ORGANIZED labor, most Democrats and some Republicans are demanding that the Administration "do something" about the business decline. The "something" usually includes a boost in individual income-tax exemptions, easier credit, and a massive program of public works. But most of these worriers overlook what the Administration has already done to combat a recession, notably in the fields of taxes and credit. Among the steps taken in the past year:
The Federal Reserve Board has cut bank reserve requirements, thus expanded bank lending power by $6 billion.
FRB has purchased short-term Government securities...
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