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The Age of Ignorance at the Federal Reserve
McGraw-Hill
January 2008
On Sale: January 16, 2008
208 pages ISBN: 0071591583 EAN: 9780071591584 Hardcover
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Non-Fiction
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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