Oregonian for more than three decades. In 1937, the Oregonian hired him part-time to work on printing plates. Following Lee’s death, Bimrose was hired as the Sunday editorial cartoonist.
To counter the potential inflationary impact of the war, the Federal Reserve implemented Regulation W to restrict the demand for consumer durables by regulating consumer credit and installment buying.
During WW2, there was a shift in resources towards military production, leading to a shortage of consumer goods. Simultaneously, wartime policies resulted in increased incomes, employment, and the money supply. This situation presented a risk of runaway inflation, as more money would be chasing fewer goods.
Regulation W imposed large down payments and short maturities on loans for purchasing a wide range of consumer durables. Installment loans were limited to twelve months, and single-payment loans were limited to ninety days.
