In chapter 6 of their 1963 classic, A Monetary History of the United States, 1867-1960, Milton Friedman and Anna Jacobson Schwartz argue that the tragic consequences of the Great Contraction of 1929-1933 could have been averted with a strong leadership at the helm of the Federal Reserve. The article turns this observation on its head and asks: If there is a strong leadership at the helm of the financial system, is there any assurance that there will be no crisis in the system, or if any crisis is brewing, will a strong leadership succeed in nipping it in the bud? It tests this in the light of what has been happening in Wall Street since the mid-1990s.