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It flies in the face of logic, but . . . Reports surface that Ronald Reagan, as president, might clamp credit controls on the United States of the type tried -- briefly --Federal Reserve Board last spring.

Not so, according to insiders privy to Reagan's thinking. Economic controls of any kind run contrary to his conviction that the giant US economy, is "unshackled" by government, can right itself. Also, insiders say, interest rates may have peaked and be on their way down by Inauguration Day, lesseing pressure for credit curbs.

Then why the rumors? Born out of fear, sources say, that Reagan will not be able to push his economic program quickly through Congress and might have to fall back on the surprise and drama of controls to stifle inflation.m

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