Howdy, recently the family Max (1989) started leaking PS fluid. I tightened a few hoses up, but now it has developed a screeching noise and fluid squirts out of a hose attach to a device hanging off the firewall (passenger side).. I'm guessing this is the power steering pump? Was there supposed to be a clamp there at one time or will that whole hose need replacing?

 

That's some sort of junction for the high pressure side of the system; it is not the pump. If it is leaking from the fittings, then you need new washers (they are special ones). If the leak is from a hose, you need a new hose. The noise is probably a combination of, low fluid, air in system, partially blocked internal filter.
Replace the leaking parts and flush/refill the system. P/S systems need their fluid changed every so often (5 yrs) to keep them from developing problems.

 

What kind of problems do they develop? Does the old fluid build up debris which clogs the system?

 

Yep, the crud will also wear things out. The fluid probably also breaks down with time: it gets hot enough for there to be a cooler for the fluid.