"Nothing did more to spur the boom in stocks than the decision made by the New York Federal Reserve bank, in the spring of 1927, to cut the rediscount rate. Benjamin Strong, Governor of the bank, was chief advocate of this unwise measure, which was taken largely at the behest of Montagu Norman of the Bank of England... At the time of the Banks action I warned of its consequences... I felt that sooner or later the market had to break."
Bernard Baruch
(1870-1965) American financier, stock market speculator, and presidential adviser to Woodrow Wilson and FDR
in Baruch: The Public Years (1960) 
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Reader comments about this quote:
Is anybody watching what is being added to the Fed. The Bush bunch is proposing militarizing the Fed and giving them authority to squelch any individual or entity that is perceived a financial threat. WOW REALLY SCAAARRY!!!!!!!!!!!!!!!
 -- Mike, Norwalk     
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    I think that George W is a "one worlder "just like his dad. And to think we once thought of him as a conservative. Yes Mike , this is SCAARRY.
     -- jim k, austin,tx     
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    The Fifth Plank of the communist manifesto is complete control of the economy. We're getting there.
     -- J Carlton, Calgary     
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    And the Fed is doing it again today by pumping more and more currency into circulation as the 'dollar' continues its downward spiral. I should remind you though that the currency is being loaned at interest when it is being put into circulation -- they don't give it away, except to their own banks who got caught with the hot potato. They are purposefully trying to crash the currency and completely bankrupt Americans AGAIN. They have already stolen all the gold, 25% of our labors through income tax, turned our legal system inside out from American Common Law to Admiralty Maritime law as we are in receivership to the Fed as a bankrupt entity, thus we the people and all of our property are held as collateral against an unpayable debt. This is nothing new -- the European monarchs of old fell to this power and now America is in the death throws of their grasp. If we ever expect to free ourselves from this, we are going to have to expect an economic collapse first. But hang tight, because Americans can produce anything and everything they need for each other if the government is out of the way -- our government has sold us out -- Democrats and Republicans alike -- and the only thing they are good at now is intimidating us with military might. Better a few patriots die resisting this iniquitous system than millions more be born into it. I will join the General Strike on April 15th -- let's see how many of us there are.
     -- E Archer, NYC     
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    Bush has never been a conservative. The term "compassionate conservative" was proof of that. To imply that conservatism is not founded in compassion is pure ignorance. Hence he does not have a clue as to what conservatism is. He is however an honest man and usually a decent president. I doubt that any one selected to be an advisor to Woodrow Wilson would be worth listening to. I doubt that he had any clairvoyant powers about the crash. The act of the feds may not have helped the situation but I doubt it caused it.
     -- warren, olathe     
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    PPT aka the plunge protection team is hard at work.
     -- Bruski, Naples FL     
    Mike, where do you get that information? I see no link to aid one in reading about this. s
     -- abby     
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