Edmund C. Lynch gained special notoriety when he foresaw the impending Wall Street Crash of 1929, and advised Merrill Lynch's clients to sell many of their stock holdings in 1928. As many Americans were enjoying the soaring stock market in 1928, Lynch was convinced a disaster was near. His famous letter to all of Merrill Lynch's clients warned:Now is the time to get out of debt. We think you should know that with a few exceptions all the larger companies financed by us today have no funded debt. This is not the result of luck but of carefully considered plans on the part of their managements and ourselves to place these companies in an impregnable position. The advice that we have given important corporations can be followed to advantage by all classes of investors. We do not urge you to sell securities indiscriminately, but we advise you in no uncertain terms that you take advantage of present high prices and put your own financial house in order. We recommend that you sell enough securities to lighten your obligations, or better yet, pay them entirely.Lynch's concern for the bullish stock market was so strong that he went to the White House in 1928 and warned President Calvin Coolidge of his intuition. During his meeting with the President, Lynch famously even offered to make President Coolidge a partner of his firm, but the President turned down his offer.