Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve
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...
Search in google:
PRAISE FORGREENSPAN'S BUBBLES“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“Before Ben Bernake shovels more cash into the U.S.'s money trap, he should read Greenspan's Bubbles, a damning account of how his predecessor inflated two asset bubbles that mutated into $11 trillion in home mortgage debt.”—Bloomberg News“Alan Greenspan was dubbed history's greatest Federal Reserve chairman upon his retirement in 2006, but the housing bust is prompting renewed criticism of his laissez-faire brand of monetary policy. Hedge fund manager William Fleckenstein is among the loudest critics. Fleckenstein is the author of Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve. He views Greenspan's legacy as a litany of too-low-for-too-long interest rates that created the dot-com and housing bubbles.”—US News & World Report“I suggest that you read Greenspan's Bubbles, a recent book by William Fleckenstein. It'll knock your socks off.”—Copley News ServiceWilliam A. Fleckenstein is president of Fleckenstein Capital, a money management firm based in Seattle. He writes a daily Market Rap column for his Web site, Fleckensteincapital.com, as well as the popular column Contrarian Chronicles for MSN Money.Frederick Sheehan is a former Director of Asset Allocation Services at John Hancock Financial Services. He has written for Marc Faber's Gloom, Boom & Doom Report, Whiskey & Gunpowder, and the Prudent Bear Web sites.
Acknowledgments ixIntroduction: A True Accounting: The Greenspan Era (1987-2006) 1How Wrong Can One Man Be? (1973-1994) 7The Bubble King: The Put Is Born (1995-1997) 27The FOMC Meets the Greenspan Put-and Yawns (1998-1999) 47Bubbleonians Running the Asylum: The Bubble Blow-Off (1999-2000) 71The Stock Bubble Bursts: The Tech Miracle Was a Mirage (2000-2001) 91Home Sweet Home: Housing Saves Us from the Stock Bubble (2001-2003) 121The Housing Hot Potato: The Real Estate Bubble Fuels the ATM (2003-2007) 151Conclusion: The Consequences of the Loss of Fear (2007 and Beyond) 181Notes 189
