9780071591584

GREENSPAN'S BUBBLES: THE AGE OF IGNORANCE AT THE FEDERAL RESERVE

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  • ISBN13:

    9780071591584

  • ISBN10:

    0071591583

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2008-02-06
  • Publisher: McGraw-Hill Education
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Summary

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 theNew 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 expose 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 naivete 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 Bubblesoffers 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.

Author Biography

Frederick Sheehan is a former Director of Asset Allocation Services at John Hancock Financial Services.

Table of Contents

Acknowledgmentsp. ix
Introduction: A True Accounting: The Greenspan Era (1987-2006)p. 1
How Wrong Can One Man Be? (1973-1994)p. 7
The Bubble King: The Put Is Born (1995-1997)p. 27
The FOMC Meets the Greenspan Put-and Yawns (1998-1999)p. 47
Bubbleonians Running the Asylum: The Bubble Blow-Off (1999-2000)p. 71
The Stock Bubble Bursts: The Tech Miracle Was a Mirage (2000-2001)p. 91
Home Sweet Home: Housing Saves Us from the Stock Bubble (2001-2003)p. 121
The Housing Hot Potato: The Real Estate Bubble Fuels the ATM (2003-2007)p. 151
Conclusion: The Consequences of the Loss of Fear (2007 and Beyond)p. 181
Notesp. 189
Table of Contents provided by Ingram. All Rights Reserved.

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