Word: counterpunching
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Dates: during 1950-1959
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Before the White House announced its antirecession program last week (see NATIONAL AFFAIRS), the Federal Reserve Board aimed another and more familiar counterpunch at the recession. For the third time in four months, FRB cut the discount rate. Reserve banks in New York, Chicago, Philadelphia and Atlanta reduced the rate from 2¾% to 2¼%. Most of the other eight central reserve banks will soon follow; the cuts are expected to lead to lower interest rates to boost loans and business expansion...
...counterpunch was to make a display of speeding arms delivery to Syria's Arab neighbors. At week's end eight C124 Globemasters were standing by in Athens and Libya to airlift U.S. weapons, including 106-mm. recoilless rifles, to Jordan. And determined not to let Syria's new pro-Russian regime lull everyone to sleep with sweet talk, Washington did what it could to make plain its concern about Syria (see NATIONAL AFFAIRS). This was a clear declaration of intent to defend vital U.S. interests in the Mideast, but so far the initiative there remained with...
Cease & Desist. Against Russia's attack in the U.N., the U.S. planned another counterpunch. At a special U.N. session this week, U.S. Chief Delegate Henry Cabot Lodge would propose a resolution calling upon Russia and the puppet Kadar government to "desist from repressive measures against the Hungarian people." Nobody had much hope that the resolution would help the Hungarians. What it might do is to keep alive in the world's mind and heart the awareness of Soviet cruelty and treachery. Such a reminder may be necessary when the Russian delegation starts filling the air with denunciations...
...busily explaining what a poor idea this was, the Russians blandly announced that they were about to release the text of the pre-Suez invasion notes in which Khrushchev had warned Sir Anthony Eden and French Premier Guy Mollet against attacking Egypt. In what they apparently considered a shrewd counterpunch, the British hastily published the notes before the Russians could-and thereby helped to remind the Arabs that Russia alone among major powers had sided with Egypt before the invasion...
...recall the maxim his religious mother taught him. "Go to church and believe in God?" he guessed desperately. "Live by the golden rule and keep goin'," prompted Edwards firmly. "Keep goin'," repeated Dempsey. He kept goin'. Only once, with obvious inadvertence, did he throw a verbal counterpunch. "Now they say you were a hobo," droned Edwards, "but you were never really a hobo, were you?" Dempsey groped, then murmured gently: "I think I was a hobo." The audience howled, and Edwards grinned through clenched teeth...