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

Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve | William Fleckenstein, Fred Sheehan | How we got in trouble

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Greenspan's Bubble...

	Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve William Fleckenstein, Fred Sheehan McGraw-Hill, 2008 - 208 pages average customer review:based on 38 reviews view larger image
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highly recommended

The Morning After

"The reason I wrote this book was so that the average person could understand the scope of the housing bubble, and what its bursting was going to mean and...where blame should be placed...at Greenspan's Fed, specifically," posits William Fleckenstein, who has keenly observed Mr. Greenspan's comments and actions in lucid daily commentary on the economic environment and investing practice for over a decade. By the end of Fleckenstein's crisp account, I craved that "The Maestro" had succeeded a fraction as well in HIS calling: Fleckenstein makes the story accessible to the average American, and his clarity stands in bold contrast with Greenspan's oft-obfuscating "Greenspeak."

Given the current state of the housing market, readers of 'Greenspan's Bubbles' might be prompted to ask whether Greenspan feels any culpability for luring unsuspecting homeowners into adjustable mortgage rates. Fleckenstein observes, "Greenspan was extolling the virtues of floating rate mortgages when interest rates were at the lowest they had been in over 50 years," suggesting that Greenspan ought to, even if he does not.

Certainly, today Greenspan expects Americans to believe he really didn't mean what he said when he endorsed ARMS. However, this book asserts that Greenspan blew serial bubbles in the stock market and real estate by keeping rates too low too long, thereby inviting reckless speculation.
Fleckenstein likens normal cycles of economic ups and downs to going to a party, imbibing in a few drinks, and feeling kind of shaky the next day. However, Greenspan's take on the economy was to entice Americans to throw down fifty metaphorical shots of tequila to keep the party going.

There's got to be a morning after, and 'Greenspan's Bubbles' helped me connect the dots between Greenspan's career at the Fed and the pain of duped Americans losing their homes, well-qualified hopeful homebuyers being shut out from credit, and the lowering status of the U.S. dollar- which has been the world's reserve currency for almost one-hundred years.

"Lucky" for him he squeaked through his tenure right before the tequila hit the fan.

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How we got in trouble

A clear and concise explanation of how the stock market and housing bubbles formed. Manditory reading for anyone who wants to understand the recession of '08.

The most rigorous expose of Greenspan's tenure you're going to find

Greenspan was clueless, arrogant and impervious to self reflection or self doubt. Unfortunately, not only was he complicit in radically mismanaging interest rates for almost 20 years, but he also left a written and verbal legacy behind just waiting for the likes of Fleckenstein and Sheehan to uncover. A wonderful book about a seriously flawed man.

The Facts are the Facts

This book is a fairly concise play-by-play of the errors and follies by our "esteemed" Central Bank. In the coming years, this book will increasingly become relevant as the full extent of Greenspan's ridiculous policies now come to light.

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Enlightening

This is a very good review of Greenspan's and the FMOC's performance for nearly 20 years. Easy to read and well organized.

reviews: 1, 2, 3, 4, 5, page 6, 7, 8

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