The Age of Turbulence: Adventures in a New World | Alan Greenspan

The Age of Turbulence: Adventures in a New World | Alan Greenspan | Great Book, Interesting and a good review of college economics class

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The Age of Turbule...

	The Age of Turbulence: Adventures in a New World Alan Greenspan Penguin Press HC, The, 2007 - 544 pages average customer review:based on 236 reviews view larger image
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highly recommended

financial illiteracy

This is a terrific read (I might even say required reading)for people who are at all thoughtful and/or curious about the economic environment in which we work and live. It certainly is required reading for those people who vocally espouse opinions about that environment. This book can go a long way toward demystifying and illuminating today's headlines if read carefully and thoughtfully. While many can critically view Mr. Greenspan's input on various economic turns, no one can doubt his pivotal role in creating the economic climate in which we currently operate. Read it, understand it, and I guarantee that you will be far more equipped to understand today's headlines and to be able to critically absorb the endless stream of media output. Do yourself a favor and get educated by the guy who was there.

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Great Book, Interesting and a good review of college economics class

Great Book. Couldn't put it down. It is pretty technical at points but a good review for those that forgot those college econ classes.

2008 Book of the Year!

Alan Greenspan's book will be the Book of the Year for 2008! He is a genius who undrestands how the global economy works! I especially enjoyed his comments regarding the various presidents he has worked with over the many years of his service. I also enjoyed his comments regarding the economic future of this country and the global economy.

The Oracle Speaks...

This is a great book, but, I have some reservations about some of his statements. First, I love his writing style as he gives great perspective on the history of the Fed, and his associations with the Whitehouse, of which he has many.

I wonder though, about the way he sidestepped the whole late 90s dotcom boom and then thunderous bust. True, he did warn people, but at the same time: he did nothing to curtail the wild and free credit that was feeding the monster. He claims that there is no way to easily value stocks, yet, when something like Cisco has a market cap greater than the GDP of most countries on the planet, something is out of line. Obviously. And I have pointed out to the unwashed masses many times that the so called "Bill Clinton boom times" were in fact nothing but false economy created by loose credit, and a speculative boom in the dot com stocks. Both Clinton and Greenspan pat themselves on the back for those great times but really, how many Americans ended up screwed by AMT tax problems with their 401(k) plans, or having lost their life savings by investing at the top? Greenspan did nothing to pull the plug on the feeding frenzy and Wall Street, as usual, made hundreds of billions while the small investors were destroyed.

To make matters worse, then Greenspan blames George W. Bush for deficit problems and irresponsible tax cuts. The fact is: we were in a recession when Bill Clinton left office due to the blowout of the dotcom fraud, and Bush's immediate tax cuts stimulated the economy and we had a soft landing. Greenspan, as much as I admire the guy, is a little sleezy here by shifting blame around, and buttering Bill Clinton's bread. I wonder if he ever donned the "Presidential knee-pads" for the guy? Anyway, another indisputable fact is that America would have a balanced budget right now if not for the costs of the Iraq war. Bush has handled the economy well, and it is good that Greenspan retired. Now he can say he had nothing to do with the subprime mortgage mess, which in fact, he created by dropping interest rates to almost nothing.

The one thing that puzzles me to this day (and it cost me a lot of money), was his infamous "irrational exhuberance" speech. I was going to buy a lot of Amazon stock, but he made it sound like he was going to raise rates in '97 to choke off the stock insanity. He didn't do it, and the boom lasted another 2+ years. Dang that Fed Chief!!! I missed out on a great buy, and instead took a defensive position that cost me a bundle.

But I don't think anyone can disagree that Greenspan has been one of the great economists of all time, and his handling of the economy has been excellent. His book is a great read. But be aware, the old boy does have a few tricks up his sleeve about who was responsible for the economic problems we face. Greenspan, look in the mirror!

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