GREENSPAN'S BUBBLES: THE AGE OF IGNORANCE AT THE FEDERAL RESERVE
No matter who you are-investor, trader, homeowner, 401(k) holder, or CEO-you are bound to feel the impact of Alan Greenspan's �Age of Ignorance� for years to come.
. .According to MSN Money columnist William A. Fleckenstein, Greenspan's nearly 19-year career as Federal Reserve Chairman is even worse than anyone imagined. Labeled �Mr. Bubble� by the New York Times, Greenspan was nothing less than a serial bubble blower with a long history of bad decision-making. His famous �Greenspan Put� fueled the perception of a Goldilocks economy-but, as this explosive expos� reveals, the bear has finally caught up with Goldilocks.
. .Using transcripts of Greenspan's FOMC meetings as well as testimony before Congress, this eye-opening book delivers a timeline of his most devastating mistakes and weaves together the connection between every economic calamity of the past 19 years:
.- .
- The stock market crash of 1987.
- The Savings And Loan crisis.
- The collapse of Long Term Capital Management.
- The tech bubble of 2000.
- The feared Y2K disaster.
- The credit bubble and real estate crisis of 2007.
Fleckenstein explains just how far-reaching Greenspan's mess has been flung, and presents damning evidence that contradicts the former Fed chief's public naivet� concerning shifts in the market and economy. He also points to a disturbing fact, that throughout his career, Greenspan not only made costly mistakes, but made the same ones-over and over again. And not only was he never able to recognize or admit to those mistakes, he constantly rewrote his own history to justify them.
. .Greenspan's Bubbles offers a lock-stock-and-barrel portrait of a flawed but fascinating man whose words and actions have led a whole generation astray, and whose legacy will continue to challenge us in the years ahead.
. . .Product Details
Editorial Reviews
From the Back Cover
PRAISE FORGREENSPAN'S BUBBLES
. .�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 And 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.com. .
�Before Ben Bernake shovels more cash into the U.S.'s money trap, he should read Greenspan's Bubbles, a damning account of how his predecessor inflated two asset bubbles that mutated into $11 trillion in home mortgage debt.�
--Bloomberg News. .
�Alan Greenspan was dubbed history's greatest Federal Reserve chairman upon his retirement in 2006, but the housing bust is prompting renewed criticism of his laissez-faire brand of monetary policy. Hedge fund manager William Fleckenstein is among the loudest critics. Fleckenstein is the author of Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve. He views Greenspan's legacy as a litany of too-low-for-too-long interest rates that created the dot-com and housing bubbles.�
--US News And World Report. .
�I suggest that you read Greenspan's Bubbles, a recent book by William Fleckenstein. It'll knock your socks off.�
--Copley News Service. . .
About the Author
William A. Fleckenstein is president of Fleckenstein Capital, a money management firm based in Seattle. He writes a daily Market Rap column for his Web site, Fleckensteincapital.com, as well as the popular column Contrarian Chronicles for MSN Money.
. .Frederick Sheehan is a former Director of Asset Allocation Services at John Hancock Financial Services. He has written for Marc Faber's Gloom, Boom And Doom Report, Whiskey And Gunpowder, and the Prudent Bear Web sites.
. .Customer Reviews
Feels like a personal vendetta
This book is a disappointment. For the happy few it might be an interesting read, but for someone intereted in the general ramifications of the Greenspan era it is a huge dissappointment.
The book seems to be a blow-by-blow vendetta of the author against Alan Greenspan. And while the author clearly has an authority on the whole subject, he fails to engage his reader by not clarifying the details on why he rants againts Greenspan. Sometimes too much knowledge can be a hindrance.
Devastating indictment of Alan Greenspan's ineptitude
This is a truly invaluable book. Fleckenstein shows,beyond any doubt, that Alan Greenspan has been a disaster for the country and the economy. Even before becoming Fed chairman, Greenspan had demonstrated his incompetence (Read the beginning where Greenspan's predictions as one of President Ford's advisers would drastically miss the mark). Unfortunately, Greenspan would be confirmed as Fed chairman and begin a nearly twenty year career of gross mismanagement.
Fleckenstein quotes Greenspan repeatedly, demonstrating the Fed Chairman's inability to predict the stock market or housing bubble (or anything else for that matter). Greenspan comes off as completely incompetent in Greenspan's Bubbles. Perhaps some day the Federal Reserve will be abolished and the economy will not be subject to the whims of mediocre men like Greenspan and Bernanke. If that day comes, it will be because of thoughtful experts like this book's author. I also recommend Ron Paul's analysis of Greenspan in his recent book--Paul points out that Greenspan once supported sound money but changed his views as the lure of great power as a central planner seduced him.
The 1 trillion $$$ bailout is Greenspan's legacy
Greenspan will be forever linked to the global financial meltdown of 2008. History will not be kind to the Bubble Boy.
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