Product Description
Praise For We all owe a great debt to Fred Sheehan. Fred demolishes the myth of Alan Greenspans omniscience, while revealing the dangerous credulity of those whoset him on a pedestal above the rest of us. Panderer to Power will be invaluable in making the case for how we might preserve our solvency and our system. Seth A. Klarman, president, Baupost Group, L.L.C.Many have written about the man who used to be called Maestro. But none has done so with such clarity of perception as Frederick Sheehan. Between the covers of this timely and important book, the former Fedchairman stands revealed as Americas own Wizard of Oz. James Grant, editors Interest Rate Observer The Fed, Greenspans Fed not only supplied the whiskey for the party, it led the charge for irresponsible behavior by essentially telling people dont worry, be happy. A thorough, in depth look at the man who wrought somuch damage on so many, this brilliant effort by Fred Sheehan is a major step in setting the record straight on this era. Bill Fleckenstein, president, Fleckenstein Capital and co author, Greenspans Bubbles Fred Sheehan vividly shows in his excellent and long overdue account, the devastating monetary policies the Fed has pursued under Mr. Greenspan, which have been continued by Mr. Bernanke. After reading Panderer to Power you will have no respect for the U.S. Federal Reserve Board, politicians, and Wall Street.Marc Faber, editor,Gloom, Doom and Boom Report. About the Book Alan Greenspans 18 year stint as headof the Federal Reserve Bank witnessedsome of the most massive upward redistributionsof wealth in our nations history.Its now clear that his policies contributedgreatly to the transformation of Wall Streetfrom an engine that financed American businessto a business destroying machine and that Greenspan abetted the hollowing out ofthe U.S. economy by giving Wall Street andWashington everything they could possiblywant.To take the full measure of Greenspans culpability,we need to look beyond the disgracedpublic persona and see him within the broadersweep of his life and times. In Panderer toPower, author Frederick J. Sheehan deliversthe first in depth, critical biography of theman who, for nearly two decades, served as theworlds most powerful banker.Beginning with Greenspans formative yearsas a Depression-era kid from New York City,Sheehan traces his subjects progress fromhis days touring America as a reed man withthe Henry Jerome Orchestra in the 1940sthrough his emergence as one of Americas first celebrity economists to his ascentthrough the ranks of power in D.C.What emerges is a searing portrait of ashameless media hound who ferociously promotedhis image as a straight-laced numberscruncher, a Machiavelli whose political skillsfar surpassed his skills as an economist.Drawing upon a vast array of original sources,the author leaves little room for doubt: eitherthe economic genius of our time was obliviousto the hazards of his irresponsible policydecisions or he knew full well what he was doing,but chose, as he had throughout his career,to put self-interest above the public good.
About the Author
Frederick J. Sheehan is a former director of asset allocation services at John Hancock Financial Services and the coauthor of the critically acclaimed Greenspan’s Bubbles. He has written for Marc Faber’s Gloom, Boom & Doom Report, Whiskey & Gunpowder, and the Prudent Bear Web sites. He serves as an advisor to investment firms and endowments. He lives in the Boston area.
