Hello everybody and thank you for tuning in to the weekly report.

The Fiat Money Maestro,

former Federal Reserve Chairman Alan Greenspan,

passed away last week at the age of 100.

Greenspan chaired the Fed from 1987 through 2006.

Despite being a lifelong Republican, Greenspan refused to lower interest rates,

though doing so may have helped George H.W. Bush's

1992 re-election campaign.

However, he did tailor monetary policy

to support President Clinton's 1993 budget

as well as the 1997 bipartisan budget deal.

Green Span's handling of monetary policy was widely credited as responsible for the 1990's strong economy.

As a result, the cult of Federal Reserve Chairman reached new heights under Greenspan. During Greenspan's tenure,

it became so common for the Fed to act to help bail out large financial firms that experienced

financial difficulty that many began referring to the Greenspan put.

Greenspan was even the subject of a best-selling biography by Bob Woodward titled Maestro.

New Republic reporter Stephen Glass wrote about Wall Street professionals maintaining a shrine to Greenspan. While the story was later revealed to be one of the many fabrications created by glass,

at the time it seemed believable that Wall Street offices could contain shrines to Greenspan.

Green Span's reputation survived the bursting of the Fed created tech bubble.

The Fed responded to the bursting of the tech bubble and the economic downturn following 9-11

by creating another bubble, this time in housing.

Greenspan had already left the Fed when the housing bubble burst.

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