Greenspan is smart and gives a good picture of how the U.S. economy works(and sometimes doesn't).
Near the end of the book he talks about the regulation of markets, in particular the investment industry. He doesn't think much of regulation and says things like hedge funds perform a fundamental good in the economy. Would the country be worse off if a hundred highly leveraged hedge funds closed down tomorrow? I personally don't think so....the country may be better. Charlie Munger thinks that a lot of liquidity brings out a bad side in humans. I think this has been shown with the credit/real estate situation now.
Charlie Munger says that Greenspan overdosed on Ayn Rand. I think so too.
Other than that chapter near the end of the book, its a fairly worthwhile read.

before reading this book i never understood why so many people i consider smart think that Greendpan is extremely intelligent.
Now i do

This book is an insightful collection of thoughts and predictions from an economist of Greenspan's stature. Age of Turbulence can be separated into two distinct section. In the first, Greenspan traces his steps from a curious boy in New York through experiences in college, private sector, government and ultimately as Chairman of the Federal Reserve. The rest of the book explores economic and policy issues providing Greenspan's opinions on the main problems confronting the World today and into the future. This second portion of the book is a denser read, but contains enough background to allow the casual reader to follow.

Of the whole book, I found his experiences on how government works to be very interesting and revealing. Complementing this, I also found interesting his candid perceptions on the strengths and weaknesses of the major policymakers in the last century. These were formed after working at various levels of government across multiple administrations.

I also appreciated his down to earth analysis of the trends that will shape domestic and foreign markets and how social factors play into these equations. He not only tackled issues of population aging, social security, energy , political stability, globalization and economic growth from a technocratic perspective, but also from a social and philosophical one.

Overall, I gained a lot from this book in terms of policy and economics, and also was entertained by his mix of anecdotes, opinions and analysis.

GREAT book, and red it non stop. I was ready to read it a second time when reached the last page. Very well written, good English, amazing explanation of the FED, the US Capitalist system, and most institutions. Great Bibliography too. Loooooooooooved it.

Outside of some of the economic jargon this book was very easily read. Not only was it a bit of an autobiography but also a great historical perspective of the last 50 years in America. What I enjoyed most was the enlightenment he gave on the role of politics in economic policy. A must read.

I loved the first half of this book and couldn't wait for the latter half to end. The first half was written lovingly by AL and then second half was clearly an effort to fill in pages to achieve some mandated length. The book seemd to be a cathartic adventure for the author, and while much of this was written prior to the present credit crisis debacle, it is clear that Al saw this coming ... and that's what I find so wrong about it . Robert McNamara did the same thing about 10 years ago. "It wasn't my fault, I did the best I could" seems to be parallel theme.

The first half was a 5 star book and you should put it down at that point. The latter half was weak, long winded and repetitive. Average gives you 2.5-3 stars.

Super informative and interesting. This book covers a lot of ground including a unique look at each of our Presidents dating back to Richard Nixon. Some of Greenspan's insights on these men surprised me. The book also give a primer on economics and the Feds role in guiding the economy. Very timely given our recent slowdown.

I wish everyone would read this book to better understand our free market capitalist system ... and why it is vastly superior to other alternatives.

When chairman Greenspan speaks, the world listens said Bill Clinton back in May 2000, and this statement alone is bold enough for this book to be high on one's reading list. I am not going to comment on whether the actual economic policies during his tenure were right or wrong. Don't hold your breath for any spectacular revelations; the style is rather dry but lucid. Perhaps the most fascinating aspect of this book is his observations on past presidents, from Nixon to Bush II as well as the analysis of other main economies in Europe and elsewhere. Definitely worth reading.

Wonderful read. Greenspan's global and macroeconomic perspective allows him to have a clear sight of where the world really is and where it is going, that globalization did and will do to the world, and what the probable economic future of the planet is.

The book is rich in content, ranging from the philosophic thoughts of Greenspan, to an evaluation of globalization and the role of the mejor economic players of the world.

A highly recommended read.

In view of the turbulence of the twentieth century, one may find it easy to embrace conspiracy theories of government, banking and nefarious systems of world domination. But, perhaps there are other less understood factors which may account for the events of our recent history. One hundred fifty pages into Mr. Greenspan's classic work, "The Age of Turbulence", I now find that I must shift my thinking. Mr. Greenspan may well be the Thucydides of this age. In reconstructing detailed summaries of scores of important events in the modern history of the United States, he gives clear instructions and definition regarding the financial behavior of our people and our markets. His explanations are an applied econometric survey of our recent past. His invaluable revelation of the thinking and beliefs of key administrators of those times will serve to enlighten the student of politics and finance for many years to come. This contribution is an honest document of the wisdom of a man who possesses the refinement of a Julliard graduate, a close friend of Ayn Rand, a successful Wall Street executive, and a brilliant and courageous Colombia University scholar whose willingness to stand in the face of strong and at times potentially lethal opposition is inspiring to say the least. His memoirs will serve mankind well and in my view is worthy of the highest praise.

In keeping with high standards of accuracy and truth, most probably attributable to his Levitical heritage, which is the origin of the tradition of Sacred Scripture, this work in my view is academically reliable and useful for teaching and correction. "The Age of Turbulence", if understood and pondered by the wise, will render necessary questions and answers, but perhaps more importantly, will manifest tools and examples of profound leadership necessary to accomplish the goals of the oncoming years. We the people will ultimately receive what we deserve for better or for worse. It was never your job, Mr. Greenspan, to keep us from making, heal us of, or compensate for our mistakes. I believe that your wisdom served to provide stability in the face of the changing times which in my view is grounded upon one's ability to feel, balance and know precisely when to let go. These elements it seems have always been evident in your work. It is with humbleness, awe and trepidation that I proceed further into "The Age of Turbulence."

The Age of Turbulence is a good argument for free markets, against various restraints on freedom: regulation, tariffs, economic populism, laws that do not protect property rights, and uneven enforcement of property laws. Greenspan is a true believer in free markets, and makes good arguments in favor of them.

I enjoyed reading the first 248 pages because I remember most of this history and it gave new perspectives and details to add to my memories. This part is reasonably well written and mostly free of Fed Speak. The last half of the book was a chore to read, but generally worth the effort. An example of tedious prose (Fed Speak) is on page 352, "Since 1995, the greater rates of productivity growth in the United States (compared with still-subdued rates abroad) apparently produced correspondingly higher risk-adjusted expected rates of return that fostered a disproportionate rise in the global demand for U.S.-based assets."

Greenspan lives in a contradiction that he apparently does not recognize. On one hand, he believes that a gold standard currency would be ideal because it would curb the growth of the money supply and would be immune to politics. (page 391) On the other hand, he thinks the Fed should be frequently tweaking interest rates to provide the `desired' amount of liquidity. These tweaks don't curb the growth of the money supply as well as they could, because the money supply is not the objective. Regulating inflation and growth is the objective.

I was stunned by Greenspan's failure to foresee that tax receipts would plunge in 2001 because taxes on capital gains dried up (pages 213-224). The stock market started going down, so investors were having capital losses instead of capital gains, so tax receipts went down. Greenspan's reaction was "Shazam! Who'd have thunk of that?" Did he think that we would always have very high capital gains to be taxed? Did he just overlook this?

Greenspan believes there is a high degree of honesty in business: "a flagrantly unscrupulous used-car salesman is one who will be out of business before long." (page 252) How does he know that?

Greenspan tends to find one single fact that characterizes a country's economy, or is the root of a problem. America's economic problem is a lack of workers who are skilled in math and science. The reason that we lack these skilled workers is that we do not allow enough of them to immigrate to America and we do not pay math and science teachers enough. (Well, I know, those are two facts.) The problem with the Latin American economies is populism. The problem with India's economies is too much regulation. There are many more of these. You might like knowing what the biggest problem is, or you might suspect there is more complexity than that. This is Greenspan's memoir - he doesn't have a lot of new research on what is the biggest problem with the economy of (fill in the blank country). But you knew this was a memoir, so you can't be disappointed.

It was expected that The Age of Turbulence would be a good read, but I found more. It was textbook on Greenspan's life and times and, although I was never overly taken with him as Chairman, I was a real fan by the time I finished his book.

The Age of Turbulence is engaging, fascinating and educational. Watching Greenspan on television in the Senate Sub Committee meetings was interesting...but tough to know who the man behind the curtain was. This book opens the curtain and lets us see a motivated individual who is confident of his skills, but doesn't flaunt it.

In the first part of the book Alan Greenspan does an exceptional job of explaining what makes him tick and provides a peek into the world of the Fed Chairman. In the second part he talks about various parts of the world and spices it with a bit of crystal balling.

It is clear that Alan Greeenspan has strong Critical Thinking and Decision Making skills. He has been succeeded in many of his adventures. As with all humans he has his weaknesses as well. His honest candor in the book made it refreshing and useful.

There are some great topics in the book that let us get to know Alan Greenspan. Some of these are: City Kid, The Making of an Economist, Black Monday, The Fall of the Wall, Irrational Exuberance, Millennium Fever and Downturn. The second half of the book has equally excellent subjects: The Choices that Await China, The Tigers and the Elephant, Russia's Sharp Elbows, Latin America and Populism, Globalization and Regulation, The World Retires, Bit Can it Afford To, the Delphic Future an more.

Overall the book is insightful and a great read!

One final thought: I found that Age of Turbulence coupled with Revolutionary Wealth by Alvin and Heidi Toffler help to provide a look into possible futures and what we can do to make a great one for ourselves!

The Re-Discovery of Common Sense: A Guide to: The Lost Art of Critical Thinking

Some good information from a Republican, like Iraq war was about oil. Like the Bush administration spent more money on earmarks in 6 years that we have spent in at least 20. So much for fiscal conservatives.

Some of the best books are written by people at a stage of their lives where they speak their mind... This is one of them. I didn't like everything he said but I like that he did say it.

It's mostly autobiographical. His choices, education, and worklife experiences make interesting reading.

He reviews the presidents he's worked with. Gives his opinons on growth and the world economy. Talks about politics and having to try to avoid saying anything that could be used by either political side. He makes a case for the FED to stay independent...

The last two chapters were hard to swallow. He talks about how inovation increased productivity, and it's the main driver for the last few years. He does not touch on the subject of stagnant wages or the levels of real income. Does not mention loose lending standards or how that may have goosed the economy... It raises the question as to if the events are too current and he can't say anything negative or was he really out of touch... I hope its the former. If it's the latter, he may be blamed for the credit crisis and it'll stick.

I guess he missed something here... Even if the government can balance the budget... What's to keep the banks from lending it all away and then the goverment having to pickup the tab??? Right?

It's a good book, well written, and he's an interesting character even though he's never been know as flashy...

Too much of the criticism and accolades for Alan Greenspan's THE AGE OF TURBULENCE smell of political inflexibility. For those that don't like his negative comments regarding our current president, there seems to be a propensity to disregard 500 pages of historical economic perspective because one page doesn't read exactly how they would like. Others have claimed that Greenspan was only capable of considering conservative perspectives. As far as being self-serving - it is an autobiography. The reality is that there is a lot of useful and interesting information presented in this book. I would highly recommend this book, and ask that the reader leave their political presuppositions behind.

Greenspan's memoir is surprisingly readable, applicable, and enjoyable, even for someone with only an undergrad course in economics. This book is a great way to learn how the Fed works, as well as the motives behind major decisions made by Greenspan and other politicians during his career.
Highly recommended!

The first half (more or less) is mostly autobiographical and extremely interesting. Greenspan is able to provide the reader with many insights on a plethora of economic events and world leaders. The second half (again, more or less), is Greespan's take on many contemporary economic phenomena. Overall, Age of Turbulence is written clearly and succinctly and is a must read for anyone interested in the world economy.

This book is a mixture of autobiography, economic history, and future prognostication. (In the final chapter of the book, the author forecasts what the world economy will look like in 2030---a daunting task even for the likes of Alan Greenspan.)

Alan Greenspan traces the course of his life from his teenage years (he originally wanted to be a jazz musician) to his chairmanship of the Board of Governors of the Federal Reserve. He also covers his years as a private consultant.

What will be of more interest to most readers is Greenspan's extensive experience with so many presidents. (According to the ex-Fed chairman, our two most cerebral presidents of recent decades were Richard Nixon and Bill Clinton.)

Greenspan is a libertarian Republican, but he has plenty of criticism for current GOP economic policies. Like many Americans, Greenspan laments the swelling of the deficit under George W. Bush.

A few other points and observations from the book:

Greenspan is an advocate of free trade orthodoxy. Like many in this camp, he glosses over the fact that free trade in the context of China means that American workers compete with Communist prison labor, and state-subsidized enterprises that are not subject to any environmental or workplace safety regulations. His assessment of free trade is textbook Adam Smith/Ricardo theory. (Free trade is beneficial, of course---provided that there is a truly level playing field, which is not the case at present.)

Greenspan says we should pay math teachers more. Since mathematics teachers have more opportunities in the private sector (compared to English literature teacher, for example), schools should pay them higher salaries. This makes sense to me.

Monetary authorities should hold down inflation despite political pressures. Once again, I agree with Greenspan. During economic slowdowns, the Fed is often pressured to pump more cash into the economy through monetary policy. The overuse of this technique is a major factor behind the hyperinflation of economies in the developing world. To support this argument, Greenspan discusses the history of Paul Volcker's inflationary restraints during the Reagan years. Volcker tamed inflation---but it cost us a recession in the early 1980s.

If you have an interest in economics, U.S. history, or Alan Greenspan, then you will enjoy this book. Although I don't agree with every one of his positions, Alan Greenspan is a brilliant man. Almost anyone can learn something from The Age of Turbulence.

I am not of the opinion that Greenspan was infallible as the Fed chairman, but his book is very interesting. In particular, the analysis of the many presidents he worked with was fascinating. He also provides a world economics lesson by breaking down the economy of each of the leading economic nations. A great book for people who like history and economics.

This book is well worth reading. It is the easiest read for an important nonfiction work that I can ever remember reading. It is difficult to put this book down. The first part of the book is an autobiography/History of Economics In Greenspan's lifetime. The last chapter contains his predictions.

The autobiographical part is well presented and interesting. Mr. Greenspan seems neither especially modest nor especially self-serving. But he doesn't seem to bare his soul, unless he is quite a simple man. Which may be true. He portrays for the reader a man who is a mathematician. A mathematician who diligently works to master Economics with statistics. He doesn't ever seem to really believe that Economics is at its core, a social science and not a hard science.

You should not mistake simplicity for shallowness however, there can be great depth in simplicity. Mr. Greenspan presents complicated ideas in a simple, straightforward way that makes them clear although fairly devoid of emotion or social context. The question one is left with is if he has been so powerful and durable in our country's upper crust because he is the reliable, guileless expert economist or if he is indeed a more subtle, politically aware expert who knows how to present everything in such a neutral manner that no one can object.

One example of this is the so-called surplus that happened at the end of Clinton's term of office. The Federal Government borrowed more money than it needed to balance the budget (from the Social Security trust fund) and named the excess borrowed money a surplus. Purists would argue that borrowing more money than you need, naming it a surplus, and spending it is absurd twisting of words and financially short sighted. Mr.Greenspan holds that the SS trust fund is in reality not a trust fund, that it is just another tax revenue stream for Congress to do with as it will. From the simplest practical viewpoint this is true. Congress has taken the Social Security fund moneys and spent them on whatever occurred to them for decades. From an unemotional, mathematical point of view there is no trust fund because no one treats it as such. For a political realist, words on paper mean nothing when preempted by the reality of unalterable government actions. So is he dispassionately describing the current situation or is Mr.Greenspan the savvy politician, knowing that both the Republicans and Democrats would like to claim they were responsible for the surplus and it would not do to publicly puncture both their balloons? He has stripped away any (politically charged) description of our current process and talks of possibilities for now that are devoid of any history or reason for how we arrived at now. No one in power will be offended or feel the need to defend themselves by his writing. No one will find any insight into avoiding the current financial ills of our country either.

In the last chapter Mr. Greenspan presents his predictions. His knowledge and expertise and style make very good reading again. Mr. Greenspan very neatly identifies the important forces acting on our future. Even if you know nothing of Economics you will be well prepared to understand this chapter after reading his book up to here. He also demonstrates the truism that if you laid all the world's economists end to end, they still would not reach a conclusion. He in fact has no conclusion, merely possibilities. He does mention, but glosses over the greatest weakness in America's economic future in such a way that you may not even notice it. It may be that it is no coincidence that it is a process that is not easily understood using statistics nor one that is correctable without actually identifying the groups that are causing the problem. The first is his only tool, while the second he can't bring himself to do.

This neutrality is really the weakness of this very interesting book and of his closing predictions. The Oracle of Delphi once told Croesus, a powerful king, that if he invaded his neighbor a great empire would be destroyed. She just left out whose empire would be destroyed. Croesus made the obvious error of misinterpretation. Mr. Greenspan's neutrality leaves the reader with no more information then that king whose ambition blinded him to the different interpretations possible for that vague prediction.

In a way the book helps you see the mindset that no one is ever responsible, no decision is ever faulty, there is only the "What are we going to do now?" that weakens the modern American scene. The parties and groups in Government and business vie to be the next great answer to our problems without ever acknowledging their part in their creation.

So readable, so engrossing, don't miss this book.

I thought I would find Mr. Greenspan's book too intellectually dense to enjoy as entertainment, but I have been pleasantly surprised by his articulate, erudite (but not pedantic) style and apparent sincerity. Greenspan comes across not as a political idealogue, but as an economics wonk fascinated by living through the "real time" testing of complex theories. He describes his and his wonky cohorts' constant reviewing, rehashing and revising of economic theory to lead the Federal Reserve as part vocation, part avocation.

I was an economics major in college many years ago, but never really excelled at it -- directing my future in a different, less theory-based direction. However, I remember just enough of the basics to recognize Greenspan's references to things such as econometrics, and to truly appreciate his perspective on historical economic events through the seventies, eighties, nineties and 2000s as I have lived them.

I heartily recommend this book to anyone with an interest in a nearly apolitical telling of recent U.S. history and current events.

Greenspan, artfully turns basic and global economic theory into a sometimes tolerable, often delightful text. Dr. Greenspan's personal recollections on some of our most hated and loved politicians and other significant "characters" are voyeuristic and humorous.

The common threads between Greenspan and Einstein are fascinating, although Greenspan appears to have a bit more tolerance and grace,but then, Greenspan is a politician, while Einstein was decidedly not.

Not always an easy read, but stay with it.

THE AGE OF TURBULENCE is a fine book the same way Hitler's MEIN KAMPF is a fine book: It probes deeply into the history and deranged theories of a power-mad dictator.

The early stages of the book offer a fascinating account of Greenspan's childhood, growing up with a single mother in Depression-era New York City. The details here are interesting from a sociological perspective, even if the boy in question did not grow up to become the most powerful and ruinous money master in the history of civilization. The story of his path to prominence is also quite interesting and very well written.

But the later stages of the book is where it falls off. Here Greenspan offers insights into his thoroughly rebuked pseudo-Keynesian monetary and fiscal theories. Worse yet, this arch-dictator of the world's greatest monetary fascism has the audacity to call himself a "libertarian" and a "capitalist." He's far from it.

I would not discourage anyone from reading this book, however, one should not accept Greenspan's central-planning theorems disguised as "free-market" capitalism at face value. This book will teach the uninformed reader a lot about the subject in college they CALL "economics," but nothing of REAL economics. For that, I recommend the works of Murray Rothbard, most notably, his THE CASE AGAINST THE FED.

Alan Greenspan's The Age of Turbulence is an engrossing tale of how the Fed Chairman pulled strings like a puppet master to nudge the US economy one way or the other. For decades, the Chairman steered the economy like a musher on a dog sled while Wall Street sought the instant changes of a motor cycle driver.

From Greenspan's experience, it seems the best governing policy that suits all economic events - except fraud and an occasional quarter point adjustment - is don't mess with the market.

Tis a great book and a good read.

Not bad, stylish but a bit dark for indoor ranges. I purchased the dark lens. It fogged up too, which was a bit of a surprise since I thought I purchased the "anti-fog" product. Still, it is comfortable...

Political and economic biases aside, this book offers a one of a kind insight into the inner workings of the financial markets of the US government for the past half-century. The first half of the book is a chronological overview of the financial policies, party initiatives, and how the Fed interacted with each - a fascinating story. The latter half of the book is a much more high-level discussion of the economic theory, and challenges ahead for virtually all of the major economic powers of the early 20th century - denser, but very thought provoking material.

Whichever fence you sit on - Greenspan as 'Bubble Man', or Greenspan as a genius, or somewhere in between, like myself - 'The Age of Turbulence' is a book everyone should read, even if just to start to appreciate the complexities of modern day economics and policy making.

The Chairman of the Federal Reserve Board has an impossible job. The ideal candidate has a perfect knowledge of the future. Thus there is never a perfect candidate. There is, however, Alan Greenspan who held the job longer than any other person.

It will be argued for decades whether Greenspan was a great success, a great failure or something in between. Under Greenspan's watch, the US economy generall not only boomed, but also changed its inherent nature, moving away from heavy manufacturing toward global resourcing. The stock market cratered in 1987 and order was restored. Another major hit occurred with the internet bubble of the 1990s. And then again on September 11, 2001. All these things and more occurred during Greenspan's tenure - and he has been praised as a genius and lambasted as an idiot in all of them. Currently he is being blamed for the subprime mortgage debacle.

Reading this book will not tell you whether Greenspan is hero or villain, perfectly right or perfectly wrong. What reading this book will do is tell you a lot about Alan Greenspan as a person, how he became that person, what he thought and what he thinks.

Greenspan covers his childhood, early life and formative influences in a few chapters and moves on to his business career. All that may be interesting to those who care.

The second half or so of the book is by far the more interesting, at least to me. Here Greenspan covers a variety of topic such as his projections for China's growth, Asian and Russian development, Latin America and a bevy of others.

One of the most important topics is the destruction of public education that leaves America's children essentially uneducated. The teacher's unions and left-wing intellectuals with their emphasis on fads rather than real education are to blame, though Greenspan doesn't hit them hard enough. As Greenspan says "Much of our skill shortage can be resolved with education reform. But at best, that will take years. The world is moving too fast for political or bureaucratic dawdling." Greenspan's solution is more immigration. I have no objection to legal immigration of skilled people, but it fails to resolve the basic issue of the failure of American public education.

Overall, it's an interesting book, though I don't consider it earthshaking. After a long career in public service, Greenspan had a good payday. It's an interesting read if you can stick with it.

Jerry

I knew Greenspan was a very intelligent man, but what surprised me was his clear writing. This is a must read for anyone interested in the US and world economies. It is divided into two equal parts. The first part is a biography and the second is a discussion, analysis and a look into the future of the world economies. I appreciated how he did not spend much time on his childhood and instead stressed the bulk of the biography chunk on his years as an economic advisor for presidents and of course as chairman of the Fed.

I am usually hesitant to read books by former politicians since they have hidden agendas. For example, if Bush were to write a book about his years in the White House, I doubt we would get an honest answer as to why he invaded Iraq. On the other hand, Greenspan who was not a politician gives a refreshingly honest account of his years. He discusses his shortcomings as well as his strengths.

The behind the scenes look at some of the decisions and events is also invaluable. For example, I remember in 2001 when Bush first took over the presidency, there was much discussion about what to do with the budget surplus. In the news, we heard that Greenspan was for tax cuts over more spending increases. I wondered at the time why there was not more discussion about paying down the debt. In fact, Greenspan's first choice was paying down the debt but politically the administration did not bring up a meaningful discussion on paying down the debt. Unfortunately, a golden opportunity was lost. Greenspan who admits to being a Republican criticizes the Bush Republicans as not being fiscally conservative. Clinton, on the other hand, outmaneuvered both the republicans and democrats in the late 90's and continued running surpluses.

One of the best books I've read this year and highly recommended.

Great Read although the Maestro showed an unwillingness to admit his major flawed policy regarding low rates during a time of irrational exuberance toward the real estate boom... Oh well, it's only put us on the brink of a near depression and it's no longer the Maestro's problem.

I'm giving the book five stars because I think it's important to read (but not believe).

Obviously, Greenspan was a god, and Bernanke is the current god. This book will tell you a lot about the intentions and actions of the Fed. So sad.

Ever wonder why we had subprime loans being pushed on the market with the Feds blessing, and now we're bailing out irresponsible investment banks?

Ever wonder why we have a bursting housing bubble that was driven by low interest rates?

Ever wonder why Greenspan didn't speak out against Bush's tax cuts even though the budget surplus from the late 90s vanished with the stock market crash?

Some of the book actually makes sense, but unfortunately, common sense doesn't always come thru in the Fed's actions. Greenspans rambling book (it could have been 1/2 as long without the repeating stories) is worth reading if only to understand how the Fed is frequently NOT a responsible institution by seeing the fruits of it's PAST actions TODAY.

I'm giving the book five stars because I think it's important to read (but not believe).

Obviously, Greenspan was a god, and Bernanke is the current god. This book will tell you a lot about the intentions and actions of the Fed. So sad.

Ever wonder why we had subprime loans being pushed on the market with the Feds blessing, and now we're bailing out irresponsible investment banks?

Ever wonder why we have a bursting housing bubble that was driven by low interest rates?

Ever wonder why Greenspan didn't speak out against Bush's tax cuts even though the budget surplus from the late 90s vanished with the stock market crash?

Some of the book actually makes sense, but unfortunately, common sense doesn't always come thru in the Fed's actions. Greenspans rambling book (it could have been 1/2 as long without the repeating stories) is worth reading if only to understand how the Fed is frequently NOT a responsible institution by seeing the fruits of it's PAST actions TODAY.

This has to be the most important book I have ever read ... explaining the USA Federal Reserve system and International finance dynamics and interrelationships.

As importnant is Mr. Greenspan's fears for the political future of USA government. A must read for all Americans.

Vote very carefully in 2008.

This book is filled with distortions and apologia.
He was the primary cause for the Internet stock market bubble and the current sub-prime housing crisis.
Read this book, but also read the other side Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve by William Fleckenstein and Fred Sheehan
Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve

As chairman of FED for almost 20 years, Alan Greespan is a mandatory read for all people who is interested in economy and finance through the world.

Greenspan explains one of the most momentous events of the 20th century and integrates the event with his overall world view: markets work; command economies don't.

Greenspan takes exception with the typical conservative explanation that Ronald Reagan's arms build-up in the 1980's caused the Soviet Union to collapse in 1991. Nonsense says Greenspan. The Soviet Union abandoned the arms race before Reagan became president. It never tried to compete with Reagan's arms build-up. It was already teetering towards its final collapse when Reagan took office in 1981. The amazing thing about its collapse was that it completely surprised all the pundits, politicians, and Soviet experts in the West. None of them had any inkling of how weak the Soviet Union had become.

What happened? Greenspan says observers after the collapse reported that the entire country looked like a slum. Everything appeared devastated. The Soviet socialist system had simply ruined the economy. The textbook economic criticisms of socialism had proven stunningly accurate. Without markets, prices, or incentives, the country eventually just couldn't function. It collapsed of its own weight, not from any outside force.

Greenspan laments that many in the West have not learned anything from the collapse of the Soviet Union. Those who don't learn from history may be doomed to repeat it. Overall, however, he is optimistic.

Admittedly, in this review I focus on just one very interesting chapter of Greenspan's book. But there are many more which other reviewers have already highlighted. Whether you agree or disagree with Greenspan, you should certainly find him worth reading.

This is a terrific read (I might even say required reading)for people who are at all thoughtful and/or curious about the economic environment in which we work and live. It certainly is required reading for those people who vocally espouse opinions about that environment. This book can go a long way toward demystifying and illuminating today's headlines if read carefully and thoughtfully. While many can critically view Mr. Greenspan's input on various economic turns, no one can doubt his pivotal role in creating the economic climate in which we currently operate. Read it, understand it, and I guarantee that you will be far more equipped to understand today's headlines and to be able to critically absorb the endless stream of media output. Do yourself a favor and get educated by the guy who was there.

The previous reviewer exemplifies the mainstream morons who have no idea how economics works and how Washington and the Fed deceive Americans. "2008 Book of the year"? No offense sir, but I cannot think of another way to word this - ARE YOU REALLY THAT STUPID?

Similar to most uneducated people, this gentleman assumes Greenspan is great because he is educated and because the media clowns say so, without having the common sense to realize that Greenspan has been the single biggest cause of America's economic demise.

FACT: Greenspan caused the Internet and real estate bubbles. If you do not know this then you are out of the loop. Even worse, he never warned people of the dangers, nor did Washington or Wall Street. They continued to state how strong this debt-fueled economy was, emphasizing misleading and manipulated data such as unemployment, inflaton and GDP. Well, now the truth is being revealed. So much for that "impressive" low unemployment rate. I don't consider jobs paying $8 an hour with no benefits as being employed, do you?

How can Washington continue to state that inflatio won't present a major problem for the economy, as they and the Fed have for 3 years now, despite the fact that America's economic engine runs on oil, which has risen by over 200% in just a few years. Wait, that's right, they don't feel they need to tell the truth since they use hedonics and altered definitions of CPI to make the numbers seem low.

Back in early 2004, Greenspan actually advised Americans to take out adjustable-rate mortgages just a few months before he began his long series of interest rate hikes, thereby creating the death blow for millions who listened to his "expert" advice. In reading this book, I looked for an apology to the people for the devastation and lies. Of course, it was nowhere to be found.

Alas, Mr. Greenspan resigns and only now does he try to cover his rear by his "I told you so" and "it wasn't my fault" lines. You people need to stop listening to the liars - Washington, the Fed, Wall Street, and the mainstream media - the guys who NEVER report what is really happening, the guys who stand by and let bubbles form and proclaim the economy is great despite clear data to the contrary. Wake up people!

And of course now Mr. Greenspan has taken a position with Paulson & Co., the hedge fund that made $15 billion betting against the sub-prime mess - the mess created by Greenspan himself. How can anyone celebrate this man? I can only celebrate his resignation.

Unfortunately, Bernanke is continuing the destruction of the economy by smashing rates at a time when it's too late. This is going to cause inflation to soar far above the already hidden figures that Washington carefully manipulates. Bernanke stated in May 2007, "The real estate market will not affect the economy and will not spill over to the banks." How is it that both he and Greenspan missed everything when several others predicted the mess? Notice that rarely does the media give air time to those who actually provide valuable advise and warning signs.

Propaganda has reched an all-time high in America. And when the media isn't airing the same BS about how great the economy is, they are reporting about Britney Spears or the he-said, she-said trivial soap opera between Clinton and Obama. The media, Washington, Wall Street and the Fed will continue to play these games of deceit and decpetion until enough Americans tell them they have had enough.

If you want to see how Greenspan will be remembered in history books, if you want to see how this mess occurred and why the economy has registered no recover since the Internet fallout, if you want to see why a recovery in this credit crisis will only be the beginning of what will prove to be a very difficult period for the USA over the next 2 decades, and if you want to see how to make money while the herd gets slaughtered, I highly recommend the book "America's Financial Apocalypse: How to Profit from the Next Great Depression" Condensed Edition. America's Financial Apocalypse: How to Profit from the Next Great Depression (Condensed Edition) by Stathis. The author of this book understands America's problems like no one else. I'd love to see him go up against Greenspan, Bernanke, or any of Washington's paid off economists. It would surely be a lop-sided debate.

Alan Greenspan's book will be the Book of the Year for 2008! He is a genius who undrestands how the global economy works! I especially enjoyed his comments regarding the various presidents he has worked with over the many years of his service. I also enjoyed his comments regarding the economic future of this country and the global economy.

Great Book. Couldn't put it down. It is pretty technical at points but a good review for those that forgot those college econ classes.

This is a great book, but, I have some reservations about some of his statements. First, I love his writing style as he gives great perspective on the history of the Fed, and his associations with the Whitehouse, of which he has many.

The one thing that puzzles me to this day (and it cost me a lot of money), was his infamous "irrational exhuberance" speech. I was going to buy a lot of Amazon stock, but he made it sound like he was going to raise rates in '97 to choke off the stock insanity. He didn't do it, and the boom lasted another 2+ years. Dang that Fed Chief!!! I missed out on a great buy, and instead took a defensive position that cost me a bundle.

But I don't think anyone can disagree that Greenspan has been one of the great economists of all time, and his handling of the economy has been excellent. His book is a great read.

This is a great book, but, I have some reservations about some of his statements. First, I love his writing style as he gives great perspective on the history of the Fed, and his associations with the Whitehouse, of which he has many.

I wonder though, about the way he sidestepped the whole late 90s dotcom boom and then thunderous bust. True, he did warn people, but at the same time: he did nothing to curtail the wild and free credit that was feeding the monster. He claims that there is no way to easily value stocks, yet, when something like Cisco has a market cap greater than the GDP of most countries on the planet, something is out of line. Obviously. And I have pointed out to the unwashed masses many times that the so called "Bill Clinton boom times" were in fact nothing but false economy created by loose credit, and a speculative boom in the dot com stocks. Both Clinton and Greenspan pat themselves on the back for those great times but really, how many Americans ended up screwed by AMT tax problems with their 401(k) plans, or having lost their life savings by investing at the top? Greenspan did nothing to pull the plug on the feeding frenzy and Wall Street, as usual, made hundreds of billions while the small investors were destroyed.

To make matters worse, then Greenspan blames George W. Bush for deficit problems and irresponsible tax cuts. The fact is: we were in a recession when Bill Clinton left office due to the blowout of the dotcom fraud, and Bush's immediate tax cuts stimulated the economy and we had a soft landing. Greenspan, as much as I admire the guy, is a little sleezy here by shifting blame around, and buttering Bill Clinton's bread. I wonder if he ever donned the "Presidential knee-pads" for the guy? Anyway, another indisputable fact is that America would have a balanced budget right now if not for the costs of the Iraq war. Bush has handled the economy well, and it is good that Greenspan retired. Now he can say he had nothing to do with the subprime mortgage mess, which in fact, he created by dropping interest rates to almost nothing.

The one thing that puzzles me to this day (and it cost me a lot of money), was his infamous "irrational exhuberance" speech. I was going to buy a lot of Amazon stock, but he made it sound like he was going to raise rates in '97 to choke off the stock insanity. He didn't do it, and the boom lasted another 2+ years. Dang that Fed Chief!!! I missed out on a great buy, and instead took a defensive position that cost me a bundle.

But I don't think anyone can disagree that Greenspan has been one of the great economists of all time, and his handling of the economy has been excellent. His book is a great read. But be aware, the old boy does have a few tricks up his sleeve about who was responsible for the economic problems we face. Greenspan, look in the mirror!

I think this book is more about Greenspan's own ego playing on the world stage than it is about the job of the Federal Reserve. His descriptions of working with and insights into the personalities of U.S. Presidents beginning with Richard Nixon are interesting.

However, I got the distinct impression that he disliked doing the nitty gritty work of the Federal Reserve in favor of being known as a player on the world stage. For example, he quickly skims his involvement with the Savings & Loan Crisis in the late 1980's and 90's complaining about how much time he spent "...it was like having a second job..." and minimizing his professional consulting work for Charles Keating and Lincoln Savings & Loan. He had nothing to say about homeowners victimized by S & L's during that period, although one of the primary responsibilities of the Federal Reserve is the protection of the credit rights of consumers (See the Federal Reserve's website). He acknowledges that the domestic economic forecasting work was the result of a highly competent Federal Reserve staff. And the good economic times in the later 1990's were a function of President Clinton's economic astuteness and Pay-Go discipline in the Republican Congress.

I also think he bears more responsibility than he acknowledges for the current mortgage crisis. He happened to terminate in January, 2006 just before the current crisis mushroomed.

good history, insight into the economic policy of the last few years.. Esp. for a freshman...

Anyone who thought that they were going to get an inside personal view of Alan Greenspan will definitely be dissappointed. There really are very few personal aspects revealed in the book. It is a bit like a blown up version of an extraordinary resume.

The first time I really became aware of Greenspan was when I was asked to report on testimony he gave before a House Committee in Washington DC. I cannot remember much about that or even which Committee it was. I do remember presenting my report to the partner in the law firm and being berated for writing my report in similar language to that used by Greenspan. "We are sending this report over to our Japanese clients. How do you expect them to understand this stuff?"

The next I heard about Greenspan was when Clinton made a fuss about him at the time of his first State of the Union address. I was mesmerised by Clinton at the time and clearly he thought a lot about this guy (more likely Clinton knew that the market thought a lot of him).

Anyway, when I heard about this book I knew it was going to be an interesting read. A few parts of the book that go into detail about the workings of the Stock Market were not well understood by me but the rest of the book was a cracking good read. There cannot be too many books where you get personal and professional insights into six US Presidents (Nixon, Forde, Reagan, Bush I, Clinton, Bush II). He is pretty scathing of George Dubya whom he essentially accuses of never vetoing Bills and allowing Congress to let spending get completely out of control. It is ironic that the Republicans accused Democrats of being "tax and spend" when they have been doing something far worse ("slash and spend"). Bush inherited surpluses from Clinton and an almost eradicated national debt. That is all gone now. Greenspan gives credit for fiscal discipline in the nineties. He also explains the economic situation in terms of the end of the Cold War and the technology fueled jumps in competitiveness.

Greenspan holds very deeply felt views on the primacy of the market as the most efficient system for allocating resources in an economy and ultimately wealth creation. The best performing markets are those which are flexible. Among other things this means that it is easy to hire and fire people. There must be dynamic ongoing "creative destruction" so that sectors which are no longer needed can shed workers who can then be employed in newer industries. Harsh stuff but he presents his arguments on the basis that countries with the freer markets tend to be the richest. Centrally planned markets were an abject economic and indeed environmental failure. Rigid market economies like those in Europe struggle to keep up. The one thing he feels strongly about and on which everyone can agree is that widely available primary and secondary education is absolutely essential. He is critical of US performance in this regard.

On the environmental front he does not think that carbon trading will work but he seems to be in favour of a carbon tax. He thinks that nuclear power has to be considered very seriously. I agree with him on this, at least for the next fifty years when hopefully we will have developed viable fusion reactors.

After reading his book I am left inclined to his view that regulating the stock market in a traditional way is not effective or even possible without interfering with it. The international globalized market is presented in all its supreme might, now an entity operating in a world above the control of sovereign governments. The market is developing in its purest form.
Greenspan has faith in the market correcting its mistakes. It is misguided government policies like price controls that are the problem.

His views are seductive. His assurances about how everything will work out fine with the market must however have a hollow ring to those workers in developed countries who are called out onto their factory floor for the announcement that their jobs have moved to Costa Rica or China. Creative destruction must seem not that creative. He is not as keen on social safety nets as he is about education programs. Having said that many retraining programs have a direct payment element to them so maybe his strong views on the operation of the market can be reconciled with the softer social market economy view. I don't recall him having too many answers to disasters like Enron and Worldcom which the market has thrown up in recent times, although he has a chapter(out of 25) on corporate governance.

The emergence of Asia and other developing countries is the key factor in low inflation over the last decade. He believes that once the huge flow of agricultural workers into industry in those countries slows upward pressure on inflation will start to emerge.

In his tour d'horizon of the world economy he gives no views on what I think is a major development in the world's monetary sustem. This is the recent creation of the Euro. He acknowledges at different points in the book that developing countries have large Euro holdings in their efforts to keep the value of their currencies low. There can be no doubt that he must in his thinking have devoted a lot of time to the consideration of the impact of the new currency on the Dollar. No views at all are expressed. I find this very strange. Is it that he thinks his American readership will not be interested? I doubt that very much. I think it is distinctly possible that any views he might express could have an effect on the Dollar, possibly a bad effect.

Greenspan emphasises the importance of the rule of law to the functioning of the market. I find this heartening in a book which some might see as extolling the law of the jungle.

A great book with some defects.

I feel like I am reading through the study of economics on capitalism. Greenspan clearly believed in order to improve the quality of the nations, open and competitive market is the only answer. He went through the economic history of several countries who embraced colletivesm and how they collapsed.

Very captivating book! The narrative is never too long as Mr. Greenspan describes his career and the operation of the Federal Reserve. It was very entertaining to read about his relationship and interaction with the presidents he served under their administration. However, the book got a little dry in the second half as he describes his thoughts about
economic futures, even though it was very enlightening. Overall, I do recommend this book for people interested
in learning about the Federal Reserve.

The Age of Turbulence is really two books, one autobiographical, the other the author's economic analysis of various issues/countries. While in the autobiographical part, there are some observations and comments, of the important persons in the author's life, this is "no tell" all book. The author's honesty, integrity, and personal habits do not lend themself to the telling of juicy tidbits.

In both the autobiographical section and the analytical section, Greenspan rallies against "Fabian socialism" and for "creative destruction." While he recognizes that a certain safety net is necessary to prevent social disorder, he, by his own admissison, doesn't get far beyond Adam Smith.

For instance, he recounts -- almost with relish -- how, after the Berlin wall fell, a "low wage" East German factory, put a "high wage" West German factory out of business. Now, I'm not against developing countries (in this case the former East Germany) developing their economies, but let's not foget the worker in the developed (e.g. US) factory.

It is not situation where a thousand (low paying) jobs create demand that offsets the economic effect of the laid off high paying worker. The reality is that laid off workers, if lucky, will find employement, but at a much lower wage. The will be able to afford less, and look to cheap imports to make the family budget stretch --driving more even jobs to the developing world.

Some the laid off will not be so lucky. X number will turn to alcohol or drugs to deaden the pain of their misfortune, Y number will turn to criminal activity to make ends meet, and even a few, Z number, will attempt suicide because of the emotional trauma of being told they are "not needed".

In the form of payroll for substance abuse counselors, police, lawyers, probation/correctional officers, medical and mental health professionals X, Y, and Z "generate" income that "adds" to the calucation of the GDP.

However, more properly, just like inflation, interest rates, and enegry costs, X, Y, and Z are drags on the economy. The failure to account for this as a "cost" as opposed to an "asset" in the GDP is an accounting error of the first order.

The cost of X, Y, and Z aside, except for a prediction of low inflation (due primarily to low cost immigrant labor and the low cost of labor for imported goods), Greenspan offers little comfort to the American worker.

In conclusion, Greenspan's personal life is an interesting, but far from scandalous, read. His far-reaching economic analyses, albeit flawed in places is worth reading -- even if he delivers unwelcomed news.






Greenspan

I'm always impressed with those very intelligent people who do not preoccupy themselves with their own brilliance or that of others. They're the sort who can explain almost anything but in a way understandable by almost anyone. After reading his autobiography, I'm quite convinced that Alan Greenspan is one of those uniquely talented men.
Beginning with a recollection of his experience on September 11, Greenspan prepares the reader for a discussion of his life and career that juxtaposes economics with everyday experience. Particularly striking, to me, at least, are Greenspan's little comments about people, such as those whom he never grew to know because the don't play golf of tennis, for example. He also reveals a phenomenal range of knowledge, especially of the arts. With economic concepts defined more lucidly than those in most textbooks, The Age of Turbulance proves accessible for most alert readers. And the audience stands to gain tremendous insight upon a man who so greatly affected a seemingly drab, numbers-intensive field through his novel ways of perceiving the world and creating soluti