An insider looks back at the Greenspan Fed

The Federal Reserve System where Edward Gramlich worked as a staff researcher from 1965 to 1970 bore little resemblance to the institution where he most recently contributed for nearly eight years as a member of the Board of Governors. Appointed in 1997 by President Clinton along with Roger Ferguson, Jr to fill two vacancies on the sevenmember board, Gramlich retired on August 31 of this year from a term that expires on January 31 2008. Governor Gramlich - "Ned" to his friends and colleagues -

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