Bernard Baruch Quote

Quote from Bernard Baruch,

"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."

By:	Bernard Baruch (more quotes by Bernard Baruch or books by/about Bernard Baruch)
	(1870-1965) American financier, stock market speculator, and presidential adviser to Woodrow Wilson and FDR
Source:	in Baruch: The Public Years (1960)
Categories:	Banking, Economics, Fed, Money, IRS, Taxation
Rating: