please join me in welcoming roger lowenstein. [applause] >> debra, thanks very much. a wonderful introduction. i am glad i don't have to talk about dinosaurs. i don't know much about that. what i'm going to do is mostly talk to you and read you passages as well that i mope high pressure c hope conveys the drama of the story. this was my first history story. it was the most exciting project i have been in. the people i wrote about reminded me of people on the scene and the book is full of stories. last night, anyone who saw the republican debate, you saw rand paul came out against the federal reserve and tasaid ther is no point in having a federal reserve. tonight i would like to tell you what it was like when he had a system like that back a hundred years ago. but before i get to that i want to start with what is the federal reserve and why we have it today. if you think about an ordinary bank they serve two functions. for people that don't have enough money they can barrow and for people that have money they can go park it and earn interest. but they serve a larger f

please join me in welcoming roger lowenstein. [applause] speenine deborah, thanks very much. i don't know much about of them. what i'm going to do tonight is mostly talk to you but i'm going to read the passages as well but i hope conveys some of what i thought was the drama of the story. those of you who followed my career might know this is my first history and for me was the most exciting project i've ever been involved in because the people i wrote about fernando missed much of the people on the scene today in the book is full of controversies that feel they left off the front pages of today. just last night, anyone who saw the republican debate they have seen ted cruz came out against the federal reserve and advocated a system of going back in prison may not have been the federal reserve. tonight i would like to tell you what it was like when we actually had a cyst unlike that back 100 years ago. before i get to that, i want to or was something more basic which is what is the federal reserve and why do we have it today. if you think about an ordinary bank come a day or t

roger lowenstein has reported for the "wall street journal" for more than a decade including stock market called and the intrinsic value columns. his work is appeared in publications ranging from the new york times magazine to bloomberg. currently maintains a column i want to let you know, he let me know there is a great review. we can read about that. tomorrow he had three children lived with his wife please join me in welcoming roger lowenstein. >> thank you very much. glad. going to read a few passages as well that i hope convey some thought's. those of you who followed my career they know this is my 1st history in fact this is anyone who saw the republican debate may have seen the ted crews came out against the federal reserve and advocated the system going back to gold -based money's. tonight i would like to tell you what it was like when we actually had a system like that. hopefully these was that was something more simple and basic. what is the federal reserve and why do we have it? if you think about an ordinary bank, they serve two functions which is self-evident i can go and bio