Punchbowlism: David Cranshaw FTW!!!
He writes:
They didn't look very hard. Took me about half an hour when I was writing an essay on the topic. Last page of this PDF: http://fraser.stlouisfed.org/docs/historical/martin/martin55_1019.pdf. Martin, William Jr., Address as Chairman of the Federal Reserve to the New York Investment Bankers Association, 19 October 1955:
In the field of monetary and credit policy, precautionary actions to prevent infltionary excesses is bound to have some onerous effects--if it did not it would be ineffective and futile. Those who have the task of making such policy don't expect you to applaud. The Federal Reserve, as one writer put it after the recent increase in the discount rate, is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up.
