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Quote by 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.”

Quote by Bernard Baruch

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Bernard Baruch was a distinguished financier, born on August 19, 1870, and died on June 20, 1965. He is renowned for his remarkable achievements in Wall Street and his profound influence on public policy. more

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