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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: 11796
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:
 My two cents February 27, 2008
15 out of 16 found this review helpful
Most of the other reviewers got it right. Greenspan is either a completely incompetent central banker or a very despicable human being. He messed up everything; we are simply waiting to pay the very high price. Those of us who have been reading Bill's writing since the late 90's will readily attest to Bill's efforts to pull back the curtain on Greenspan. These long-time readers will find this a pleasant walk down memory lane; there is nothing new, but the collection of Greenspan quotes is still awe inspiring when viewed in total. For those who wonder why the reviewers all seem to hate Greenspan so much, read the book. The man was a menace to society, and history will write a very ugly chapter. I believe Bill's motivation was not money; he is probably very wealthy. His motivation was more likely to be, quite simply, to document Greenspan's Blunders for posterity.
The Morning After February 27, 2008
27 out of 28 found this review helpful
"The reason I wrote this book was so that the average person could understand the scope of the housing bubble, and what its bursting was going to mean and...where blame should be placed...at Greenspan's Fed, specifically," posits William Fleckenstein, who has keenly observed Mr. Greenspan's comments and actions in lucid daily commentary on the economic environment and investing practice for over a decade. By the end of Fleckenstein's crisp account, I craved that "The Maestro" had succeeded a fraction as well in HIS calling: Fleckenstein makes the story accessible to the average American, and his clarity stands in bold contrast with Greenspan's oft-obfuscating "Greenspeak."
Given the current state of the housing market, readers of 'Greenspan's Bubbles' might be prompted to ask whether Greenspan feels any culpability for luring unsuspecting homeowners into adjustable mortgage rates. Fleckenstein observes, "Greenspan was extolling the virtues of floating rate mortgages when interest rates were at the lowest they had been in over 50 years," suggesting that Greenspan ought to, even if he does not.
Certainly, today Greenspan expects Americans to believe he really didn't mean what he said when he endorsed ARMS. However, this book asserts that Greenspan blew serial bubbles in the stock market and real estate by keeping rates too low too long, thereby inviting reckless speculation.
Fleckenstein likens normal cycles of economic ups and downs to going to a party, imbibing in a few drinks, and feeling kind of shaky the next day. However, Greenspan's take on the economy was to entice Americans to throw down fifty metaphorical shots of tequila to keep the party going.
There's got to be a morning after, and 'Greenspan's Bubbles' helped me connect the dots between Greenspan's career at the Fed and the pain of duped Americans losing their homes, well-qualified hopeful homebuyers being shut out from credit, and the lowering status of the U.S. dollar- which has been the world's reserve currency for almost one-hundred years.
"Lucky" for him he squeaked through his tenure right before the tequila hit the fan.
The Facts are the Facts February 24, 2008
4 out of 7 found this review helpful
This book is a fairly concise play-by-play of the errors and follies by our "esteemed" Central Bank. In the coming years, this book will increasingly become relevant as the full extent of Greenspan's ridiculous policies now come to light.
How we got in trouble February 21, 2008
5 out of 7 found this review helpful
A clear and concise explanation of how the stock market and housing bubbles formed. Manditory reading for anyone who wants to understand the recession of '08.
Enlightening February 20, 2008
3 out of 9 found this review helpful
This is a very good review of Greenspan's and the FMOC's performance for nearly 20 years. Easy to read and well organized.
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