In October 2004, one month from the presidential election, U.S. Federal Reserve Chairman Alan Greenspan undertakes a full review of the unusual events of the previous six years, including the devastating terrorist attacks of September 11, 2001. Apart from policy, what were the underlying drivers of the economy? Should he continue along a path begun several months earlier when the Fed began to raise interest rates, or should he suspend such action in order to allow the economy to make a full recovery from the recession of 2001?
