William McChesney Martin Jr., the revered former head of the U.S. Federal Reserve, is remembered for many things - including an unprecedented term as chairman that lasted from March 1951 to January 1970.
But Martin is perhaps best remembered for the central-banking aphorism that says that the Fed's most important job is "to take away the punch bowl just as the party gets going." (See accompanying graphic below.)
But Martin is perhaps best remembered for the central-banking aphorism that says that the Fed's most important job is "to take away the punch bowl just as the party gets going." (See accompanying graphic below.)
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