Benjamin Strong
Benjamin Strong Jr. was an American banker known for being the First Governor of the Federal Reserve Bank of New York from 1914 until his death. During his fourteen years in office as the president of the New York Fred, Strong exerted great influence over the policy and actions of the entire Federal Reserve System, and the financial policies of all of the United States and Europe. Prior to him being a dominant force in the US monetary and banking industry, Strong formerly had a financial career with Cuyler, Morgan and Co., an investment and financial management firm, and later became an assistant secretary of Atlantic Trust Co., and following several mergers, he was named secretary of Bankers Trust Co. in 1904.
- In 1919 while Governor of the Federal Reserver Bank of New York, he advocated for a recession
- Believed that the economy needed a bout of unemployment, embarrassment and losses to set it back on a good footing for growth
- He was correct - after the 1920-1921 Depression, the US boomed during the roaring 20s
- He believed that people, prices and labor markets would properly adapt