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Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve (Hardcover)

by William Fleckenstein (Author), Frederick Sheehan (Author)
3.6 out of 5 stars  See all reviews (5 customer reviews)
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Product details

  • Hardcover: 208 pages
  • Publisher: McGraw-Hill Professional (1 Feb 2008)
  • Language English
  • ISBN-10: 0071591583
  • ISBN-13: 978-0071591584
  • Product Dimensions: 20.3 x 13.5 x 2.3 cm
  • Average Customer Review: 3.6 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon.co.uk Sales Rank: 280,281 in Books (See Bestsellers in Books)

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  • See Complete Table of Contents

Product Description

Le Temps, March 5, 2008

Devastating portrait of the man who perverted the concept of risk.


Bloomberg News, March 14, 2008

Before Ben Bernake shovels more cash into the US's money trap, he should read Greenspan's Bubbles.
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Customer Reviews

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3.6 out of 5 stars (5 customer reviews)
 
 
 
 
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4 of 5 people found the following review helpful:
3.0 out of 5 stars Interesting but misjudged, 6 Oct 2008
By E. Ryan "Bio reader" - See all my reviews
(REAL NAME)   
I would recommend this book to readers of Greenspan's Age of Turbulence as a relevant counterargument. However, I would do so with some significant reservations. The key criticism leveled at Greenspan is that his monetary policy encouraged rather than hindered the Dot com and property bubbles. Fleckenstein's contention however is based on an erroneous assumption. The author implies that it was Fed's job to constrain ASSET price inflation. In fact the orthodox economic view, throughout this period, was that central banks should concern themselves entirely with achieving low and stable CONSUMER price inflation. Perhaps the Fed chairman did allow himself, at times, to become distracted by the performance of the US stock market but ultimately it wasn't in his job spec. to stop the speculative excesses of joe public. Trying to lay the blame solely at his door is ill conceived.

This account, written in the context of the current financial crisis, is a knee jerk and reactionary response. Nonetheless, it does contain the grain of truth that, going forward, economic policymakers will need to start focusing more on different types of price inflation to ensure economic stability over the longer term. No doubt, a much more balanced account of the man who ran US monetary policy for so long will be written in the years to come. In the meantime this effort shouldn't be ignored.
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4 of 5 people found the following review helpful:
4.0 out of 5 stars The condemnation of Alan Greenspan, in brief., 23 Jun 2008
By Rolf Dobelli "getAbstract.com" (Switzerland) - See all my reviews
(TOP 50 REVIEWER)    (REAL NAME)   
This book states the argument of those who oppose Alan Greenspan, the former chair of the U.S. Federal Reserve. William A. Fleckenstein and Frederick Sheehan, who sometimes seem to go a bit over the top in the intensity of their attacks, write that Greenspan, despite his reputation, was no "maestro." Instead, they report he was a poor manager with a habit of either deception or self-delusion. The authors support their argument by drawing heavily on extensive quotations from Greenspan's testimony before Congress and on minutes of the Federal Reserve Open Market Committee meetings. Although getAbstract might wish for less fervor in this presentation, it forwards this book to policy makers, financial services executives and others who wish to understand the downside of Greenspan's policies and how he may have contributed to the U.S. economy's current dilemma.
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10 of 17 people found the following review helpful:
5.0 out of 5 stars GREENSPAN'S BUBBLES, 2 Mar 2008
I always thought Greenspan was an idiot but had no idea how big an idiot he was/is. EZ-AL was nothing more then a snake oil salesman that promised great things and delivered misery. The collapse of the U.S. financial system can be directly tied to Greenspan through his not having a clue as to what he was doing while the head of the Federal Reserve. Perhaps now the U.S. is entering into the largest financial disaster since the Great Depression, citizens will come to realize that Alan Greenspan was a major contributor through his mismanagement of the supply/cost of money. In Congressional testimony he admitted it wasn't "possible to manage something" you couldn't define. This admission from the Chairman of the Federal Reserve Bank of the United States!!!!!!
In the mean time, we pay while Alan played.
READ THE BOOK FOR FUTURE REFERENCE BECAUSE WE ARE GOING TO NEED IT.
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Most Recent Customer Reviews

5.0 out of 5 stars Excellent study of a failed system
In this fascinating book, financial journalist William Fleckenstein studies the record of Alan Greenspan, chairman of the Federal Reserve from 1987 to 2006. Read more
Published 14 months ago by William Podmore

1.0 out of 5 stars Detractors take the stand
Public men in the public eye and with very public actions tend to have eulogists and detractors.
Alan Greenspan was Chairman of the FED for 19 years and three Presidents... Read more
Published 19 months ago by Joao MOTA de CAMPOS

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