Word: pepfully
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...listless U.S. economy the Federal Reserve slipped another pep pill. For the second time in a month FRB last week announced a ½% reduction in the required reserves of member banks (down to 19% for central city banks, 17% for reserve city banks, 11% for country banks), thus freeing a potential $3 billion in bank credit for additional loans. Said a top FRBman: "Our purpose is simple: to create conditions still more favorable to recovery...
...makes no effort to match the Prime Minister's give-'em-hell speeches. In matter-of-fact tones, he maintains that the recession would have overtaken any government in power, calls for an immediate $400 million tax cut-rather than a slow-motion public-works plan-to pep up the economy...
...ball-gazers looked for an upturn starting at midyear. Now they have put the turn farther off, barring a tax cut that might give the U.S. a fast boost. Most economists agree with harvard Economist Sumner Slichter, who says: "It will be six months before the economy shows much pep." They think the recession will reach bottom soon, may be there even now. Then, say economists, it will rock along on a relatively even keel for six months or more before turning gradually upward in 1958's final quarter...
...More Pep. Dosed with large shots of Russian and satellite credit, the economy creaks, but it functions, and wages have not been cut. The collective farms, heavily subsidized by the government (private farmers get no help, are gradually losing out), produce enough food for most of the population...
...some have been exiled to the hinterlands. The ironic result is that the regime has been forced to hire nonpolitical technical and professional men for the choice jobs formerly saved for party members. The purge brought at least one other improvement: an end to the tedious weekly Communist pep talks formerly required in every factory and business establishment. The party rank and file, presumably, is still too weak to be entrusted with propagandizing...