- Also check our best rated Biography reviews
Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve Hardcover – 1 Feb 2008
- Choose from over 13,000 locations across the UK
- Prime members get unlimited deliveries at no additional cost
- Find your preferred location and add it to your address book
- Dispatch to this address when you check out
Customers Who Bought This Item Also Bought
Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
Before Ben Bernake shovels more cash into the US's money trap, he should read Greenspan's Bubbles.
-- Bloomberg News, March 14, 2008
Devastating portrait of the man who perverted the concept of risk.
-- Le Temps, March 5, 2008
Greenspan's Bubbles ... is a powerful indictment of Greenspan and his Federal Reserve Board -- Resourceinvestor.com, April 2008
It's harsh to point the finger...yet Fleckenstein and Sheehan's argument is clear, well devised, and provides thorough evidence.
-- Worldfinance.com, April 2008
The lesson this book teaches is clear: "The financial world Greenspan left behind will be treacherous"... We have been warned.
-- African Business, April 2008
The story of Greenspan's part in the sub-prime debacle is told with wit and clarity by William Fleckenstein.
-- Daily Telegraph Online, March 19, 2008
From the Inside Flap
PRAISE FOR GREENSPAN'S BUBBLES
"It's about time someone set the record straight! Fleckenstein chips away at Greenspan's overinflated record as Fed Chairman to reveal a legacy of lousy forecasts, poor judgment, and two huge asset bubbles. It's devastating or delicious, depending on whether you're Greenspan or the reader." - Caroline Baum, columnist, Bloomberg News
"After reading Greenspan's Bubbles you will have no respect for the Fed! It's a must-read...in it, the authors demystify the belief that the Fed 'solves' problems when, in fact, it is directly responsible for a colossal destruction of wealth of the median household and of the U.S. currency through its irresponsible monetary policies." - Marc Faber, editor of the Gloom, Boom & Doom Report
"Greenspan for Mt. Rushmore? Not if Bill Fleckenstein has anything to say about it."-James Grant, editor of Grant's Interest Rate Observer
"In his typically engaging style, Bill Fleckenstein pops the Greenspan bubble...presenting compelling and convincing evidence that the former Fed chief got us into this mess..."-Herb Greenberg, Senior Columnist, MarketWatch.comSee all Product Description
Top Customer Reviews
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.
Between 1937 and 1987 there were no bubbles, but Greenspan helped to create two bubbles in ten years - in stocks and then in real estate - by holding interest rates too low, punishing savers. He helped to make the American people worse off by redistributing wealth to the rich, the bubbles' boosters and sponsors.
Greenspan viewed new technology expenses as assets. So he thought that productivity and profits were higher than they really were, that inflation was overstated and that stocks were understated. In 1998 firms spent $95 billion on computers. After Greenspan's `hedonic adjustment', this came out as $352 billion, adding 2% to US GDP.
Governments want to understate inflation and overstate growth, productivity and incomes. So now, most price rises seem to be way above the rate of inflation.
Greenspan's rate cut of 15 October 1998 triggered the stock market bubble. By 1999 the stock market was valued at 180% of US GDP. (In the last bubble, in 1929, it was 85% of GDP.) In 2000-01 this bubble burst - the new technology miracle proved to be a mirage. In 1992-99 there was zero productivity growth in 99% of the US economy, and growth only in 1%, computer hardware.
In 2001-03, housing `saved' the US economy from the aftershock of the stock bubble. De-regulation led to lower lending standards with more `creative' financial instruments, like the $500 trillion worth of derivatives, which Warren Buffett described as `financial instruments of mass destruction'.
So from 2003 to 2007 there was a real estate bubble, based on huge debts.Read more ›
In the mean time, we pay while Alan played.
READ THE BOOK FOR FUTURE REFERENCE BECAUSE WE ARE GOING TO NEED IT.
Alan Greenspan was Chairman of the FED for 19 years and three Presidents. During his tenure as Chairman, globalisation came of age, China erupted in the world scene, geopolitical trends shifted with the fall of the Wall, the Euro and September 11th.
The only strange thing in this long period is that no catastrophic event occurred, although a lot of recessions and financial crisis took place throughout the world.
There was never a unanimity about Greenspan's actions and decisions (although they were not only his) and those who read Joseph Stiglitz's «The Roaring Nineties» noticed that he took more then a few pot-shots at Alan Greenspan, to give an example.
When an economic downturn occurs, like the one triggered by the sub-prime crisis, those who dislike the market economics blame it on the market and its rules and of course on its Heralds and Icons; But, making an idiot and a blunderer of the man who oversaw one of the longest and most ebullient periods of growth in the United Sates and the world at large is not an useful contribution to the understanding of what is at stake now.
"Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve" by William Fleckenstein and Fred Sheehan will not go down in any serious analysis of the period. The Age of Turbulence by Alan Greenspan will. Read it instead.
Look for similar items by category
- Books > Biography > Historical > United States
- Books > Biography > Political > United States
- Books > Business, Finance & Law > Accounting
- Books > Business, Finance & Law > Biographies & Histories > Biographies & Memoirs
- Books > Business, Finance & Law > Biographies & Histories > Business & Economic History
- Books > Business, Finance & Law > Biographies & Histories > Finance and Stock Market History
- Books > Business, Finance & Law > Economics > Economic Conditions
- Books > Business, Finance & Law > Economics > Economic Policy & Development
- Books > Business, Finance & Law > Economics > History
- Books > Business, Finance & Law > Management
- Books > Business, Finance & Law > Professional Finance > Banking
- Books > Business, Finance & Law > Professional Finance > Investments & Securities
- Books > Business, Finance & Law > Sales & Marketing > Brands & Corporate Identity