|
it's the account of AlanGreenspan's role as chairman of the Federal Reserve from 1987 2000.Though the book was not about a subject that I ordinarily wouldseek out, I found it quite interesting. though he ruledby consensus, he did so with a firm hand that was ableto get support from both political parities in what weresome very turbulent times.I also got a kick out the story behind his proposal to his wife.
his familiarvoice added to my enjoyment of the book, "At times, he found his body sensed danger before his head," writes Woodward.
it turns out the he had to propose twice to her, the violinist-turned-TV news star Andrea Mitchell, before she understood that:* His verbal obscurity and caution were so ingrained that Mitchell didn't even know that he had asked her to marry him.And this account of how Greenspan made decisions was most insightful:* It turns out that for all his awesome knowledge of monetary minutiae, the Fed chief literally relies on "a pain in the pit of my stomach" to make decisions. Actor James Naughton handled the narration duties.
I heard MAESTRO by Bob Woodward. in addition, I wasappreciative of the fact that it explained economics in a waythat I could understand too.What I liked best about it, however, was the fact that I gotto understand Greenspan's role as a maestro.
The Fed chief also adapts Einstein's technique to economics, hunting for discrepancies as keys to deeper theories.
The two questions that hence have to be asked are does the book provide an valuable insights into Greenspan or his role at the Fed.With respect to the first question, the book does not provide any more insight into who Greenspan "the man" and "the economist" were over and above what has been available to anyone reading a moderate amount of the popular press (i.e., Wall Street Journal, New York Times, Financial Times, etc)., nevermind what was contained in his memoirs "The Age of Turbulance". This understanding is invaluable to Greenspan's decisions and policies at the Fed.
Anyone who has reads this press on a common basis (even if not on a day-to-day basis) will find nothing more informative in this book.
Hence Woodward's book does not provide the reader with this important background.Secondly, the book, despite all Woodward's "insider" knowledge there are, again and very importantly, no real insights or news into both Greenspan's role and Fed policy in general, there were not available by reading the popular financial press. Hence this book is real disapointment to those who keep up with financial news and a very poor alternative to Greenspan's memoirs.
This book covers, primarily, Alan Greenspan and his reign while head of the Federal Reserve. If one wants true insights into Greenspan "the man" and "the economist" his memoirs are a must read and far superior to Maestro.
Nothing.
The parts I enjoyed the most were the anecdotes regarding the powerful and influential people he worked with such as Reagan, Bush Sr., Clinton, Bush Jr., McCain, Cheney, and even Ayn Rand. The US was truly in an "economic boom". He was considered the authority on American monetary and economic policy. At the time I knew very little about the Federal Reserve and nothing about Alan Greenspan. If this is possible than anything is possible. Bob Woodward proved to be prophetic.
Rep. He admitted he was at fault for opposing regulation of financial institutions. I have a fairly limited understanding of economics; however, I found this book very easy to read and understand. The market would ebb and flow on his every word. This particular book was published in 2000, which happened to be when I created my original to-read list. It will be sad if this current crisis tarnishes his legacy and years of service. It says the following: "When would the boom end. What was the hidden factor or brewing crisis that no one was anticipating.
The author Bob Woodward, yes that Bob Woodward (the reporter who helped uncover the Watergate scandal), praises Greenspan throughout the book and deservedly so. The Red Sox fans have forgiven Buckner, after finally winning the Series. It is now 2008 and unfortunately we are currently in the midst of one of the biggest economic crisises in our nation's history. Books on economics aren't exactly page turners and frankly I dreaded it. Near the end of Clinton's administration there was steady economic growth, low inflation, unemployment at an unheard of 4% and the Dow was above 11,000. Greenspan had direct and indirect influence on this.
the discount rate - The stock market - Law of supply and demand - Disfiguration of capitalism by government - Black Tuesday of 1929 that led to the Great Depression - Stock market crash of 1987 and Greenspan's role in overcoming it - The Russian and Mexican financial turmoils - LTCM (Long Term Capital Managment) I did enjoy the detailed insight into why the Fed cuts or raises interest rates; however, the book was tedious at times discussing what seemed to be every interest rate move that occured between 1987 and 2000. At the end of the nineties, Greenspan was all over in the press and nearly always shown in a positive light. Greenspan is no longer the Fed Chair; however, I felt like it was a perfect time to finally bite the bullet and read the book. He was able to convince Clinton before he became president of the importance of keeping the long-term rates down and keeping them down with a strong deficit reduction program that could sustain and increase economic growth. Since that time, I have read nearly every book on that list with a few exceptions. Greenspan, a Republican, was originally appointed by Reagan; however, he seemed to have the most influence on Bill Clinton who reappointed him twice.
Coincidentally, while I was reading this book, I saw Greenspan on the news in front of Congress explaining that he was partially at fault for the economic woes we now see. As a sports fan, I know just how harsh this comparison is, but we will eventually pull out of this crisis and all will be forgiven. Stock market, banks, oil prices, Asia, Russia, hedge funds, an environmental crisis, a health catastrophe, drought, famine, scandal, war." Unfortunately, we know what happens next. He seemed to always have his finger on the pulse of what was going on. This book was one of those exceptions. I realize that's not what the premise of the book was but I wanted to know more about him as a person. John Yarmuth of Kentucky compared Greenspan to Bill Buckner whose fielding error caused Boston to lose the 1986 World Series. This intrigued me.
It goes into his life a little but not enough to satisfy. I decided I needed to know more about the man.
It was a really good economics refresher. The reason I give the book three stars (I wish I could give it 3 and a half) was primarily due to undue repetion throughout the book and because I wanted it to be more of a biography.
When would he goof. inflation - Treasury bonds - The FOMC - The Fed fund rate vs.
"Whoever controls the volume of money in any country is absolute master of all industry and commerce." ~James GarfieldI remember one day in the late 1990's, my professor in a macro-economics class said that Alan Greenspan was the most powerful person in the world. The book explained the following concepts/subjects in more detail: - How the Fed Chairman is appointed - The role of the Fed Chairman - Low interest rates vs.
There is an ominous paragraph on the last page of the book.
It should not be taken seriously. Its a book that doesn't want to look to deeply or ask difficult questions. Its a fawning tribute to a man and an era that proved to be about constructing an illusion rather than building an economy.In the overheated smokey world of the book, Alan Greenspan is "Maestro". Its a book more of the imagination than reality. Rather than question Greenspan's reinterpretation of economic data to make "bad" trends "good", the genius of greenspan in finding the hidden meaning in productivity figures is explained.The greatest fault of Bob Woodward the writer is that he allows himself to be used by his subjects. Rather than reporting or analysis, Woodward is about backslapping, favors and access. The great humanitarian economist who can create music with an instrument or with an economy. The book is in most aspects a perfect reflection of the faults of the man and the era.
Its a book about wanting to believe rather than looking behind the curtain. It was as true at the time of this silly book promoting Greenspan as genius as it later was when Woodward started selling the Iraq War for the white house.The book is useful for amusement purposes only. From the prespective of 2008, this book is almost laughable. In 2008, Alan Greenspan is a man who created two enormous asset bubbles in the world economy and led the entire world financial system to the edge of collapse. Rather than the truth that Greenspan is a Ayn Rand trained objectivist devoted to the idea that human events and behavior can be taimed by mathematics, the book wants to paint a picture of greenspan the jazz sax man who makes decisions based on hunches.
It show how the economy, especially the north american, but also the rest of the worl works. anyway very interesting book.The General Theory of Employment, Interest and Money I think that this book is very useful in the time we are living now. How the lack of responsability of what you offers to the market can destroy the market itself, and that, somehow must be supervise by some kind of goberment.
|
