Russell Leffingwell, a former assistant secretary of the treasury, who had become a partner in 1923, blamed the bubble on Norman and Strong. In March 1929, on the very same day that Warburg issued his ominous pronouncement, Leffingwell predicted to Lamont, “Monty and Ben sowed the wind. I expect we shall have to reap the whirlwind. . . . I think we are going to have a world credit crisis.”
