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Summary: Thought you knew Greenspan, Think Again!
Review: Amazing book about one of the most intriguing political figures in recent times. Martin's account of Greenspan's life goes well beyond the stories we read daily about his actions as the Federal Reserve Chairman. I was surprised to read about his life as a jazz band player and the 15 years he spent as part of author Ayn Rand's inner circle. These early experiences shaped Greenspan as he is today and offer an insight into his thinking and personality. As a politician, Martin includes Greenspan's interactions with Henry Kissinger, Gerald Ford, and Milton Friedman.Overall, I found this book to be insightful, thorough, and well-written. It offers a sound historical perspective on Greenspan, but, most importantly, is written to appeal to the average reader who enjoys a good biography. Rather than bore us with tedious political jargon, Martin strives to go deeper into the persona and actions of this incredible individual. A definite "thumbs up" in my opinion.
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Summary: People Magazine Bio
Review: An extremely shallow book that offers no insight how Greenspan thinks or makes his decisions. The reason Greenspan is such an interesting character is how he has managed to constantly adapt to changing market conditions. The real story would be why and how he came to the decisions he did, but this book just reports his actions. There is almost no economic anlysis or justification. Anyone looking to gain some understanding of Greenspan's thought process will be left wanting and extremely disappointed with this book.
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Summary: Portrait of a unique guy
Review: Did you know that Greenspan's first occupation was as a musician or that he spent many years as part of the Ayn Rand collective? Greenspan is a bit of a Renaissance man in his own right. This book is fine introduction toward understanding the historical, economic, and philosophical contexts that have shaped the man that now quasi-guides the direction of our economy.
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Summary: fast shipping. Book in good condition
Review: Happy with the transaction. Fast Shipping. Smooth transaction.
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Summary: A delightful read
Review: Justin Martin's "Greenspan" -- from beginning to end -- is a delightful read. I was laughing over and over as the pages turned, and was disappointed upon running out of pages to read. Here is one humorous example (page 225), about Greenspan changed his seating position at the FOMC meeting table. "Then there's the table flap. Since 1977, the FOMC has conducted its business around a twenty-seven-foot-long table fashioned out of Honduran mahogany, with a center section made of black granite. It weighs two tons. Since becoming Fed chairman, Greenspan had always sat at the head of this table. But in November 1998, attendees at one of the Fed's periodic public meetings noticed that he had moved to a spot in the middle. "The hubbub began immediately. What did it mean? Was Greenspan sending a message about increased 'collegiality' at the Fed? Turns out the move was for the sake of acoustics. 'Given the speed of sound, the advice arrived too late and inadvertently we got behind the curve,' joked Greenspan, during a meeting of the Fed's Board of Governors." I'd recommend this book to anyone interested in economics.
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Summary: A Hero's Biography
Review: Martin writes a hero's biography in his view. No arguments here. Greenspan was a late bloomer. Not until age 42 did Alan Greenspan start to get some visibility-- lifting him from the ranks of just another Wall Street economist seeking publicity to some one that was going to be listened to by Presidents. It all started by working on the 1968 Nixon campaign to help out an old musician friend. In 1974, when President Ford make him head of the Council of Economic Advisors (CEA) many in Wall Street were outraged that Greenspan would be the man. At age 48 Greenspan had slowly risen from very humble beginnings to a powerful place in government that would be his springboard to an exulted place in the history of the nation---one of the important contributors to America's greatness. Martin provides an entertaining tour of Greenspan's early life as a musician that quit Julliard training to become a professional jazz musician despite his love of classical music. His passion for reading economics evolved to a new endeavor and enrollment in New York University in 1945. He contributed to the economic thinking of Ayn Rand (novelist and philosopher) and he gained greatly from the 15 year close association that sustained a friendship, lasting until her death. It was the moral foundations for his contribution to helping some sectors of public opinion find the virtues of free markets, free trade and limited government. Martin's liberalism never allows him to really hear the Greenspan message of free markets and less government. Woodward's book follows the Fed events more closely then Martin, but he really brings Greenspan to life. More people need to aspire to be an accomplished economist in public service. This book may help by showing the potential for fame. The book is entertaining about his personal life. With power he became attractive to powerful women journalists ( Barbara Walters. Andrea Mitchell and others). His Washington social life is fascinating. Martin is a light weight when it comes to writing about the occupation of economist and economic history. He is particularly weak on monetary policy, but he makes a good effort. After all this is a book about a hero. I am inclined to be skeptical about the authors economic policy observations on Milton Friedman, Arthur Burns, Henry Kissenger, Richard Nixon, Gerald Ford, Jimmy Carter, Ronald Reagan, George Bush 41,William Clinton, and George W. Bush.. The author exaggerates Greenspan's skills and diminishes his weaknesses. The passion to tell the most salable story for the book allows him to overlook the fact that no economist is going to have a great track record for forecasting the economy. Congressional criticism of Greenspan's forecasting in initial confirmation hearings should have been about any economic forecast not just Greenspan's. The book perpetuates the myth that the Council of Economic Advisors or the Federal Reserve can have a detailed forecast of the future with great odds of success. Greenspan was a noted (perhaps revered) inflation hawk. Some say he turned weak in the Clinton years. Martin totally misses the issue of so called modest inflation of two to three percent for more than a decade versus the no inflation talk of Greenspan in his early years. If it had been possible to have no inflation long term interest rates could be half what they are today. He does note that the Fed has little influence on long term rates. He just does not make the connection that the markets never believed that the Fed would or could commit to a true policy of no inflation. The daily failure to bring inflation to zero is the direct cause that the Fed lacks any influence on long term interest rates except as now being enthroned as perpetrators of two to three percent inflation for a long, long time to come. The public will be paying a high price on home mortgages and corporations on bonds as the result of more than a decade of so called modest inflation after the preceding radical inflation that preceded the Greenspan era. Martin's review of Greenspan's "Irrational Exuberance" remarks is very frumpy. Martin does catch the fact that if the money supply grows to fast it does not always translate into inflationary product prices. Sometimes excess money growth has the insidious impact of driving up asset prices and or stock prices. This creates a time bomb that the Federal Reserve has great difficulty dealing with as the potential for adjustment is so impossible to forecast. Hence, the irrational exuberance remarks came a few years before the stock market correction. Had he understood this, Martin could have researched why the Fed never utilized its power to set margin requirements on stocks. On this point, Martin really blew it. It really stems from his struggle to know just enough economics to tell a good story and not take so much time so that he could make some fast money while Greenspan and the stock market was still popular. The book is well enough written that I would seriously look at any future book that Justin Martin writes. A serious reader is left with a deep passion to read hopefully Greenspan's memoirs and the resulting discussion of irrational exuberance, the weakening on inflation and his views on Federal Reserve oversight and independence. Greenspan will every right to brag about his policy of opening up Fed actions to more timely public understanding of deliberations.
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Summary: Quick Read on Greenspan's Life -- But Not Much Economics
Review: Martin's biography of Alan Greenspan is a quick read for anyone interested in Greenspan's fascinating life. From his early career as a jazz musician, through his days as a millionaire businessman in Ayn Rand's inner circle, through his tenure as chairman of the Council of Economic Advisers, through his "wilderness years", and finally up to and including his current term as chairman of the Fed, this book is peppered with interesting vignettes. Some of these vignettes, however, detract from the focus of the book. Martin's research seems to have uncovered a multitude of stories about Greenspan's jazz colleagues, Ayn Rand, and other figures in Greenspan's life, which seemed less than necessary in telling Greenspan's story. Readers only interested in the workings of the Federal Reserve Bank or the economics behind the decisions that Greenspan made in his life of public service are advised to find a different book. Although he does give a rough overview of what was at stake in each of the crises that Greenspan faced at the helm of the CEA and then at that of the Fed, Martin does not go into much economic detail. This omission perhaps makes the book more accessible, but the omission is disappointing, nevertheless.
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Summary: Great Source on Chairman Greenspan
Review: The principles that Alan Greenspan follows politically and economically are all accounted for in the in-depth writing Justin Martin presented in this book. Justin Martin even gets into small details about Alan Greenspan that not many people know about. I recommend this book to anyone willing to learn rock solid principles surrounding our economic conditions.
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Summary: A delightful read
Review: This book is an excellent journalistic account of Alan Greenspan's life up to the first part of 2000 - the zenith of his career and fame. The book is not a serious biography. You will be disappointed if you expect the book to give you a deep and insightful analysis of Greenspan's life philosophy, his work methodology, or a revelation of the detail working of the Federal Reserve System. On the other hand, this book is a fascinating account of his life - both its private and public sides. Greenspan's brush with band music, his own economic consulting business which employed mostly female economists, his relationship with Ayn Rand and as an esteemed member of her Objectivist Collective, his role and relationship with the Nixon, Ford, Reagan, Bush and the Clinton teams. There are also some vivid accounts of how he handled some high profile financial and monetary situations as well as how he left his handprints on several important presidential commission reports and recommendations. And, of course, the book has not neglected to give brief but interesting accounts of the women in his life. This book is very well written - the material is interesting and well organized, and presentation is smooth and captivating. I find it to be very enjoyable reading. Read to the end. The last two paragraphs of the book were as weighty as everything written prior!
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Summary: We see Greenspan as unique and learn some history
Review: This is a good read. It paints a vivid picture of a very unique individual, from childhood on. The author presents the facts in a reasonably captivating way without drawing conclusions for us. He also gives us a nice review of U.S. economic history without putting us to sleep. A task not easily done.
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