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View Diary: Krugman: "The Urge to Purge" (62 comments)

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  •  William McChesney Martin, Jr. (0+ / 0-)

    The Time Magazine quote:

    A stubborn, honest and puritanically forthright man, Martin liked to explain that the Reserve Board’s unpopular actions arose out of its necessary role of “leaning against the wind.” He said: “I’m the fellow who takes away the punch bowl just when the party is getting good.” (Martin is a teetotaler.) Above all, he defended the integrity of the U.S. dollar at home and abroad, though he and the board lacked the power to do the job effectively alone.
    He was Chairman of the Federal Reserve from 1950 to 1970.

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