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

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9780071591584: 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 exposé 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 & 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 naiveté 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.

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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 & 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 & 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 & Doom Report, Whiskey & Gunpowder, and the Prudent Bear Web sites.

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Book Description McGraw-Hill Education - Europe, United States, 2008. Hardback. Book Condition: New. New.. Language: English . Brand New Book. This is the book that burst Easy Al s bubble - revealing the real story behind Alan Greenspan. The New York Times nicknamed him Mr. Bubble for his role in creating the two largest bubbles in recent years: in the stock market and the housing market. Now, MSN Money columnist Bill Fleckenstein reveals the unvarnished truth behind Greenspan s Age of Recklessness . By slashing interest rates to bail out investors, Greenspan made a lot of people rich but his actions resulted in the dot-com disaster of 2000 and the mortgage mess of 2007. But Greenspan s recklessness goes back even further - to the crash of 1987, the Savings Loan crisis, the implosion of Long Term Capital Management, and even the Asian crisis. This no-holds-barred account finally exposes Greenspan as the worst Fed Chairman ever - and offers an economic wake-up call for citizens and investors. Bookseller Inventory # AAC9780071591584

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Book Description McGraw-Hill Education - Europe, United States, 2008. Hardback. Book Condition: New. New.. Language: English . Brand New Book. This is the book that burst Easy Al s bubble - revealing the real story behind Alan Greenspan. The New York Times nicknamed him Mr. Bubble for his role in creating the two largest bubbles in recent years: in the stock market and the housing market. Now, MSN Money columnist Bill Fleckenstein reveals the unvarnished truth behind Greenspan s Age of Recklessness . By slashing interest rates to bail out investors, Greenspan made a lot of people rich but his actions resulted in the dot-com disaster of 2000 and the mortgage mess of 2007. But Greenspan s recklessness goes back even further - to the crash of 1987, the Savings Loan crisis, the implosion of Long Term Capital Management, and even the Asian crisis. This no-holds-barred account finally exposes Greenspan as the worst Fed Chairman ever - and offers an economic wake-up call for citizens and investors. Bookseller Inventory # AAC9780071591584

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