On the other side were officials, like George Harrison of the Federal Reserve Bank of New York, who worried about the impact on the broader economy and preferred to use other instruments to address financial imbalances. Harrison’s alternative was “direct pressure” – that is, using the Fed’s regulatory powers and moral suasion to persuade member banks to curtail their lending to the stock market.
事实上，同样的争论在当时也曾经闹得不可开交。争论的一方是美联储理事，他们认为唯一有效的治理金融过度之法是提高利率。另一方是美联储官员，如纽约联储银行的乔治·哈里森（George Harrison），他们担心整体经济受到影响，更偏向于使用其他工具解决金融失衡。哈里森提出的方案是“直接压力”（direct pressure）——即利用美联储的监管权力和道德劝告说服成员银行减少向股市的贷款。