“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.”
![“Even when [Federal Reserve Chairman Ben] Bernanke said the recession was over ... you think that would have been a bigger boom somewhere, but it seems we just take everything in stride.” quote by Bill Maher](https://sms4smile.com/quotes/img-quotes/bd6/bill-maher-211_bigger_even-when-federal-reserve-chairman-ben-b_2654226.jpg)
![“Before passage of this [Federal Reserve] Act, the New York Bankers could only dominate the reserves of New York. Now, we are able to dominate the bank reserves of the entire country.” quote by Nelson W. Aldrich](https://sms4smile.com/quotes/img-quotes/d3a/nelson-w-aldrich-94684_able_before-passage-of-this-federal-reserve-a_1058530.jpg)
