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The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession
McGraw-Hill
November 2009
On Sale: November 20, 2009
400 pages
ISBN: 0071615423
EAN: 9780071615426
Hardcover
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Non-Fiction
Alan Greenspan’s 18-year stint as head
of the Federal Reserve Bank witnessed
some of the most massive upward redistributions
of wealth in our nation’s history.
It’s now clear that his policies contributed
greatly to the transformation of Wall Street
from an engine that financed American business
to a business-destroying machine—and
that Greenspan abetted the hollowing out of
the U.S. economy by giving Wall Street and
Washington everything they could possibly
want.
To take the full measure of Greenspan’s culpability,
we need to look beyond the disgraced
public persona and see him within the broader
sweep of his life and times. In Panderer to
Power , author Frederick J. Sheehan delivers
the first in-depth, critical biography of the
man who, for nearly two decades, served as the
world’s most powerful banker.
Beginning with Greenspan’s formative years
as a Depression-era kid from New York City,
Sheehan traces his subject’s progress from
his days touring America as a reed man with
the Henry Jerome Orchestra in the 1940s
through his emergence as one of America’s
first celebrity economists to his ascent
through the ranks of power in D.C.
What emerges is a searing portrait of a
shameless media hound who ferociously promoted
his image as a straight-laced numbers
cruncher, a Machiavelli whose political skills
far surpassed his skills as an economist.
Drawing upon a vast array of original sources,
the author leaves little room for doubt: either
the “economic genius of our time” was oblivious
to the hazards of his irresponsible policy
decisions or he knew full well what he was doing,
but chose, as he had throughout his career,
to put self-interest above the public good.
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