Word: counterpunching
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...split over prime rates amounts to a replay of a 1967 battle between the same two banks. In January of that year, Chase cut its prime rate by a full ½% (to 5½%) and firmly held its ground despite outraged cries from other bankers and a counterpunch by Citibank, which reduced its rate only ¼%. Still, almost everybody finally fell in line with Chase-a victory that earned the bank considerable prestige for sound and shrewd judgment. As to why other banks failed to follow the lead again last week, Chase Vice President and Economist William Butler says: "They...
...petulant homily that struck most observers as intemperate, ill-timed and self-serving. Instead of offering a rational discussion of the Administration's reaction to the desperate idiosyncrasies reflected in Premier Nguyen Cao Ky's latest political move (see THE WORLD), Johnson launched a round house counterpunch at U.S. critics of his Viet Nam policy...
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...