European Stars and Stripes (Newspaper) - May 05, 1991, Darmstadt, Hesse Sunday May 5 1991 the stars and stripes Leonard silk Pago 13 commentary fed could make further cuts economists say the Good news is that the Federal Reserve Board has Cut the discount rate and the Federal funds rate and leading commercial Banks have followed with cuts in their prime lending rates. The bad news is that the fed made the rate cuts because the Economy is softer than most economists had expected. John Robson Deputy Secretary of the Treasury said in an interview on thursday �?o1 think this was a smart thing for the fed to do while the Economy is so sluggish. There a further room for reductions. The goal is to see growth restarted and if it takes further rate cuts Well be for indeed consensus is emerging among economists outside the administration As Well As inside that Federal Reserve policy needs to be further relaxed. After looking at the latest Batch of economic data George l. Perry of the Brookings institution said a there is need to do in part this stems from the fear that if the recession continues or worsens the banking crisis would be aggravated and could Lead to a systematic breakdown. For the administration there Are special anxieties a that the Bank insurance funds would quickly be wiped out its banking Reform and Trade legislation would be derailed its already yawning budget deficits for 1991 and 1992 greatly Svide Ned and its electoral prospects in 1992 gravely threatened. The bailout from these dangers economic and political depends primarily on the fed. Consumer Confidence indexes leaped upward after the Victory in the persian Gulf War but Consumers have not trans Latch that Early. Postwar euphoria into greater too has remained cautious. It is still trimming payrolls and holding Down inventories and capital spending. Factory orders slipped again in March a the fifth straight decline. Manufacturers i expectations for production gains dropped slightly in mid april according to a new Dun amp Bradstreet Survey. Mike Royko a Otto a immediately after the persian Gulf War manufacturers optimism rebounded sharply a a said Douglas p. Handler manager of econometric services for Dun amp Bradstreet. A but now that the recession has lasted longer than most manufacturers expected they Are taking a wait and Sec attitude.�?�. Contracts for new construction fell in March to the lowest level since december 1983, according to a Survey by . Dodge the construction Industry of Mcgraw Hill inc. Worried lest its a healthy my ,6r�wan recovery this summer and on into 1992 prove wrong the administration has been pushing the fed to Cut interest rates. And during last weekends meetings in Washington of the group of seven industrialized countries the administration leaned on foreign Central Banks to relax their monetary policies. While the american pitch for easier Money had no apparent effect on the German Bundesbank or the Bank of Japan it apparently influenced the Federal Reserve which won applause from president Bush for cutting rates map Plause the fed cherishing its Independence might prefer to have been spared. Even so administration pressure on the fed has not ceased. Treasury Secretary Nicholas f. Brady after congratulating the fed said he still he lived there was a a ample Robin for lower interest Many private economists share that View. The Large majority contend that the risk of worsening inflation by further casing Money and credit is Well Worth taking in View of the continuing recessionary dangers. Tho new York times a 1 a a a a. A. A. A. A a. World War ii vets were doers not talkers they re getting up there in years the world War u vets. But they re still my Choice As this Century a most remarkable generation of men. Most came of age in the great depression. Because of hard times everywhere men who had the brains to be physicists or engineers were Happy to get jobs asap p-re1nlce toolmakers or carpenters. Or digging ditches if that Sall there was. Then they won the biggest bloodiest War in the history of this planet. And when it was. Over they came Back and i went right to work making this country the most powerful Industrial and economic Force in the world. Recently i wrote about How a of them Felt about j the Homecoming hoopla that followed the abrupt ending of the Gulf War. They were generally amused when they j compared the to coverage of festive Airport reunion scenes with their own quiet arrivals. Vvu/1 cd urn 1brought a Small flood of mail from other Vav w ii vets sharing their memories. None begrudge the Gulf War troops their due. But some Are sceptical about Flag waving politicians others think the word a a hero is being tossed around too freely and most have wry amused memories of their own homecomings. So 1 thought id share some of their views. An pm Ana Man who preferred that his name not be used said a i was in the Pacific for three years. Took part in the fight for iwo and some other islands. Came Home on a stinking ship and hot bus. My mom made me dinner. Of a town near where i live is planning a big Parade for Hhd Oca boys who was in the desert. He was there i free months and they sent him Home because he has a kidney infection. Hey come on a i a physician David Berner of Condon mont., took note of a proposal by a congressman that All Gulf War foods be Given a $10,000 Bonus. Bermer fired off a let no the congressman and sent me a copy. As a combat infantryman new Guinea Solomon is lands Luzon in be decided to join you in the orgy of euphoria engulfing the nation. Admittedly this War was a Pushover and most of the troops saw no combat experienced Little danger and weren t a Over there very Long As wars go but that should t detract from their All being a heroes in the eyes of the multitudes. Some May feel that the genuine heroes of the world Are belittled by such a mass a ointment but they re obviously foreheads. A anyway your idea to break the Bank on behalf of the Gulf vets should logically apply to us who served before a generally longer bloodier and with less Media and Public adoration. Your idea for a $10,000 Bonus sounds swell and i would like mine in one Lump sum a with interest of course dating from december 1945. Furthermore though i witnessed ample Gore and brutality in my two years overseas i Haven to yet needed a readjustment counselling a which i know is obligatory for All inconveniences. But id like Congress to Send me a lot of Money for the consoling ill doubtless need in my old age. A. A i confess that i would be embarrassed to accent this Money. You see i never really thought of myself As a hero. I did think of myself As just another in that endless series of poor slobs paying the repetitive penalty for failure of National or tribal leaders. A however i heartily join the bandwagon. I will accept your payola in a practising a heroes swagger and i m eagerly looking Forward to some sort of agree or disagree you have to concede that Doc Berner knows How to write a Zinger. Jacquelyn Jefferson of Hinsdale 111., says of her husband a the remembers Only one conversation after his return from the War. He met a close Friend in a neighbourhood bar and asked him where head served. The Friend told him and asked the same question adding a did you see any so a my husband said a yeah some. How about you a the Friend said a yeah me Quot and that was the total extent of his discussion of his War that a another Quality in be seen of the we ii generation. They were doers not talkers. Another Homecoming memory from David Dander of Tiffin Ohio a had four and a half years most of it in the Pacific. Coming Back it was 21 Days on a troop ship. Then five Days on a troop train to new Jersey. Then a train to Pittsburgh. My older brother who survived his destroyer being blown up on a Day picked my up at the train station at 2 . But that was of. I hate parades Ken Morris of Council Bluffs Iowa a thank goodness the desert War was Over quickly and with losses. But All this euphoria has a movie atmosphere i was in we ii and Korea. Two of my Brothers were killed in we ii and buried at sea. They called it shark feeding. I done to think some of the people putting up yellow ribbons and waving flags could Tell you much about the Bataan death March or iwo Jima. I done to think they know about the reality of War and How bad it can really be.�?�. Maybe Jim Hill of Arkansas sums up the feelings of his generation Best a i was attached to Patton a 3rd army. I Seldom talk about the War the freezing Days and nights the fatigue the fear the dirt mud and the smell of dead bodies., there was no big Welcome for us Guys. The Welcome was in our hearts our thankfulness for being Back and alive. Our Welcome was seen in the smiling joyous faces of our parents Brothers Sisters and sweethearts or wives. We did no to need maybe Jim Hill did no to need parades. But today a politicians surely do. C Chicago Tribune
