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| Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve | 
 enlarge | Authors: William Fleckenstein, Fred Sheehan
Publisher: McGraw-Hill
Category: Book
List Price: $21.95
Buy New: $11.92
You Save: $10.03 (46%)
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Avg. Customer Rating:  (39 reviews)
Sales Rank: 8190
Languages: English (Original Language), English (Unknown), English (Published)
Media: Hardcover
Edition: 1
Number Of Items: 1
Pages: 208
Shipping Weight (lbs): 0.9
Dimensions (in): 8 x 5.3 x 0.9
ISBN: 0071591583
Dewey Decimal Number: 332.11092
EAN: 9780071591584
ASIN: 0071591583
Publication Date: January 16, 2008
Availability: Usually ships in 1-2 business days
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| Customer Reviews:
 Past Seen through a Mirror, Darkly May 25, 2008
0 out of 21 found this review helpful
The problem with this book is that Alan Greenspan wrote it without a thorough fact-checker to keep him honest.
My impression in reading this is that Alan is trying to shape history's opinion of himself, and he is an active shaper of the 'truth' to suit his purposes.
It was a waste of time. It will be better to read books about his Fed chairmanship from writers dedicated to forumulating an objective look at the Greenspan style of central banking.
Basic look at Greenspan's missteps May 9, 2008
17 out of 20 found this review helpful
From almost the first page of the book, you know William Fleckenstein is NOT a Greenspan fan. Through the course of the book his bias against Greenspan is apparent, as he shifts from characterizing Greenspan as either ignorant, arrogant, naive or lazy in his stewarship of the Fed. That being said, Greenspan has given him much data to back up his assertions, and while a more balanced view might have left this reader more confident that the facts weren't skewed, the details of Greenspan's many misses are laid out over the tech and housing bubbles in stark tones. The fact that Mr. Greenspan has spent much recent time second-guessing the current Fed actions while attempting to burnish his own legacy makes the book welcome counterbalance.
 Required reading for investors and the general public April 30, 2008
5 out of 5 found this review helpful
This is an easy to read attack on the Fed and it's former chairman. This book provides strong evidence that Greenspan (and the rest of the Open Market committee) of the Fed played a crucial role in creating both the stock market bubble of the late 90s and the housing bubble of recent years. The author also provides several examples of Greenspan's conflicting statements regarding his opinions of these events before, during, and after they occured. Makes you wonder what Greenspan actually believes or even understands.
Investors in the late 90s read the signals the Fed.'s monetary policy that there was no stock market bubble and proceeded to inflate it further. After that bubble blew, the Fed lowered interest rates so far that consumers followed the money and inflated the housing market. Then Greenspan told everyone they should be taking ARM loans just before the Fed started raising rates and stuck it to those borrowers. Simply amazing!
Of course, the Fed isn't the only culprit here. As a society, Americans want to continue their irresponsible practices, then expect government (in these cases, the Fed) to bail us out. Where does it end?
 Green Spans Bubbles April 19, 2008
1 out of 15 found this review helpful
Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve
There seems to be too much blame to spread around for the sub-prime issue.
It's like "teflon", slides off everyone enough so no one gets ..... And this book does not pin it down, helps for the future... maybe.
J.J.R
A fantastic read. April 13, 2008
18 out of 21 found this review helpful
Regardless of what you think of Greenspan before you read this book, you'll no doubt feel differently toward him when you put it down. The book is well documented. In fact, it uses Greenspan's own words to prove his failures and lies.
For example, "Moreover, attractive interest rates have bolstered the sales of existing homes and the extraction of capital gains in home equity that those sales engender. Low rates have also encouraged households to take on larger mortgages when refinancing their homes. Drawing on home equity in this manner is a significant source of funding for consumption and modernization."
The above words were spoken by Greenspan himself. How clearer could he be in saying he was the cause of the housing bubble?
But there's more. The man who set the nation's interest rates told congress that homeowners were too timid in taking out fixed rate mortgages. They should take out adjustable rate mortgages, he opined. Mortgage companies and banks should use creative financing, he offered. This from the man who would set the interest rates and break the backs of millions of homeowners!
In addition, the Greenspan years, his policies and missteps, caused the dollar to lose value. Long the reserve currency of the world, it's now worth less than most all major currencies and may not be the reserve currency much longer.
He damaged the country and all of us. Greenspan may go down in history as the person who did more harm to this country than any president or business person or criminal who ever lived.
The author does a great job in writing and documenting everything he says about Greenspan. Fact is, he lets Greenspan use his own words to show what a total failure he was and how he created the current ugly economic situation.
Highly recommended.
-Susanna K. Hutcheson
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