Book Review: Age of Turbulence
I would NEVER buy Greenspan's book. I think he is responsible for so many of the recent financial woes -- inflation & $145 Oil, Credit Crunch, Housing Debacle -- I just couldn't bring myself to do it.
Turns out I didn't have to. Scribd.com courteously provided a research copy.
>
Who knew you could even do this?
Sunday, July 27, 2008 | 07:30 AM | Permalink
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Barry,
isn't this copyright infringement?
Posted by: mike | Jul 26, 2008 6:29:42 PM
This book is incredibly self-serving. What makes it worse is Greenspan's tone, attempting to portray himself as merely a wise bystander recruited to CEA and the Fed. Greenspan tries to sound like he held little ambition, when in fact he name drops on nearly every page. Don't waste your time either buying or reading the book.
For those with a sense of journalistic or intellectual curiosity, I STRONGLY suggest investigating who actually authored Greenspan's PhD "thesis".
Posted by: Stephen Falken | Jul 26, 2008 6:30:22 PM
Great, now I have throw my whole computer on the fire.
Posted by: mark mchugh | Jul 26, 2008 6:35:36 PM
BR,
that app is rad.
Posted by: Mark E Hoffer | Jul 26, 2008 6:48:52 PM
This book should forever be renamed, "Alan Greenspan, The Age of Idiocy & Greed".
It won't be long before that piece of trash is selling for a penny on Amazon just like Bowyer's "Bush Boom."
Posted by: Jeff | Jul 26, 2008 7:06:45 PM
A Cheshire Cat grin would be more appropriate than that feeble attempt at a benevolent smile.
Posted by: cm | Jul 26, 2008 7:14:28 PM
America - done in by an idiot, a sinister puppeteer, and an egghead. I'll let you guess which is Greenspan.
Posted by: Marcus Aurelius | Jul 26, 2008 7:28:15 PM
Barry,
You look so cute when you're mad.
Thanks
Posted by: lilmiss | Jul 26, 2008 7:31:05 PM
Mr. Greenspan, As your medical doctor I believe I know the reason for your expression in the photo. May I suggest some Metamucil?
Posted by: Ecklebob | Jul 26, 2008 7:33:34 PM
Way overpriced even at $0.00
Greenspan pretty much sat on his hands while the economy was looted - except when he aided and abetted the process.
Posted by: bobn | Jul 26, 2008 7:39:31 PM
Hey, I'm not saying that Alan Greenspan is perfect, but why should he get the blame for today's problems? It was not Alan Greenspan who blew the budget surplus or forced into a war with Iraq. I am also pretty sure that Alan Greenspan is not personally responsible for allowing lenders to give people loans for houses that they can't afford with no money down. In fact, I believe I read that the deregulation that made that possible happened during the Clinton administration. (Before anyone complains, notice I have blamed both Bush and Clinton).
Perhaps, what you are mostly concerned with is the bailing out of big banks. I suppose some of the blame lies at Alan Greenspan's door here, but if staving off a depression means bailing out a big business I'm all for it. It is certainly not the Federal Reserve's job to break up businesses that are too big. That would seem to be more of a job for the SEC.
Posted by: Joe D. | Jul 26, 2008 7:49:29 PM
While I think Greenspan is responsible for a large part of the mayhem because of his cheap money policies we should beware of too much piling on. After all monetary policy is only one part of the jigsaw. And some of his detractors (not you Barry) do sound a bit like those German generals who all discovered the Leader was a bad guy in 1943 whilst being notably silent from 1933 to 1942. Maybe it has something to do with whom you are teemed with. One has to believe he was more sympatico with Clinton/Rubin/Sommers when the record was pretty good than Bush/Snow/O'Neil when it has been awful. Perhaps it just proves that you need Wall Streeters or Economists at the Treasury rather than Industrialists although Bush and co don't seem to have taken much notice of either O'Neil or Snow when it came to setting policy so perhaps all the blame really belongs in the White House and wherever Cheney hangs out.
Posted by: John | Jul 26, 2008 8:09:40 PM
Alan Greenspan blew this bubble up when he lowered interest rates to 1% and kept them there for too long. He got the feeding frenzy going. The subprime, speculation, Flip That House, No Doc Mortgages, 40% of first time homebuyers buying w/0% down, and mortgage fraud were all an offshot of the Greenspan Bubble.
Yes, monetary policy is only one part of the jigsaw, but it is by far the biggest part.
During the bubble peak, Greenspan sounded like an NAR shill when he said that prices are going up because we are "running out of land"
Posted by: Bodz | Jul 26, 2008 8:24:19 PM
Since their FAQ says this:
>> It is our policy to respond to clear notices of alleged copyright infringement that comply with the Digital Millennium Copyright Act.
I suppose this ecopy will disappear shortly.
And good riddance.
Posted by: wunsacon | Jul 26, 2008 8:28:33 PM
the name of the book should be "Asleep at the Wheel"
Posted by: Bob A | Jul 26, 2008 8:49:40 PM
I wonder what would happen if people in high places were to tell the whole truth(assuming "the truth" is decipherable and an achievable frame of mind.)
Posted by: hmarr | Jul 26, 2008 9:07:20 PM
Joe D.
The Clinton administration deserves some, but not an equal share of the blame for the disaster we see now.
The trade imbalance with China, the dotcom investment craze, and the housing boom got rolling in the latter half of the 90s, but things only began to spin out of control ca. 2002-2003.
"Government" comes from the Greek: to steer a boat.
While it's a mistake to place TOO much blame or credit on the executive, government does have the important role of guiding the overall economy to avoid future market failure and credit implosions.
Greenspan and the fellow government overseers charged with controlling the economy's excesses poured gasoline on the fire in 2002-2003.
My personal opinion is that they wanted to, at literally any cost, avoid a replay of the first Bush administration's failure at the ballot box in 1992.
We're paying that cost now, and no, you can't pin any of THAT on Clinton or his male member.
Posted by: Troy | Jul 26, 2008 10:08:39 PM
I read a lot of hate on here for this man, but it's all pretty much hot air unless some of you computer-chair cowboys actually do something about it.
Now that Greenspan is out, have things gotten better with Bernanke? Do you honestly think they will improve over time?
Instead of complaining about a guy who doesn't even matter anymore, why not send a letter to you state senator and threaten his/her job in the next election if they don't start doing the job they were elected to do.
If people don't start to react now, it will be much harder to complain, protest, and oust the unelected officials at the Fed once they gain full control of our once great country.
Soon America will end up like Singapore, where dissent is only discussed in bars in red light districts over loud music.....
Posted by: Cookie | Jul 26, 2008 10:10:32 PM
After the amount that shit has stolen from me, I'm glad to take some back, right out of his own skin - the thieving ****. My views of him are quite unprintable.
Thanks BR.
-K
Posted by: sk | Jul 26, 2008 10:14:44 PM
I think he enabled "the free market" concept that your friend - what's his name - you appear on his program....He is a proponent of Ayn Rand's Philosophy - Did he do any good? I'm sure he did...in the end - when you stay too long in the game - you will be remembered for your last mistakes...hint, hint - Willie Mays Had the answer - Quit on Top! And you will always be remembered and Great! Of course there are those who never got off the bottom - George W. Bush - 8 years will cost 25 years to repair.
Posted by: paul | Jul 26, 2008 10:32:38 PM
What really bugs me is what is in this book...he claims that he knew Iraq was only about oil, yet he never said a thing until he was paid an $8 Million book advance. Then he was talking a mean streak Jack. I'm sure that he eats dinner every night in the best restaurants in DC and makes everyone call him "maestro."
Posted by: Steve Barry | Jul 26, 2008 10:39:23 PM
Posted by: Steve Barry | Jul 26, 2008 10:42:52 PM
The Age of Turbulence is a very interesting reading. It gives a real insight into Greenspan's thinking. He is a real Ayn Rand fan/believer and actually spent much time in discussion groups with Ayn according to the book.
You might ask how a true devotee of Ayn Rand came to head the largest central planning agency this side of the Kremlin. According to Greenspan, he could do more "good" on the inside than protesting from the out side. So I would assume he did everything he could as an insider to defeat regulations, pretty much he believed the markets would fix everything. Then you add in Bush and the debts don't matter crowd, the belief that any and all regulations are bad, a belief in the "Laugher" Curve and then throw in a pre-emptive war(s) in the Middle East and you set the stage for the perfect storm that we are facing. Who would have thought the US economy could be destroyed in so few years. It took a group of intelligent, powerful dedicated people to pull such a huge change in such a short period. Truly breath taking.
Posted by: John | Jul 26, 2008 11:07:23 PM
Greenspan should be put to trial.
Posted by: Tim | Jul 26, 2008 11:16:24 PM
I looked at that thing and started to skim it, but...
Not only would I not buy it, this guy isn't worth the time to read.
Posted by: Deborah | Jul 26, 2008 11:26:15 PM
