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Politics : Ask Michael Burke
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To: Eggolas Moria who wrote (50925)3/9/1999 2:06:00 PM
From: Mike M2  Read Replies (1) of 132070
 
Gary, Paul Warburg of Kuhn Loeb March 1929. Warburg lobbied on behalf of the bankers to create the Federal Reserve System. He was a close friend of Benjamin Strong- Fed Chairman during the 20's bubble until his death in 1928. Much like the Lake Wobegon critics he noted that the market rise was " quite unrelated to respective increases in plant, property, or earning power" he was accused of " sandbagging american prosperity. Mike
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