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Question: How to Spank One of the Siamese Twins
and Not Hurt the Other?

Over seventy years ago, the Federal Reserve Board began a series of interest rate increases in an attempt to curb stock market speculation. Then, as now, the challenge was to decrease investor enthusiasm without hurting business.

With his usual skill in reducing complex issues to basics, Darling conveyed the dilemma facing the Board in this cartoon published
April 11, 1929.

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