Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession
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Alan Greenspan’s 18-year stint as head of the Federal Reserve Bank witnessed some of the most massive upward redistributions of wealth in our nation’s history. It’s now clear that his policies contributed greatly to the transformation of Wall Street from an engine that financed American business to a business-destroying machine—and that Greenspan abetted the hollowing out of the U.S. economy by giving Wall Street and Washington everything they could possibly want. To take the full measure of Greenspan’s culpability, we need to look beyond the disgraced public persona and see him within the broader sweep of his life and times. In Panderer to Power , author Frederick J. Sheehan delivers the first in-depth, critical biography of the man who, for nearly two decades, served as the world’s most powerful banker. Beginning with Greenspan’s formative years as a Depression-era kid from New York City, Sheehan traces his subject’s progress from his days touring America as a reed man with the Henry Jerome Orchestra in the 1940s through his emergence as one of America’s first celebrity economists to his ascent through the ranks of power in D.C. What emerges is a searing portrait of a shameless media hound who ferociously promoted his image as a straight-laced numbers cruncher, a Machiavelli whose political skills far surpassed his skills as an economist. Drawing upon a vast array of original sources, the author leaves little room for doubt: either the “economic genius of our time” was oblivious to the hazards of his irresponsible policy decisions or he knew full well what he was doing, but chose, as he had throughout his career, to put self-interest above the public good.
Introduction to Part I - Prelude to Power, 1926-1987 11 Early Years:The Education of Alan Greenspan, 1926-1958 92 The Dark Side of Prosperity, 1958-1967 193 Advising Nixon: "I Could Have a Real Effect," 1967-1973 314 President Ford's Council of Economic Advisers, 1973-1976 475 The 1980 Presidential Election: Boosting Carter, Reagan, and Kennedy, 1976-1980 596 Parties, Publicity, Promotion - and Lobbying for the Federal Reserve Chairmanship, 1980-1987 717 Lincoln Savings and Loan Association, 1984-1985 858 "The New Mr. Dollar"; Chairman of the Federal Reserve, 1987 95Introduction to Part 2 - The Pinnacle of Power, 1987-2006 1039 The Stock Market Crash and the Recession That Greenspan Missed, 1987-1990 10910 Restoring the Economy: Greenspan Underwrites the Carry Trade. 1990-1994 12111 Cutting Rates and Running for Another Term as Chairman, 1995-1996 13312 The Productivity Mirage That Greenspan Doubted, 1995-1997 14513 "Irrational Exuberance" and Other Disclosures, 1995-1998 15714 In a Bubble of His Own, 1998 16915 Long-Term Capital Management: A Lesson Ignored, 1998 18116 Greenspan Launches His Doctrine, November 1998-May 1999 19117 "This is Insane!!" June-December 1999 20318 Greenspan's Postbubble Solution: Tighten Money, January-May 2000 21519 The Maestro's Open-Mouth Policy, June-December 2000 22720 Stocks Collapse and America Asks: "What Happens When King Alan Goes?" 2001 23721 The Fed's Prescription for Economic Depletion, 1994-2002 25122 The Mortgage Machine, 1989-2007 26523 Greenspan's Victory Lap: His Last Years at the Fed, 2002-2006 283Introduction to Part 3 - The Consequencesof Power, 2006-2009 30124 The Great Distortion, 2006 30725 Fast Money on the Crack-Up, 2006 31526 Cheap Talk: Greenspan and the Bernanke Fed, 2007 32727 "I Plead Not Guilty!" 2007-2008 33728 Greenspan's Hometown, 2008 34929 Life after Greenspan, 2009- 361Appendix The Federal Reserve System 367Acknowledgements 369Index 371
