Maestro: Alan Greenspan and the American Economy


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  • Maestro: Alan Greenspan's Fed and the American Economic Boom.
  • Wrath of the Maestro!
  • Okay for Now.

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Fiscal Affairs Dept. HUD Scandals. Irving Welfeld. Instead, his apparent willingness to act as a 'cheerleader' for the new economy - and cut rates if things got tricky - became known as the 'Greenspan put'. In other words, investors came to assume that they were in a win-win situation. Either prices would continue to rise - or Greenspan would slash borrowing costs to get them out of trouble. Not only did the Fed fail to check the progress of the 'irrational exuberance' which Greenspan himself had recognised; but by allowing the bubble to inflate, and then cutting interest rates when it burst to keep the economy from plunging into a prolonged recession, some argue he has simply pumped up a new, and potentially more damaging bubble, this time in the housing market.

Whatever the final verdict on Greenspan's tenure at the Fed, he has certainly overseen a radical change in the style of central banking since His predecessor, the tough Paul Volcker, had already established the tradition of the Fed as conqueror of inflation. However, in Greenspan's early days, meetings of the Fed's Open Markets Committee, which sets interest rates, were held in secret and there was no announcement about what action it had decided on, let alone the thinking behind it.

Greenspan specialised in delphic statements, notoriously telling a congressional committee in 'Since becoming a central banker, I have learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said.

These days, like other central banks, the Fed publishes minutes of its meetings and sends out careful signals to the financial markets about its future direction - as has been clear from its current stance of tightening interest rates at a 'measured' pace. Greenspan's successor will have a tough task in maintaining his reputation as the guru of Wall Street: but if the pessimists are right about the shaky basis of the current economic recovery, that reputation may yet be tarnished.

If the second Greenspan bubble, in the frothy housing market, bursts with damaging effects, his legacy to the mighty US economy could yet be questioned. Topics US economy The Observer. Alan Greenspan. I try to take the recreations of conversations with a grain of salt since he wasn't there when they took place. I already know a lot about the Fed but it was interesting to see how Greenspan began to suspect a productivity speedup which probably helped him avoid raising interest rates too much in the mids. It was also interesting to see how firmly entrenched the This is the first Bob Woodward book I've read, and I'm not crazy about his writing.

It was also interesting to see how firmly entrenched the static Phillips curve model is in the minds of monetary policy-makers. Dec 08, Alan rated it it was ok. The book was assigned in for an economics class. I found it to be outdated by then since the period covered by the book ended before Greenspan's infamous admission to Henry Waxman's Congressional committee that he had found to his dismay that his basic philosophical assumptions about human nature had been wrong.

Maestro: Alan Greenspan and the American Economy Maestro: Alan Greenspan and the American Economy
Maestro: Alan Greenspan and the American Economy Maestro: Alan Greenspan and the American Economy
Maestro: Alan Greenspan and the American Economy Maestro: Alan Greenspan and the American Economy
Maestro: Alan Greenspan and the American Economy Maestro: Alan Greenspan and the American Economy
Maestro: Alan Greenspan and the American Economy Maestro: Alan Greenspan and the American Economy
Maestro: Alan Greenspan and the American Economy Maestro: Alan Greenspan and the American Economy
Maestro: Alan Greenspan and the American Economy Maestro: Alan Greenspan and the American Economy

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