Greenspan's Bubbles by William Fleckenstein
Book Description
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.
From the Back Cover
PRAISE FOR
GREENSPAN'S BUBBLES
“It's about time someone set the record straight! Fleckenstein chips away at Greenspan's overinflated record as Fed
Chairman to reveal a legacy of lousy forecasts, poor judgment, and two huge asset bubbles. It's devastating or delicious,
depending on whether you're Greenspan or the reader.”-Caroline Baum, columnist, Bloomberg News
“After reading Greenspan's Bubbles you will have no respect for the Fed! It's a must-read…in it, the authors demystify the
belief that the Fed 'solves' problems when, in fact, it is directly responsible for a colossal destruction of wealth of the
median household and of the U.S. currency through its irresponsible monetary policies.”-Marc Faber, editor of the
Gloom, Boom & Doom Report
“Greenspan for Mt. Rushmore? Not if Bill Fleckenstein has anything to say about it.”-James Grant, editor of Grant's
Interest Rate Observer
“In his typically engaging style, Bill Fleckenstein pops the Greenspan bubble…presenting compelling and convincing
evidence that the former Fed chief got us into this mess...”-Herb Greenberg, Senior Columnist, MarketWatch.com
Book Description
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.
From the Back Cover
PRAISE FOR
GREENSPAN'S BUBBLES
“It's about time someone set the record straight! Fleckenstein chips away at Greenspan's overinflated record as Fed
Chairman to reveal a legacy of lousy forecasts, poor judgment, and two huge asset bubbles. It's devastating or delicious,
depending on whether you're Greenspan or the reader.”-Caroline Baum, columnist, Bloomberg News
“After reading Greenspan's Bubbles you will have no respect for the Fed! It's a must-read…in it, the authors demystify the
belief that the Fed 'solves' problems when, in fact, it is directly responsible for a colossal destruction of wealth of the
median household and of the U.S. currency through its irresponsible monetary policies.”-Marc Faber, editor of the
Gloom, Boom & Doom Report
“Greenspan for Mt. Rushmore? Not if Bill Fleckenstein has anything to say about it.”-James Grant, editor of Grant's
Interest Rate Observer
“In his typically engaging style, Bill Fleckenstein pops the Greenspan bubble…presenting compelling and convincing
evidence that the former Fed chief got us into this mess...”-Herb Greenberg, Senior Columnist, MarketWatch.com
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