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The cult of Alan Greenspan has been a long time in the making. Beginning with the newly appointed Federal Reserve Board chairman’s management of the stock market crash of 1987, through the recession of the early ’90s and the long high-growth, low-inflation boom that followed, Greenspan’s reputation as a steward of prosperity grew.

But it was only at the end of 1998, when Fed moves stabilized global financial markets on the verge of unraveling, that he began to seem less like a mere Fed chairman and more like the Wizard of Oz.

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