Arthur F. Burns? William McChesney Martin? G. William Miller? Paul A. Volcker?
Dear Quote Investigator: The U.S. economy has experienced two large bubbles in recent years in technology stocks and in real estate. These gyrations in the market reminded me of an old comment from a previous director of the Federal Reserve.
He said his job was to shut down any wild and irresponsible “party” involving money before it could start. He was going to take the punch bowl away before people started profligately spending money and negligently loaning money. I know this was said before the terms of Alan Greenspan and Paul Volcker, but I am not sure who said it. Could you figure out who originated this quote?
Quote Investigator: Yes, QI will attempt to trace this quote for you. This guiding motto was enunciated in 1970 by William McChesney Martin who was chairman of the Federal Reserve Board during a lengthy 19-year tenure from 1951 to 1970.