Alan Greenspan

The Man Who Knew: The Life and Times of Alan Greenspan

by Sebastian Mallaby  · 10 Oct 2016  · 1,242pp  · 317,903 words

or authors. Photograph credits. LIBRARY OF CONGRESS CATALOGING-IN-PUBLICATION DATA Names: Mallaby, Sebastian, author. Title: The Man Who Knew: The Life and Times of Alan Greenspan / Sebastian Mallaby. Description: New York: Penguin Press, 2016. | “A Council on Foreign Relations Book.” Identifiers: LCCN 2016017300 (print) | LCCN 2016028520 (ebook) | ISBN 9781594204845 (hardcover) |

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” Conclusion: THE BLIND ROLLER SKATER Photographs Acknowledgments Appendix: The Greenspan Effect Notes Image Credits Index Preface This book is based on almost unlimited access to Alan Greenspan, his papers, and his colleagues and friends, all of whom were generous in their collaboration. For a period of five years, starting in the

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even the redoubtable senator from Wisconsin examined his conscience—and supported him. Book III ____________ THE CENTRAL BANKER Fifteen “GREENSPAN’S IRRELEVANT” On August 11, 1987, Alan Greenspan arrived at his new office. It was quite unlike his former habitat—the soaring towers of lower Manhattan, symbols of the audacity of capitalism. The

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enjoyed Greenspan gags as much as the next guy—indeed, he reveled in them. Andrea had started a collection of Greenspan-alia: there were Alan Greenspan postcards, Alan Greenspan cartoons, Alan Greenspan T-shirts, and even a doll fashioned after the Fed chairman.3 Three years earlier, Greenspan had worried to his FOMC colleagues about the

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was asked for an interview by Penthouse. He declined. See Justin Martin, Greenspan: The Man Behind Money (Cambridge, Mass.: Perseus Publishing, 2001), 127. 4. Alan Greenspan, Economics of a Free Society (lecture series presented at the Nathaniel Branden Institute, Roosevelt Hotel, New York, December 1963–February 1964, sec. VIII–17). Greenspan

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were, almost certainly, making a proper evaluation. . . . The sharp upward gyrations in stock prices—and other capital values—made the subsequent stock market reversal inevitable.” Alan Greenspan, “Papers on Economic Theory and Policy” (PhD dissertation, New York University, 1977), 102. 13. In congressional testimony in 1994, Greenspan observed that derivatives linked

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, he stated that “the megabanks being formed by growth and consolidation are increasingly complex entities that create the potential for unusually large systemic risks.” See Alan Greenspan, “The Evolution of Bank Supervision” (speech, American Bankers Association, Phoenix, October 11, 1999). Greenspan also warned of the systemic risk posed by Fannie and

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The Unknown Ideal (New York: Signet, 1967), 108–16. Greenspan himself remembers reading Holbrook, who captured the excitement that Greenspan shared about the railways. 2. Alan Greenspan, interview by the author, October 12, 2010. 3. Greenspan’s childhood is briefly described in his autobiography, The Age of Turbulence, and at somewhat greater

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Milton Friedman, A Program for Monetary Stability (New York: Fordham University Press, 1960), 91. Originally delivered as the Millar Lectures at Fordham University, 1959. 42. Alan Greenspan, “Liquidity as a Determinant of Industrial Prices and Interest Rates,” Journal of Finance 19, no. 2 (May 1964): 159. Originally delivered at the annual meeting

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, Taking the News: From NBC to the Ford White House, 151–52. 49. Alan Greenspan to William E. Simon, memorandum, January 15, 1975, personal files of Alan Greenspan. 50. Alan Greenspan to Economic Policy Board, memorandum, January 12, 1975, personal files of Alan Greenspan. 51. Murray Seeger, “Has No Faith in Ford or Congress: AFL-CIO to

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1975, Davis Subject, Congressional Correspondence (2), Box 151, CEA Staff Economists Files (1982 Accretion), 1974–77, Gerald R. Ford Library. 65. Alan Greenspan to Gerald R. Ford, memorandum, March 28, 1975, Alan Greenspan Files, White House Correspondence, James Cannon, box 3, Gerald R. Ford Library. 66. Describing Greenspan’s influence over Ford, Dick Cheney

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Javits Bill Urges Long-Term Economic Plans,” Washington Post, May 13, 1975. 20. Alan Greenspan to Gerald R. Ford, memorandum, June 3, 1975, personal files of Alan Greenspan. 21. Alan Greenspan to Gerald R. Ford, memorandum, June 24, 1975, personal files of Alan Greenspan. 22. The Harvard colleague was Stanley Hoffmann. Quoted in Niall Ferguson, Kissinger 1923–

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, Gerald R. Ford Library. 30. G. Edward Schuh to Alan Greenspan, memorandum, April 22, 1975, personal files of Alan Greenspan. 31. G. Edward Schuh to Alan Greenspan, memorandum, May 23, 1975, personal files of Alan Greenspan. 32. G. Edward Schuh to Alan Greenspan, memorandum, June 4, 1975, personal files of Alan Greenspan. 33. Bernard Gwertzman, “Kissinger’s New Role: His Speeches

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“Memorandum of Telephone Conversation,” June 16, 1975, Kissinger Telephone Conversations, http://nsarchive.chadwyck.com/cat/displayItemId.do?queryType=cat&ItemID=CKA13749. 42. Henry Kissinger and Alan Greenspan, “Memorandum of Telephone Conversation,” June 17, 1975, Kissinger Telephone Conversations, http://nsarchive.chadwyck.com/cat/displayItemId.do?queryType=cat&ItemID=CKA13753. 43. Table 11.1a

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or in the Administration. Productive things are not visible.” Greenspan, interview by the author, December 10, 2010. 45. Following conversation from Henry Kissinger, Frank Zarb, Alan Greenspan, and Charles Robinson, “Memorandum of Conversation,” n.d., Classical External Memcons, May–December 1975, folder 2, box 23, Record Group 59, Department of State Records

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15, declassified after publication of Oil Kings, indicates otherwise. See Document 140, Monica L. Belmonte, Iran; Iraq, 1973–1976. 49. Henry Kissinger, Frank Zarb, Alan Greenspan, Charles Robinson, et al., “Memorandum of Conversation,” July 14, 1975, Classified External Memcons May–December 1975, folder 3, box 23, Record Group 59, Records of

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interview by the author, October 15, 2012. 104. Alan Greenspan to Frank Zarb, memorandum, December 13, 1975, personal files of Alan Greenspan. 105. Alan Greenspan to Nathan Haywood, memorandum, December 24, 1975, personal files of Alan Greenspan. 106. Alan Greenspan to James M. Cannon, memorandum, April 6, 1976, personal files of Alan Greenspan. 107. Fearing systemic fallout from the untested municipal bankruptcy

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by commissioning a memo on various options, including private savings accounts. Donald Rumsfeld to Alan Greenspan, memorandum, August 1, 1975, personal files of Alan Greenspan; and Barry R. Chiswick and June O’Neill to Alan Greenspan, memorandum, August 6, 1975, personal files of Alan Greenspan. 43. On Greenspan’s support for Stockman, see John S. DeMott, “The

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developed political skills, it seems implausible that he would have risked splitting the commission at the outset with a divisive debate about fundamental principles. 47. Alan Greenspan, “Briefing for Reporters,” December 16, 1981, National Commission on Social Security Reform, box CFOA89, Martin Anderson Files, Ronald Reagan Library. 48. Anne Conover Heller,

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Walter Shapiro et al., “Will Reagan Reappoint Volcker?,” Newsweek, May 23, 1983. 18. Quotes from Eckstein come from Lewin, “The Quiet Allure of Alan Greenspan.” 19. Joseph Vitale, “Profile: Alan Greenspan,” NYU Business, n.d., 28–33. It is clear from the content that the profile ran in the first months of 1983. 20

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“The Idea of Replacing Volcker,” Washington Post, May 12, 1983. 30. Reagan, Reagan Diaries, 157. 31. Silber, Volcker: The Triumph, 233. 32. Milton Friedman to Alan Greenspan, letter, July 13, 1983, folder 149–9. Correspondence: Greenspan, Alan, 1971–2002, box 149, Milton Friedman Papers, Hoover Institution Archives. 33. Greenspan was being interviewed

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critics who contended that much financial innovation was aimed merely at sidestepping regulation, Greenspan replied that this went only to show that regulation was “outmoded.” (Alan Greenspan, “Onward the Revolution in Financial Services,” Wall Street Journal, September 16, 1983.) 45. Greenspan’s November 1984 letter is reprinted in House Committee on

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York City banks helped to assure a continuing supply of credit to the clearinghouse members, which enabled those members to make the necessary margin payments.” Alan Greenspan, Banking Industry Regulatory Consolidation: Hearings Before the Committee on Banking, Housing, and Urban Affairs, Senate, Second Session, March 2, 1994. See also Bernanke, “Clearing

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“Federal Open Market Committee Meeting Transcript,” March 22, 1994, http://www.federalreserve.gov/monetarypolicy/files/FOMC19940322meeting.pdf.; as well as his famous “irrational exuberance” speech. Alan Greenspan, remarks (Annual Dinner and Francis Boyer Lecture of the American Enterprise Institute, Washington, D.C., December 5, 1996). 73. Bernanke, “Clearing and Settlement During

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Notes: Long-Run Policy Alternatives Briefing” (Federal Open Market Committee, February 7, 1989), http://www.federalreserve.gov/monetarypolicy/files/FOMC19890208material.pdf. 43. Correspondence held in Alan Greenspan’s personal files. 44. Mitchell, interview by the author, July 28, 2014. 45. Barbara Carton, “Bankrupt: After a Decade of Miracles, New England Revisits

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/Greenspan_19930419.pdf. 11. Glenn Rudebusch, interview by the author, July 14, 2014. 12. Senate Committee on Banking, Housing, and Urban Affairs, Testimony by Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, Before the Committee on Banking, Housing, and Urban Affairs, 103rd Cong., 2nd sess., 1994, http://fraser

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,” Economist, September 3, 1994. “Division of Labor Day,” Financial Times, September 3, 1994. Robert J. Samuelson, “Economic Amnesia,” Washington Post, September 7, 1994. 24. Alan Greenspan, interview by the author, November 2, 2015. 25. Andrea Mitchell, interview by the author, July 28, 2014. 26. Maureen Dowd, “On Washington, High Up in

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regulation, and even though Rubin was more sympathetic to the case for regulating derivatives than Greenspan (see chapter twenty-three), his analysis was taken seriously. Alan Greenspan, remarks (Research Conference on Risk Measurement and Systemic Risk, Washington, D.C., November 16, 1995), https://fraser.stlouisfed.org/docs/historical/greenspan/Greenspan_19951116

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.pdf. Robert Rubin to Alan Greenspan, note, (n.d.), personal files of Alan Greenspan. 10. Greenspan repeatedly expressed this hope that financiers would learn from errors. In a speech on June 20, 1995, he assured his

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., 2000. After 2008, Greenspan admitted his error. Citing his own warnings about megabanks in 1999, he confessed, “Regrettably, we did little to address the problem.” Alan Greenspan, “The Crisis,” Brookings Papers on Economic Activity (Washington, D.C.: Brookings Institution, Spring 2010), 231. 17. Catherine Reagor, “Greenspan Addresses Bankers’ Group in Phoenix,”

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36. The governor was Roger Ferguson. 37. Woodward, Maestro, 220. 38. Roxanne Roberts, “The Clintons Host a Historic Fete,” Washington Post, January 1, 2000. 39. Alan Greenspan, The Age of Turbulence: Adventures in a New World (New York: Penguin Books, 2008), Kindle locations 3665–70. 40. Ibid., Kindle locations 3670–3684. 41

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19. “Federal Subsidies and the Housing GSEs” (Washington, D.C.: Congressional Budget Office, May 2001), http://www.cbo.gov/sites/default/files/gses.pdf. 20. Alan Greenspan, remarks (Institute of International Finance, New York, April 22, 2002), http://www.federalreserve.gov/boarddocs/Speeches/2002/20020422/default.htm. 21. Alex Berenson, “Market Place

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of dating, see Michael D. Bordo, “The Classical Gold Standard: Some Lessons for Today,” Federal Reserve Bank of St. Louis Review, May 1981.) 13. Alan Greenspan, remarks (Credit Union National Association 2004 Governmental Affairs Conference, Washington, D.C., February 23, 2004), http://www.federalreserve.gov/boarddocs/Speeches/2004/20040223/default.htm

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facilitated by the GSEs, were less than indispensable. 14. Senate Committee on Banking, Housing, and Urban Affairs, The State of the Banking Industry: Testimony of Alan Greenspan Before the Committee on Banking, Housing, and Urban Affairs (Washington, D.C.: Federal Reserve Board, 2004), http://www.federalreserve.gov/boarddocs/testimony/2004/20040420/.

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.htm. 37. Timothy F. Geithner, Stress Test: Reflections on Financial Crises (New York: Crown Publishers, 2014), 96. 38. Ibid., 99. 39. Ibid., 103. 40. Alan Greenspan, “The Crisis,” Brookings Papers on Economic Activity (Washington, D.C.: Brookings Institution, Spring 2010); and Ben S. Bernanke, “Monetary Policy and the Housing Bubble” (Annual

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moves were quarter-point ones. Alan S. Blinder and Ricardo Reis, “Understanding the Greenspan Standard,” Working Paper (CEPS, September 2005), 30. 48. Remarks by Chairman Alan Greenspan, “The Mortgage Market and Consumer Debt,” (speech, America’s Community Bankers Annual Convention, Washington, D.C., October 19, 2004). 49. The following episode is

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Retirement Party,” Flickr, January 31, 2006, https://www.flickr.com/photos/sarah835/310675065/in/photolist-tshSD-BH9Ei-tsmAA-tsmAB-tshSP-tshSM-tshSJ-tshSB-tshSH/. 9. Alan Greenspan, interview by the author, July 16, 2010. 10. Richard Beales, Jennifer Hughes, and Andrew Balls, “Life After Fed Proves Tricky for Greenspan,” Financial Times,

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for September 23, 2007 (NBC, September 23, 2007), http://www.nbcnews.com/id/20941413/ns/meet_the_press/t/meet-press-transcript-sept/#.VbFZGbNVhBf. 20. Alan Greenspan, “The Roots of the Mortgage Crisis,” Wall Street Journal, December 12, 2007, http://www.wsj.com/articles/SB119741050259621811. 21. “Greenspan: Recession Odds ‘Clearly Rising,’”

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collapse, Greenspan had written, “It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade.” Alan Greenspan, The Age of Turbulence: Adventures in a New World (New York: Penguin Books, 2008). 41. “Economic Downfall,” This Week with George Stephanopoulos (ABC News,

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Size and Systemic Risk,” IMF Staff Discussion Note (International Monetary Fund, May 2014), http://www.imf.org/external/pubs/ft/sdn/2014/sdn1404.pdf. 49. Alan Greenspan, “The Crisis,” Brookings Papers on Economic Activity (Washington, D.C.: Brookings Institution, Spring 2010), 221–222. 50. Under questioning by Brooksley Born, Greenspan did

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How Financial Models Shape Markets (Cambridge, Mass.: MIT Press, 2006), 114. Image Credits Here; here; here; here; here and here: Courtesy of the collection of Alan Greenspan. Here: Courtesy of the New York City Municipal Archives. Here: Courtesy of Henry Jerome Music, Inc. Here: Courtesy of the New York University Archives Yearbook

The Age of Turbulence: Adventures in a New World (Hardback) - Common

by Alan Greenspan  · 14 Jun 2007

Alan Greenspan THE AGE OF T U R B U L E N C E ADVENTURES IN A NEW WORLD More ebooks visit: http://www.ccebook.cn

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ebooks visit: http://www.ccebook.cn ccebook-orginal english ebooks This file was collected by ccebook.cn form the internet, the author keeps the copyright. ALAN GREENSPAN THE AGE OF TURBULENCE A D V E N T U R E S THE PENGUIN IN PRESS A NEW NEW YORK W O R

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Ltd, Registered Offices: 80 Strand, London WC2R 0RL, England First published in 2007 by The Penguin Press, a member of Penguin Group (USA) Inc. Copyright © Alan Greenspan, 2007 All rights reserved Library of Congress Cataloging-in-Publication Data Greenspan, Alan, 1926The age of turbulence : adventures in a new world / by

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Alan Greenspan. p. cm. Includes bibliographical references and index. ISBN: 1-4295-4652-2 1. Greenspan, Alan, 1926- 2. Government economists—United States—Biography. 3. United States—

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internet, the author keeps the copyright. PRIVATE CITIZEN Gergen had said, "If you really want to know about the economy, why don't you call Alan Greenspan? He knows more than anybody." "I'll bet you say that to all the economists/' I replied, "but sure, let's talk." I'd noticed

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by ccebook.cn form the internet, the author keeps the copyright. PHOTOGRAPHIC INSERT 1 Age five, Washington Heights, New York City, 1931. The collection of Alan Greenspan More ebooks visit: http://www.ccebook.cn ccebook-orginal english ebooks This file was collected by ccebook.cn form the internet, the author keeps the

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. W i t h three cousins on the Greenspan side, circa 1934 (I'm on the left). The collection of Alan Greenspan Sixteen years old, Lake Hiawatha, New Jersey. The collection of Alan Greenspan My father, who sold stocks on Wall Street, left my mother when I was two. When I was nine, he

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. Courtesy of Henry Jerome Music With my mother, Rose Goldsmith, a brave and lively woman who gave me my love of music. The collection of Alan Greenspan By 1950,1 was earning enough as an economist to think about leaving New York City for the suburbs, which I did just over a

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year later. The collection of Alan Greenspan More ebooks visit: http://www.ccebook.cn ccebook-orginal english ebooks This file was collected by ccebook.cn form the internet, the author keeps the

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was by turns exasperated and amused, kept a box filled with "Greenspan-alia"— cartoons and postcards and clippings that were especially strange, not to mention Alan Greenspan T-shirts and even a doll. Undoubtedly I could have avoided some of this—it would have been easy to duck the cameras, for example

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s t e r Jin R e n q i n g is to t h e r i g h t . The collection of Alan Greenspan Ohinese premier Zhu Rongji ranks with Mikhail Gorbachev in his impact on world economic events. In the course of meetings over many years, he and

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aking in Tiananmen Square from a balcony near the spot where Mao declared the creation of the People's Republic of China. The collection of Alan Greenspan More ebooks visit: http://www.ccebook.cn ccebook-orginal english ebooks This file was collected by ccebook.cn form the internet, the author keeps the

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keeps the copyright. w^sr^" Ff ^ m _ HI. Rlt S A U . l C i r C ^ ' ^ A r . ' >»h3E rOX.lHSTUKMP M* "Andplease let Alan Greenspan accept the things he cannot change, give him the courage to change the things he can ana the wisdom to know the difference.n Oaricature

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28, 2007). Rand, Ayn. Atlas Shrugged. N e w York: Rand o m House, 1957. . The Fountainhead. Indianapolis: BobbsMerrill, 1943. Rand, Ayn, with Nathaniel Branden, Alan Greenspan, and Robert Hessen. Capitalism: The Unknown Ideal. N e w York: N e w American Library, 1966. Reeves, Richard. President Reagan: The Tri- 511 More

Capitalism in America: A History

by Adrian Wooldridge and Alan Greenspan  · 15 Oct 2018  · 585pp  · 151,239 words

ALSO BY ALAN GREENSPAN The Map and the Territory The Age of Turbulence ALSO BY ADRIAN WOOLDRIDGE The Great Disruption Masters of Management Measuring the Mind (WITH JOHN MICKLETHWAIT)

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The Witch Doctors PENGUIN PRESS An imprint of Penguin Random House LLC 375 Hudson Street New York, New York 10014 penguinrandomhouse.com Copyright © 2018 by Alan Greenspan Penguin supports copyright. Copyright fuels creativity, encourages diverse voices, promotes free speech, and creates a vibrant culture. Thank you for buying an authorized edition of

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books for every reader. LIBRARY OF CONGRESS CATALOGING-IN-PUBLICATION DATA Names: Greenspan, Alan, 1926- author. | Wooldridge, Adrian, author. Title: Capitalism in America : a history / Alan Greenspan, Adrian Wooldridge. Description: New York City : Penguin Press, 2018. Identifiers: LCCN 2018020397 (print) | LCCN 2018022007 (ebook) | ISBN 9780735222458 (ebook) | ISBN 9780735222441 (hardback) Subjects: LCSH: Capitalism

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at https://lccn.loc.gov/2018020397 Version_1 Greenspan: For my beloved Andrea Wooldridge: For my American-born daughters, Ella and Dora CONTENTS Also by Alan Greenspan and Adrian Wooldridge Title Page Copyright Dedication INTRODUCTION One A COMMERCIAL REPUBLIC: 1776–1860 Two THE TWO AMERICAS Three THE TRIUMPH OF CAPITALISM: 1865–1914

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, 1965), 115. 4. Robert D. Kaplan, Earning the Rockies: How Geography Shapes America’s Role in the World (New York: Random House, 2017), 133. 5. Alan Greenspan, The Map and the Territory 2.0: Risk, Human Nature, and the Future of Forecasting (New York: Penguin Press, 2013), 152–76. 6. Susan B

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. Ron Chernow, The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance (New York: Touchstone, 1990), 302. 7. Ibid., 346. 8. Alan Greenspan, The Map and the Territory 2.0: Risk, Human Nature, and the Future of Forecasting (New York: Penguin Press, 2013), 73–87. 9

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. Alan Greenspan, “The Crisis,” Brookings Papers on Economic Activity, Spring 2010. 10. Adam Cohen, Nothing to Fear: FDR’s Inner Circle and the Hundred Days That Created

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(New Haven, CT: Yale University Press), 299. 4. Leuchtenburg, The American President, 399. 5. Sebastian Mallaby, The Man Who Knew: The Life and Times of Alan Greenspan (New York: Penguin Press, 2016), 104–5. 6. Marc Levinson, An Extraordinary Time: The End of the Postwar Boom and the Return of the Ordinary

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), 506. 13. Jerome Karabel, The Chosen: The Hidden History of Admission and Exclusion at Harvard, Yale and Princeton (New York: Houghton Mifflin, 2005), 444. 14. Alan Greenspan, The Age of Turbulence: Adventures in a New World (London: Allen Lane, 2007), 169. Eleven. The Great Recession 1. Sebastian Mallaby, The Man Who Knew

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: The Life and Times of Alan Greenspan (New York: Penguin Press, 2016), 594. 2. Douglas A. Irwin, Clashing over Commerce: A History of U.S. Trade Policy (Chicago: University of Chicago Press

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, 2017), 666–67. 3. Alan Greenspan, The Map and the Territory 2.0: Risk, Human Nature, and the Future of Forecasting (New York: Penguin Press, 2013), 38. 4. Daniel Yergin and

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Yerkes, Charles Tyson, 94 Yom Kippur War, 309 Young, Brigham, 45, 111–12 Zero to One (Thiel), 423 Zhu Rongji, 371 ABCDEFGHIJKLMNOPQRSTUVWXYZ About the Authors Alan Greenspan was born in 1926 and reared in the Washington Heights neighborhood of New York City. After studying the clarinet at Juilliard and working as a

Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present

by Jeff Madrick  · 11 Jun 2012  · 840pp  · 202,245 words

, Jimmy Carter, and Ronald Reagan Revolution Completed Two THE NEW GUARD 12. Tom Peters and Jack Welch Promises Broken 13. Michael Milken “The Magnificent” 14. Alan Greenspan Ideologue 15. George Soros and John Meriwether Fabulous Wealth and Controversial Power 16. Sandy Weill King of the World 17. Jack Grubman, Frank Quattrone, Ken

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for Wriston. And Wriston was the best paid banker in the country. He lived in the glamorous United Nations Plaza, home of Johnny Carson and Alan Greenspan, the future Federal Reserve chairman, who was something of a man about town and a prosperous Republican consultant. Wriston had married a lawyer twenty years

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unmovable ideologue, Simon, who thought government spending was always and everywhere the cause of social ill. The only newcomer to Ford’s group was Republican Alan Greenspan, a politically savvy fifty-year-old business economist from New York City. Nixon had appointed him to the Council of Economic Advisers earlier that year

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; Boesky was adapting Adam Smith’s postulate about the benefits of self-interest. Milton Friedman was by then widely preaching the same virtues, as was Alan Greenspan. But Boesky was the quintessentially greedy man of his time. He wanted more money because he believed it conferred esteem and glory, and he had

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in earlier years. Walter Wriston, at far left, with President Ronald Reagan and his economic advisers, 1980, including Milton Friedman, second from the left, and Alan Greenspan, to Reagan’s left (Illustration credit 6.1) There were other thriving innovations that changed the nature of the financial industry. Mutual funds, which bought

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the year. During the recession, Reed had slashed expenses, fired tens of thousands of employees, and made Citibank a more cautious and conservative lender, but Alan Greenspan cut interest rates sharply beginning in 1991, producing an economic recovery. Citibank returned to profitability. Now profits returned with economic recovery. By the mid-1990s

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that gave the Kemp-Roth bill the political boost it needed. The bill went before the Senate Finance Committee in July, where Herbert Stein and Alan Greenspan both testified in its favor. Ultimately, it was defeated in the Democratic-controlled House that August, but not before Ronald Reagan had made it a

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, low levels of investment, government loan defaults around the world, and near bank failures at home. Volcker’s reputation grew so large, in fact, that Alan Greenspan, his successor in 1987, felt only one obligation, which was to show that he could be as tough an inflation fighter as Volcker. Volcker became

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. Reagan had wanted to cut Social Security benefits to close the gap, but it was politically impossible, and he appointed a bipartisan commission headed by Alan Greenspan and Senator Moynihan to arrive at a joint solution. The bill agreed upon was passed in 1983. It included a reduction in some benefits—for

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market crashed under the weight of the nation’s economic imbalances, only to be saved by rapid monetary expansion under the new Federal Reserve chairman, Alan Greenspan. By the president’s second term, Volcker was losing Reagan’s support. Reagan’s advisers blamed Volcker for keeping interest rates too high, taking little

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in mortgage-backed securities, the Street’s fastest rising business, took home a $15 million bonus in 1993. However, in 1994, the Federal Reserve under Alan Greenspan raised interest rates in fear that inflation was returning, and markets turned down. Vranos, seemingly invulnerable, suddenly lost a couple hundred million dollars. About the

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. The Volcker Fed raised rates in 1987, worried that the economy was overheating, with stock prices doubling in two years, and the new Fed chairman, Alan Greenspan, had begun to raise interest rates as well, contributing to the steep stock market crash in October. While Greenspan’s Fed pushed rates down to

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active lobbying by buyout leaders. Rather than tightening financial regulations, Washington loosened them further in the next two decades, even when new crises arose. In Alan Greenspan, nominated by the Republican Reagan, but strongly supported later by Bill Clinton, the vested interests of the financial community were well served in the name

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of narrow free market ideology. 14 Alan Greenspan IDEOLOGUE In early 1985, Alan Greenspan wrote a long letter to federal regulators in support of Charles Keating of Lincoln Savings & Loan, who had been a client of Michael

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control the risky uses of depositors’ money, knowing full well by the mid-1980s how risky much of the investment was. Federal Reserve Board chairman Alan Greenspan, right, with Treasury Secretary Robert Rubin (Illustration credit 14.1) Greenspan wrote the FHLB that the “new management” of Lincoln “effectively restored the association to

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the Reagan years had several chapters on the subject. By 2008, two years after his retirement, Greenspan’s ideological principles almost brought the nation down. Alan Greenspan was born in 1926 in Washington Heights, the northernmost part of Manhattan, then a middle- and working-class Jewish enclave. Greenspan’s father was a

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they interfered with the free market. In 1985, Ivan Boesky was mocked for telling a group at Berkeley in 1985 that greed was healthy. But Alan Greenspan wrote twenty years earlier that “It is precisely the ‘greed’ of the businessman, or more precisely, his profit-seeking, which is the unexcelled protector of

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been created since the 1970s, the global reach of financial markets, and the light federal oversight of banks and investment firms endorsed so strongly by Alan Greenspan. Greenspan in particular encouraged regulation-free trading by new participants of all kinds. Hedge funds were investment pools that were restricted to a hundred or

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1990s, some hedge funds had grown so large, and had borrowed against assets so aggressively, they themselves jeopardized the financial markets. Many went broke when Alan Greenspan suddenly raised interest rates in 1994, unsettling their lenders and resulting in congressional hearings, but resulting in no new federal restrictions. Markets settled down again

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-plus bond. He’d make money because he owned the twenty-nine-year-plus bond. The approach worked far better than Meriwether could have expected. Alan Greenspan force-fed credit into the markets after the market crash, and the economy recovered rather than falling into recession. As a result, rates rose rather

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as much. Goldman Sachs had to cancel its planned initial public offering. Two days after the LTCM bailout was agreed to in 1998, a worried Alan Greenspan, leaning toward raising rates at the time, cut the federal funds rate. It was not enough to calm the markets, and he cut it again

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of leverage and the unbridled derivatives market, but demanded little in the way of reform. Congress, which held hearings, did not press for new regulations. Alan Greenspan learned no lessons from these events about the inherent instability of a completely free market in finance. He still insisted markets regulate themselves. In October

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-technologies. Said one analyst: “Stocks for a new industry have never risen this quickly, and a new industry has never emerged this quickly.” In 1996, Alan Greenspan called it “a new era economy,” according to Business Week. Yet there were many historical analogies to the current period. Similar nationwide speculative surges go

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were told by their Wall Street sources. There was broad support of the New Economy from Wall Street analysts, many economists, and the much honored Alan Greenspan, who not only called it a new era but claimed the advances were “historically rare.” But high-technology companies also poured money into media advertising

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in the stock market for pennies a share as the new decade began. 18 Angelo Mozilo THE AMERICAN TRAGEDY W ithout a high-technology boom, Alan Greenspan worried about what would lead to an economic resurgence in 2001. The stock market crash of 2000 and the tragedy of September 11, 2001, made

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Buffett, who owned a large stake in Moody’s, the ratings agency, said at an investigatory hearing that almost no one had anticipated the problems. Alan Greenspan made similar comments in interviews. John Mack, head of Morgan Stanley, whose key mortgage trader lost $9 billion in a single trade, wiping out all

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banks agreed to take back, known as repurchase agreements, or repos) or from money market funds at the exceptionally low rates put in place by Alan Greenspan. Cioffi and his number two, Matthew Tannin, assured investors they bought only triple-A or double-A securities. This was true, but they were the

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also failed to scratch the surface. In a speech in May at the Chicago Federal Reserve Bank, Ben Bernanke, the Princeton professor who had succeeded Alan Greenspan as chairman of the Federal Reserve in 2005, assured his listeners that rising subprime default rates would have no “serious broader spillover to banks or

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School of Business at Dartmouth, “Private Equity Valuation and Reporting,” June 2003, http://mba.tuck.dartmouth.edu/pecenter/ research/pdfs/conference_proceedings.pdf. CHAPTER 14: ALAN GREENSPAN 1 LATER IMPRISONED FOR SECURITIES FRAUD: The verdict was overthrown on technicalities due to improper behavior of the judge. 2 DANNY WALL: Nathaniel C. Nash

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, Full Faith and Credit: The Great S&L Debacle and Other Washington Sagas (New York: Random House, 1993), pp. 233–35. 6 IN HIS MEMOIR: Alan Greenspan, The Age of Turbulence: Adventures in a New World (New York: Penguin, 2007), pp. 115–16. 7 HE REPORTEDLY RECEIVED $30,000–40,000: Justin

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. 36 HE AND RUBIN HAD A WEEKLY MEETING: Rubin, In an Uncertain World, p. 194. 37 HE SAID THAT INVESTORS SIMPLY MADE MISTAKES: Testimony of Alan Greenspan, House Banking and Financial Services Committee, November 13, 1997, http://www.federalreserve.gov/boarddocs /testimony/1997/19971113.htm. 38 THE ASIAN ECONOMICS COLLAPSED INTO SEVERE

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: Ibid. 46 “THIS IS THE BEST ECONOMY I HAVE EVER SEEN”: Woodward, Maestro, p. 195. 47 “THE SIZE OF THE POTENTIAL MARKET”: E. Ray Canterbery, Alan Greenspan: The Oracle Behind the Curtain (Singapore: World Scientific, 2006), p. 99. 48 WALL STREET, THEREFORE, HAD FAR MORE MONEY: DeLong and Eichengreen, “Between Meltdown and

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Long Boom: A History of the Future, 1980–2020,” Wired, July 1997. 16 THERE WAS BROAD SUPPORT: “Question: Is There a New Economy?,” Speech by Alan Greenspan at the University of California, Berkeley, September 4, 1998. 17 THE MEDIA PAID GROWING ATTENTION: Madrick, The Business Media and the New Economy. 18 FORTUNE

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of a New Gilded Age,” July 15, 2007, New York Times, Sunday Business, p. 1. CHAPTER 18: ANGELO MOZILO 1 WITHOUT A HIGH-TECHNOLOGY BOOM, ALAN GREENSPAN: There was also fear that the resetting of computerized calendars in 2000—Y2K—could cause some economic turmoil. 2 SOME ECONOMISTS BLAMED GREENSPAN: In particular

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PETERS: Roger Ressmeyer / CORBIS 12.2 JACK WELCH: Reuters / Landov 13.1 MICHAEL MILKEN: Ed Molinari / NY Daily News Archive via Getty Images 14.1 ALAN GREENSPAN: Paul J. Richards / AFP / Getty Images 15.1 GEORGE SOROS: AP Photo / Wilfredo Lee 15.2 JOHN MERIWETHER: James Leynse / CORBIS 16.1 SANDY WEILL

The Quiet Coup: Neoliberalism and the Looting of America

by Mehrsa Baradaran  · 7 May 2024  · 470pp  · 158,007 words

address “racial strife.”1 The memo was written by his forty-one-year-old adviser on domestic policy, a whiz Wall Street market consultant named Alan Greenspan. A genius with numbers and statistics—a “quant” before the era of quants—Greenspan was renowned for his savantlike predictions of market movement.2 He

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that had occurred. This skill earned him nicknames like “the maestro of the market” and “the man who knew” from his later biographers.5 What Alan Greenspan did not know was anything about racial inequality. He had no experience or knowledge to draw upon, nor did he seem to care all that

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a real economy and without exact measures of monetary supply. But it would become the policy of the Federal Reserve, especially when Ronald Reagan appointed Alan Greenspan to lead the Fed in 1987. Monetarism did not rise on account of its explanatory or predictive powers. Even Friedman had to apologize for so

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language used by GM and the Nixon administration, whose Black hiring programs were designed, in part, “to train and employ the hardcore unemployed.”) As when Alan Greenspan wrote to Nixon arguing against reparations programs, and as when the MPS argued against trade restrictions enacted by the developing world, Friedman warned that accepting

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would just be dynamite.”3 In other words, he needed someone who could “be loud enough for the George Wallace leaners to hear us,” as Alan Greenspan had advised, yet who was not an outspoken racist. Henry Kissinger, the national security adviser, was the first to propose William Rehnquist, and when White

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, and quick to call out even her closest allies for any hint of heresy. In 1981, an elderly Rand ate out with her former acolyte Alan Greenspan, then the chair of the Federal Reserve, and accused him of selling out his principles on account of his support for social security. She “scolded

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that the industry meets market demand. They are “increasing access to credit,” “democratizing credit,” and “diversifying credit options.” These economists and scholars cannot say, like Alan Greenspan once claimed of installment lenders, that they were not making exorbitant profits—those were the days when usury laws were in effect. Today, the profit

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is not clear that large organizations or highly concentrated industries are able to wield too much influence over government.” That clarity would come soon enough. Alan Greenspan, whom Reagan appointed as Fed chair in 1987, played a crucial role in justifying the legal transformation of finance, and in underwriting it as well

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Posner that the economy was “marked by uncertainty in the sense of risk that cannot be calculated.” He wrote that Keynes “has wise words which Alan Greenspan and Ben Bernanke could, with profit, have heeded earlier in this decade.” Posner believed that the Fed chairs should have done something about the irrationality

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24, 2019. 4. John Maynard Keynes, The General Theory of Employment, Interest and Money (London: Macmillan, 1936). CHAPTER 1: THE STRANGE CAREER OF NEOLIBERALISM 1. Alan Greenspan to Richard Nixon, “Subject: The Urban Riots of the 1960s,” September 26, 1967, Campaign Files, Richard Nixon Presidential Library, Yorba Linda, California (copy on file

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with author). 2. Sebastian Mallaby, The Man Who Knew: The Life and Times of Alan Greenspan (New York: Penguin, 2016). 3. Mallaby, Man Who Knew, 93. 4. He had come recommended by Columbia professor Marty Anderson, Greenspan’s mentor and a

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Rand and the World She Made (New York: Nan A. Talese/Doubleday, 2009). 4. Sebastian Mallaby, The Man Who Knew: The Life and Times of Alan Greenspan (New York: Penguin, 2016), 274. 5. James B. Murphy, “Friedrich Hayek: Not Exactly the Libertarian Darling He’s Claimed As,” Literary Hub, September 25, 2019

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services necessary to compete on even terms with their new competitors.” 17. U.S. Congress, Senate, Committee on Banking, Housing, and Urban Affairs, statement of Alan Greenspan, chairman, Board of Governors of the Federal Reserve System, 100th Cong., 1st sess., December 1, 1987. 18. Jonathan Levy, Ages of American Capitalism (New York

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: Random House, 2021), 606. 19. Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, remarks at the Meetings of the American Economic Association, January 3, 2004, “Speeches of Federal Reserve

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Labour Didn’t Fully Understand Complex Financial Sector,” Guardian, July 22, 2012. 13. U.S. Congress, House, Committee on Oversight and Government Reform, testimony of Alan Greenspan, October 23, 2008. 14. Justin Fox, “Bob Lucas on the Comeback of Keynesianism,” Time, October 28, 2008. 15. Richard A. Posner, “How I Became a

In FED We Trust: Ben Bernanke's War on the Great Panic

by David Wessel  · 3 Aug 2009  · 350pp  · 109,220 words

(2006 — ) TIMOTHY GEITHNER Secretary of the Treasury (2009 — ) President, Federal Reserve Bank of New York (2003 — 2009) HENRY PAULSON Secretary of the Treasury (2006 — 2009) ALAN GREENSPAN Chairman, Federal Reserve Board (1987 — 2006) LAWRENCE SUMMERS Director, White House National Economic Council (2009 — ) IN THE PRIVATE SECTOR JAMES DIMON Chief Executive, JPMorgan Chase

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DeLong put it: “It is either our curse or our blessing that we live in the Republic of the Central Banker.” During the reign of Alan Greenspan — which wasn’t much of a republic — the smart people of the Federal Reserve allowed the housing bubble to inflate. They stood by as banks

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. In Ronald Reagan’s years, Volcker helped big American banks cope with massive losses on loans they had made to Latin American governments. His successor, Alan Greenspan, steered the economy through the storms of the 1987 market crash and then helped clean up the mess left by savings and loan associations that

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as manipulating William McKinley. (If only the book had been written later, literary economists could have painted the wizard as chairman of the Federal Reserve. Alan Greenspan, after all, was likened to the Wizard of Oz, the man whose aura of mystery and power exaggerated his wisdom and capacity to control events

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loans to New York City banks as a way to stop them from lending to stockbrokers. It also favored rhetoric, the sort of jawboning that Alan Greenspan tried with his warnings about “irrational exuberance” in 1996. Strong’s successor at the New York Fed, George Harrison, a Harvard-trained lawyer who had

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; there will be no one man to whom all will look for direction.” The New York Times editorialist, of course, could not have known about Alan Greenspan. Chapter 3 AGE OF DELUSION In the morning cold of February 6, 2006, President George W. Bush made his way by armored limo to the

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Bernanke as the chairman of the Federal Reserve, but everyone knew Bernanke’s ascension wasn’t the main event. What really was being celebrated was Alan Greenspan’s departure after nearly nineteen years as Fed chairman, the Maestro. To laughter and applause from the invitation-only crowd, Bush said, with substantial accuracy

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, “Alan Greenspan is perhaps the only central banker ever to achieve … rock-star status.” Indeed, Bush gladly would have done what he had four years earlier, and

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1998, two wars with Iraq, and the September 11 attacks. To economists, bond traders, and businessmen, he was a hero. “No one has yet credited Alan Greenspan with the fall of the Soviet Union or the rise of the Boston Red Sox, although both may come in time as the legend grows

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to press questions or take cranky Cassandras seriously. Blame the Federal Reserve, which was, after all, created to head off financial panics. And, yes, blame Alan Greenspan, who during his nineteen years at the helm had created the Fed in his image. What did Greenspan and his Fed know, and when did

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left that to others. But as Gramlich knew, it was nearly impossible to push a regulatory initiative through the Fed without Greenspan’s blessing — and Alan Greenspan gave such blessings sparingly. GREENSPAN PUT TOO MUCH FAITH IN MARKETS AND THE CAPACITY OF BIG-MONEY PLAYERS TO POLICE THE MARKETS IN THEIR OWN

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February 2006 installation as the fourteenth chairman of the Federal Reserve was upstaged by his predecessor’s departure. After the paeans of praise heaped on Alan Greenspan, Bernanke added his own heavy measure. He hoped his record would look as impressive as Greenspan’s tenure, he told the ceremony. “My first priority

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a naive hope, a misreading of the chairman’s role that would create confusion in the early stages of the Great Panic. Ben Bernanke and Alan Greenspan were both brainy and Jewish, lifelong baseball fans, and, oddly, proficient saxophone players. The similarities between the two stopped there, though. Bernanke grew up in

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become painfully clear, neither lenders nor regulators were being “vigilant,” and “good sense” was in very short supply. FIVE FINALISTS, ONE WINNER The search for Alan Greenspan’s successor began in the spring of 2005 and was conducted by Vice President Dick Cheney; Scooter Libby, Cheney’s chief of staff; Andy Card

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, business executives, and consumers that years of easy credit even for risky borrowers, placid markets, and shared optimism were unsustainable. There was no analog to Alan Greenspan’s famous — and unheeded — admonition about “irrational exuberance” in the stock market in 1996. Nor would any Fed official be able to point to a

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outside the Fed. Kohn moved to the Fed’s Washington headquarters in 1975, climbing the staff ladder under Chairman Paul Volcker and becoming one of Alan Greenspan’s closest advisers. Eventually he inherited one of the three princedoms in the Fed staff hierarchy — director of monetary affairs. In that job, he prepared

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staff the wrong way, and newcomers James Bullard of St. Louis and Dennis Lockhart of Atlanta. The FOMC can be a fractious group, as even Alan Greenspan discovered. In 1988, the cacophony of competing views was so pronounced that the Wall Street Journal labeled the FOMC the “Open Mouth Committee.” As Greenspan

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’s Washington Dining Room, one of several get-togethers he had convened so the Fed chairman could meet Wall Street’s brass. Paul Volcker and Alan Greenspan were familiar faces long before they became Fed chairmen. Each had a mystique that conveyed competence and wisdom. But Wall Street was not Bernanke’s

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. Warnings about the two companies stretched back to well before their current troubles. Larry Summers, when he was at Treasury in the Clinton years, and Alan Greenspan, when he was at the Fed, had warned that the two companies had grown so large that they posed risks to the whole financial system

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third time: Press release, Board of Governors of the Federal Reserve System, February 3, 2006. http://www.federalreserve.gov/newsevents/press/other/ 20060203b.htm 50 “Alan Greenspan is perhaps” The White House, “President Attends Swearing-In Ceremony for Federal Reserve Chairman Ben Bernanke,” February 6, 2006. http://georgewbush-whitehouse.archives.gov/news

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Rents,” Board of Governors of Federal Reserve System, September 2004. http://www.federalreserve.gov/pubs/feds/2004/200450/ 200450pap.pdf 59 “I would tell audiences” Alan Greenspan, The Age of Turbulence: Adventures in a New World (New York: Penguin Press, 2007), 232. 60 “We cannot practice” Transcript, Federal Reserve Bank of Kansas

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Street Journal, April 8, 2008. http://online.wsj.com/article/SB120759233667695449.html# 64 “planned to be largely passive” Greenspan, Turbulence, 373. 64 “It is effective” Alan Greenspan, letter to John J. LaFalce, May 30, 2002. 65 “I made a mistake” House Committee on Oversight and Government Reform, hearing, October 23, 2008. http

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York, “Temporary Open Market Operations” Web site http://www.newyorkfed.org/markets/omo/dmm/historical/ tomo/search.cfm 103 “The lack of a spare tire” Alan Greenspan, “Do Efficient Financial Markets Mitigate Financial Crises? Before the 1999 Financial Markets Conference of the Federal Reserve Bank of Atlanta,” from the Federal Reserve Board

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thoughtful” Laurence Meyer, A Term at the Fed: An Insider’s View (New York: HarperBusiness, 2004), 45. 108 “It is just not credible” Alan Greenspan, “Remarks by Chairman Alan Greenspan at the Haas Annual Business Faculty Research Dialogue, University of California,” from the Federal Reserve Board Web site, September 4, 1998. http://www.federalreserve

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Fed and Treasury staff helped me piece together the story. Their careers would not be enhanced by mentioning their names, so I thank them anonymously. Alan Greenspan was generous with his insights. Anil Kashyap of the University of Chicago and Damian Paletta of the Wall Street Journal read early drafts and offered

Panderer to Power

by Frederick Sheehan  · 21 Oct 2009  · 435pp  · 127,403 words

his reputation suffered. This belated condemnation of Greenspan was inseparable from current events. Also, Bernanke’s Federal Reserve is inseparable from the financial terrain that Alan Greenspan bequeathed to him. I have not attempted to describe this postbust period comprehensively, but only incidentally. The book concentrates on the United States and

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and media promotion. Thus, there came the worship of celebrities simply because they are celebrities and the success of one pandering politician and clever opportunist: Alan Greenspan. Alan Greenspan grew up in New York City, a metropolis that illuminates the changing tendencies and aspirations of Americans. Greenspan spent his young adulthood near or on

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Greenspan’s mind during this period, reflected decades later: “I wondered to what extent he was aware of Ayn’s opinions.”7 Alan Greenspan’s contributions to group discussions were meager. Alan Greenspan was not philosophical; he was practical and, either by nature or by design, vague, remote, and impenetrable. Greenspan used his

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Proxmire’s fears proved correct. Two decades later, the highly concentrated financial system is semi-insolvent. Nobody contributed more to the concentration of finance than Alan Greenspan. As Federal Reserve chairman, Greenspan, who had recently resigned as a director of J. P. Morgan to take the post, permitted Morgan to underwrite

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. Humanity needed a discreetly annotated and mathematically proven means to avoid another such calamity as the Great Depression. Moving up—From NYU to Columbia University Alan Greenspan resisted any particular school of thought. Instead, he sought and captured the good graces of influential figures. Greenspan pursued his doctorate at Columbia University,

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assets and his standard of living ideas change, with consumption rising accordingly. —“Economists Sift Jobs and Stocks,” New York Times, December 28, 1959 When Alan Greenspan, joined William Townsend’s firm, Wall Street was the last place a bright and promising college graduate would launch his career. The Dow Jones Industrial

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Economists who could spin nonsensical abstractions into accepted wisdom over the course of this deterioration were amply rewarded. Greenspan’s Forays into Publicity and Publishing Alan Greenspan had been born into the dark side of prosperity. The stock market boom of the 1950s was changing the way Americans behaved, and Greenspan

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against welfare statists that Greenspan changed course—he aimed his efforts toward Washington. 40 Ayn Rand, Capitalism: The Unknown Ideal, Signet (paperback) 1967, essay by Alan Greenspan: “Gold and Economic Freedom” pp. 96–101 41 Bremner, Chairman of the Fed, pp. 204, 224. This page intentionally left blank 3 Advising Nixon:

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and few rules or regulations, could end up becoming chairman of the greatest regulatory agency in the country is beyond me. —Barbara Walters, 20081 Alan Greenspan entered politics during the 1968 Nixon election campaign. By different accounts, this decision was influenced by at least two old friends. Greenspan met Leonard Garment

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heart may have been more calculated. A RAND Report on the commission cited evidence that “the substantial powers of persuasion of economists Milton Friedman and Alan Greenspan [drove] the commission to recommend the end of conscription”; http: //www.rand.org/pubs/monographs/MG263/ chapter4_sec2.html. 31 Robert P. Bremner,

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think highly of Greenspan. Michael Steinhardt, hedgefund manager extraordinaire for the next three decades, looked back: “Around this time [circa 1967], I first met Alan Greenspan. Then a consultant to Donaldson, Lufkin, Jenrette, he visited our offices every quarter with our DLJ salesman. I recall being disappointed … that what he

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. 40 Martin, Greenspan, p. 127. 41 Ibid. This page intentionally left blank 5 The 1980 Presidential Election: Boosting Carter, Reagan, and Kennedy 1976–1980 Alan Greenspan, the economist, has asserted that the translation of homeownership equity into cash available for consumer spending is perhaps the most significant reason why the economy

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. (Stein had preceded Greenspan as chairman.) Stein “arouse[d] suspicion that politics was warping his professional judgment.” The magazine offered Schultze a role model: “Alan Greenspan restored the CEA’s professional respectability largely by staying out of the public eye and talking primarily to President Ford.”7 Greenspan’s self-effacement

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the good graces of the Carter administration. Hobart Rowan reported Greenspan’s phlegmatic economic critique shortly after his departure from Washington: “Four months ago, conservative Alan Greenspan was President Ford’s No. 1 economic adviser and confidante. Now, at the Metropolitan Club, just a block from his old office, private citizen

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, and the institutions that service them, could be exposed to significant losses.”13 Greenspan stepped down from the Federal Reserve on January 31, 2006. 10 Alan Greenspan, “Understanding Household Debt Obligations,” speech at the Credit Union National Association 2004 Governmental Affairs Conference, Washington, D.C., February 23, 2004. 11 “Consumer Finance,”

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system, former Fed Chairman William McChesney Martin would find it unrecognizably frenetic. Finance and financial institutions were more fluid than when the gold standard existed. Alan Greenspan explained the traditional reserve currency’s balancing properties in “Gold and Economic Freedom” (discussed in Chapter 2). The world bond market increased from less

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them are so esoteric, that the risks involved may not be understood even by the most sophisticated investors.”45 After the congressional study was completed, Alan Greenspan dismissed it as unnecessary. He described the risk of derivatives as “negligible.”46 Congress chose to believe Greenspan and ignore Soros. Worse than misapprehending

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lend more. To an extent, borrowed funds went into the stock market and other speculative activities. This was the period when Alan Greenspan became a household term (term, since “Alan Greenspan” seemed as much a thing as a person). It was also the period when credit decisions beyond bank lending—such as securitizing

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Congress rebelled. President Clinton diverted funds for the bailout. Rubin took his case to the legislators. He had only recently been installed as treasury secretary. Alan Greenspan carried more political weight on Capitol Hill. Greenspan accompanied Rubin to the Senate and House office buildings “testifying and lobbying in support of the package

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decision had been made. An unidentified speaker asks, “Is there a press release?” Greenspan responded, “I am sorry. The draft reads as follows: ‘Chairman Alan Greenspan announced today that the Federal Open Market Committee decided.’”17 Greenspan had brought the committee’s communiqué to the meeting. “The Greenspan Fed” Was Exactly

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he is willing to compromise some of his independence in order to do so. He desperately wants to be reappointed.”48 “Thank God for Alan Greenspan” “Thank God for Alan Greenspan” proclaimed the March 18, 1996, issue of Fortune: “No recession. No inflation. No voodoo.”49 Robert Ferrell, then senior investment officer at

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Nasdaq Index, up thirteen-fold from early 1991? The formulation needed to be simple, and it was—it was captured in one word: productivity.2 Alan Greenspan was the leading productivity mythologian, whipping up enthusiasm in practically every speech. His repetitious cheerleading 1 Wilhelm Röpke, Crises and Cycles (London: William Hodge &

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gross domestic product, and so on) are not of the real world, but exist in an abstract, mathematician’s universe. Greenspan Endorses Boskin Commission Recommendations Alan Greenspan debriefed the Senate Finance Committee on January 30, 1997. He approved of the changes recommended by the Boskin Commission, then threw his weight behind an

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output.”24 21Shadow Government Statistics, April 20, 2009, p. 18; http://www.shadowstats.com/ article/33, under the heading “Alternate Realities.” 22Testimony of Chairman Alan Greenspan before the Committee on Finance, United States Senate, “The Consumer Price Index,” January 30, 1997; http://www.federalreserve. gov/boarddocs/testimony/1997/19970130.htm. 23

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if this were true. That still leaves nonproduction workers at manufacturing companies. These are extrapolations “from an estimate for 1978.” And so on. Even Alan Greenspan did not seem to believe the new calculations. On March 31, 1998, Greenspan told the FOMC: “The productivity numbers are very rough estimates because

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in effect, of ideas for physical matter in the creation of economic value.”28 Most economists consider productivity to be a measurement of economic value. Alan Greenspan was more reticent about government social security calculations when he was abroad. In his autobiography, Greenspan recalls telling a Soviet Union government official that a

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rather than picturing it. 26 FOMC meeting transcript, March 31, 1998, pp. 76–77. 27 FOMC meeting transcript, August 22, 1995, p. 6. 28 Alan Greenspan, “The Implications of Technological Change,” speech at the Charlotte, North Carolina, Chamber of Commerce, July 10, 1998; http://www.federalreserve.gov/ boarddocs/speeches/1998/19980710

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. Lower inflation and the global flight to quality created an obsession with a single destination for global assets. The elephants in the room that Alan Greenspan failed to see outnumbered those in the Kalahari Desert. That this public servant received such applause from economists is unpardonable. In his February 24

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now God, according to the Economist. On November 14, 1998, the hallowed periodical published an article entitled “The Central Banker as God,” which stated: “Today, Alan Greenspan . . . is revered as a god by most investors.” Yet his holiness was debated in financial periodicals. On September 29, 1998, financial writer James Grant

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a long-running feud between the two. This was really a long-standing grievance about the role of Alan Greenspan. Bunning’s frustration may have been with Alan Greenspan, the showman, rather than with Alan 1 Alan Greenspan, quoting Herbert Stein, chairman of the Counsel of Economic Advisers under President Nixon. Of Stein’s statement,

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soon better known than the top Nasdaq performers: Global Crossing, Tyco International, WorldCom, Adelphi Communications, Arthur Andersen. The Enron Prize On November 13, 2001, Alan Greenspan accepted the Enron Prize for Distinguished Public Service in Dallas. This was a few days after Enron announced that it had filed five years of

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, and Jill Drew, “What Went Wrong,” Washington Post, October 15, 2008. Also see “Joint Statement by Treasury Secretary Robert E. Rubin, Federal Reserve Chairman Alan Greenspan and Securities and Exchange Commissioner Arthur Levitt,” dated May 7, 1998. Also see Treasury Deputy Secretary Lawrence H. Summers, Testimony Before the Senate Committee on

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of household assets.”23 House prices traded up; mortgagees spent their equity back down. The people’s representatives did not find this disclosure alarming. 21 Alan Greenspan, speech to the annual convention of the Independent Community Bankers of America (via satellite), March 4, 2003 “Home Mortgage Market”. 22Alan Greenspan, “Federal Reserve

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2007. 30 Ben S. Bernanke, “Monetary Policy and the Economic Outlook: 2004,” speech at the American Economic Association, San Diego, California, January 4, 2004. 31 Alan Greenspan, “Understanding Household Debt Obligations,” speech at the Credit Union National Association 2004 Governmental Affairs Conference, Washington, D.C., February 23, 2004. The most famous civil

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Palm Desert, California (via satellite), September 26, 2005. 63 Ibid. 64 Ibid. The hosannas flowed. In the Wall Street Journal, Milton Friedman wrote that Alan Greenspan was right and he (Friedman) was wrong: rather than “strict rules to control the amount of money created,” Greenspan had told Friedman that discretion was

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8Alan Greenspan, Consumer Finance At the Federal Reserve System’s Fourth Annual Community Affairs Research Conference, Washington, D.C. April 8, 2005. 9Testimony of Dr. Alan Greenspan, Committee of Oversight and Reform, October 23, 2008, p.1. 10Caroline Baum at Bloomberg listed Greenspan’s once-in-a-century proclamations. Greenspan had told

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is a matter of time. Then, the institution of central banking will wear no clothes. Nobody contributed more to the denouement than Alan Greenspan. HIS SUCCESSOR Ben S. Bernanke succeeded Alan Greenspan as Federal Reserve chairman. When Bernanke is evaluated, the wreckage he inherited should be a consideration. If Bernanke had followed Paul

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it easily accessible to households through cashout refinancing and home-equity lines of credit[.]1 —Federal Reserve Governor Ben S. Bernanke, 2005 What did Alan Greenspan bequeath to his successor? Foremost was a recovery that distorted the American economy more than ever. Americans borrowed from abroad and spent at home.

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3 Caroline Salas, “Derivatives, Not Bonds, Show What Pimco, TIAA-CREF Really Think,” Bloomberg, May 31, 2006. 4 Press release, “Association Announces Creation of the Alan Greenspan Award for Market Leadership,” May 18, 2006. 5 Krishna Guha, “Housing Boom Due to Global Integration,” Financial Times, October 9, 2006. 6 Jessica Holzer, “

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26, 2006. 7 PDF of ad, from National Association of Realtors Web site: http://tinyurl.com/yz33ym. Under “Positive Outlook”: “Former Federal Reserve Chairman Alan Greenspan recently said that housing prospects are looking up. ‘Most of the negatives in housing are probably behind us. The fourth quarter should be reasonably good

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11“Greenspan: Subprime Spillover Unlikely,” Associated Press, March 15, 2007; http:// tinyurl.com/p8c9mo. 12“Subprime Spillover Unlikely,” Associated Press, March 15, 2007. 13“When Alan Greenspan Talks, People Listen,” USA Today, March 21, 2007. 14 One definition of subprime: “‘Prime’ lending was based on the idea that all three C– questions

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, Stiglitz Says,” Bloomberg, November 16, 2007. 23Farah Nayeri, “Greenspan Was ‘Very Bad’ Fed Chairman, Says Artus of Natixis,” Bloomberg, November 30, 2007. 24Andrew Leonard, “Alan Greenspan on the Mortgage Crisis: ‘I Didn’t Do It!’” Salon. com, December 12, 2007. Greenspan did not agree. The problem was in not explaining himself

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(see Boskin Commission) Aetna Life & Casualty, 112 AFL-CIO, 43 Agnelli, Giovanni, 75 AIG (American International Group), 306, 347n.48, The Age of Turbulence (Alan Greenspan), 303, 337–341 Air Products and Chemicals, 130 Albright, Madeline, 323 Allen, Richard V., 70 Amazon.com, 198 American Continental Corporation (ACC), 88 American Express

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Times (London), 342 Sydney Morning Herald (Australia), 347 Synthetic CDOs, 313 T TACA International, 164 Technology, 196, 200–201, 241 “Technology and the Economy” (Alan Greenspan), 218 Technology industry, 207 and 2000 slowdown, 234, 235 in 2001, 237 profit losses in, 219 and Y2K scare, 216 Television, stock market and, 248

Ayn Rand Cult

by Jeff Walker  · 30 Dec 1998  · 525pp  · 146,126 words

ideas in the context of philosophies that preceded and followed her, and offers insightful chapters on three of her major followers: Branden, Leonard Peikoff, and Alan Greenspan. His account is well researched and clearly written, . . . a solid contribution to 20th-century intellectual history.” Publishers Weekly: “devastating . . . a useful corrective to the Rand

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the Guru’s Death 4. Sex, Art, and Psychotherapy 5. Nathaniel Branden: The Godfather of Self-Esteem 6. Leonard Peikoff: From Serf to Pontiff 7. Alan Greenspan: The Undertaker Takes Over 8. The Mind of the Guru 9. The Dark Side of the Guru’s Soul 10. The Roots of Objectivism 11

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Branden’s own sisters and cousins would never speak to him again. One of the loyal Randians who shunned Branden was a young man named Alan Greenspan. The face-slaps would drastically change thousands of lives, and oddly enough, they continue to do so. And it would be years before the full

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and Winnipeg respectively, both students at New York University, and soon various of their relatives and acquaintances such as later chief of the Federal Reserve Alan Greenspan, sat at Rand’s feet, listening spellbound to her read from her work-in-progress Atlas Shrugged and discourse upon ideas. Ten years earlier Ayn

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that impression, she wrote in the 1960s that the real “money-maker” is a discoverer who transforms his discovery into actual products, money-makers in Alan Greenspan’s view constituting less than 15 percent of businessmen. Overwhelmingly, in Rand’s view, actual businessmen are “money-appropriators” whose goal is to get rich

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of Objectivism, setting up in 1958 the Nathaniel Branden Institute (NBI) in New York City, where he, wife Barbara, Mary Ann Sures, Leonard Peikoff, and Alan Greenspan would lecture to spellbound Rand admirers. Rand would often help out by being available to answer questions after lectures, and by speaking at more than

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an audiocassette for sale: In February 1998, a liberal organization ran a pro-affirmative-action ad in The New York Times featuring this quotation from Alan Greenspan: “It is good for business. It is good for our society, and it is the right thing to do.” Ever since Greenspan’s favorable comments

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excommunicatory rites. Now he apparently had a plausible excuse. Within days he announced on KIEV that “it is necessary to set the world straight on Alan Greenspan, once and for all” and in effect “formally excommunicate” him “from any connection with Objectivism.” No longer would Peikoff even “regard him as an admirer

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quote was uprooted would have discerned. Perhaps fearing that this goof-up might trigger another exodus from ARI, Peikoff bit the bullet and apologized. 7 Alan Greenspan: The Undertaker Takes Over There at the Dawn of Time Born the year Ayn Rand arrived in the U.S., the son of a stockbroker

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, Alan Greenspan graduated from New York University’s School of Commerce in 1948. He soon took a dull job at the National Industrial Conference Board, a propaganda

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hundreds of Savings and Loan institutions and to the most expensive government bailout in U.S. history. Neo-Objectivist economics professor Larry Sechrest suggests that, “Alan Greenspan is either one of the world’s most schizophrenic human beings or one of the most dishonest. Anyone who can write the articles he wrote

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its pre-crash peak of 2,700, climbed to 9,300 in 1998. Ayn Rand’s inflation paranoia, impressed indelibly upon the mind of disciple Alan Greenspan in the 1950s, wound up administering a stunning shock to investors worldwide three decades later. The crash even resulted in further regulation of the financial

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had met defeat, ending a Republican dynasty. True Believer or Traitor? Former Fed governor John LaWare groans, “I can’t imagine, to this day, how Alan Greenspan got himself euchred into sitting in that box”—between Hillary Clinton and Tipper Gore—“for the Presidents first State of the Union message. I think

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Authority. Morgan so admired Bellamy that he had written his biography. Reagan’s appointee as Chairman of the Federal Reserve Board would be Rand admirer Alan Greenspan, who didn’t actually write Rand’s biography—his first wife’s best friend did that. Count Alfred Korzybski (1879–1950) was as high-profile

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. 219. Page 201: Edith Efron, a . . . Efron 1992; “seeks to establish . . .” Internet posting. Page 202: “it is necessary . . .” Internet posting by Chris Wolf, 1998. 7 Alan Greenspan: The Undertaker Takes Over Page 203: “former Ayn Rand . . .” Foust 1997; “He was very . . .” Holzer and Holzer 1991. Page 204: “He was her . . .” Bradford 1997

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; “were suffering more . . .” Foust 1997; “kamikaze politics . . .” Michael Lewis 1997; “put Greenspan in . . .” Beckner 1996, p. 17. Page 208: “at the time . . .” Michael Lewis 1997; “Alan Greenspan is . . .” Sechrest 1994; “If you have . . .” Beckner 1996, p. 16. Page 209: “is a necessary . . .” IOS Journal (November 1993), citing Investor’s Business Daily (18

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interview with Jeff Walker, 15 October 1991b. Florman, Samuel C. Blaming Technology: The Irrational Search for Scapegoats. New York: St. Martin’s, 1981. Foust, Dean. Alan Greenspan’s Brave New World. Business Week (14 July 1997). Franck, Murray I. Interviewed by Karen Reedstrom. Full Context (June 1992). ———. Taxation Remains Moral. Full Context

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. In the Nature of the Materials: The Buildings of Frank Lloyd Wright 1887–1941. New York: Da Capo, 1973 [1942]. Hitchens, Christopher. Minority Report. (On Alan Greenspan) The Nation (16 March 1994). Hobsbawm, Eric. The Age of Extremes: A History of the World, 1914–1991. New York: Pantheon, 1994. Hoffer, Eric. The

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Karen Reedstrom. Full Context (March 1991). Paul Lepanto. Return to Reason: An Introduction to Objectivism. New York: Exposition, 1971. Lewin, Tamar. The Quiet Allure of Alan Greenspan. Sunday New York Times (5 June 1983). Lewis, Martin W. Green Delusions: An Environmentalist Critique of Radical Environmentalism. Durham: Duke University Press, 1992. Lewis, Michael

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. Beyond Economics, Beyond Politics, Beyond Accountability. (On Alan Greenspan.) Worth (May 1995). Lewis, Sinclair. It Can’t Happen Here. New York: New American Library, 1935. Lipset, Seymour Martin. Continental Divide: The Values and Institutions

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Course of Modern Jewish History. New York: Delta, 1977 [1958]. Salsman, Richard M. Wall Street Under Siege. Audiotape. New Milford: Second Renaissance, 1990. ———. Article on Alan Greenspan as Fed Chairman. Intellectual Activist (July 1997). Salzman, Jack, and Pamela Wilkinson. Major Characters in American Fiction. New York: Holt, 1994. Sass, Louis A. Madness

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student radio interview of Ayn Rand in the early 1960s, nd. ———. What’s Wrong with Objectivism? FAQ on Internet, ca. 1994. ———. Leonard Peikoff Unjustly Smears Alan Greenspan. An extended internet posting in an Objectivist newsgroup, 22 February 1998. Wolf, Chris, et al. An internet <www.all-media.com/ari/docs.htm> compilation

How Markets Fail: The Logic of Economic Calamities

by John Cassidy  · 10 Nov 2009  · 545pp  · 137,789 words

Federal Reserve, congressmen, cabinet ministers, even presidents had treated him with a deference that bordered on the obsequious. But on this morning—October 23, 2008—Alan Greenspan, who retired from the Fed in January 2006, was back on Capitol Hill under very different circumstances. Since the market for subprime mortgage securities collapsed

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I identify: the illusion of harmony. In Part I, I trace the story of what I call utopian economics, taking it from Adam Smith to Alan Greenspan. Rather than confining myself to expounding the arguments of Friedrich Hayek, Milton Friedman, and their fellow members of the “Chicago School,” I have also included

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unidirectional acquired the official imprimatur of the U.S. government. In April 2003, at the Ronald Reagan Presidential Library and Museum, in Simi Valley, California, Alan Greenspan insisted that the United States wasn’t suffering from a real estate bubble. In October 2004, he argued that real estate doesn’t lend itself

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. Every few days, my grandmother, who kept a boardinghouse, would go to Leeds market in search of cheap cuts of meat and other bargains. If Alan Greenspan is at one end of the spectrum when it comes to thinking about how markets work, she was at the other. An Irishwoman with little

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have remained essentially unchanged since the eighteenth-century Enlightenment, when they first emerged, to a remarkable extent, from the mind of one man, Adam Smith,” Alan Greenspan wrote in his 2007 memoir, The Age of Turbulence. “[I]n a sense, the history of market competition and the capitalism it represents is the

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communication of fire, is a violation of natural liberty, exactly of the same kind with the regulations of the banking trade which are here proposed.” Alan Greenspan and other self-proclaimed descendants of Smith rarely mention his skeptical views on the banking system, which were shared by many nineteenth-century economists who

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capitalism appeared to be floundering and many economists were looking favorably on replacing the price system with central planning. 3. FRIEDRICH HAYEK’S TELECOMMUNICATIONS SYSTEM Alan Greenspan first read Adam Smith shortly after World War II, a time, he recalls in his memoir, when “regard for [Smith’s] theories was at a

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its obligations. In short, financial prices are tied to economic fundamentals: they don’t reflect any undue pessimism or “irrational exuberance”—the famous phrase that Alan Greenspan introduced to the American lexicon in December 1996. If markets rise above the levels justified by fundamentals, well-informed speculators step in and sell until

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introduction of a carbon tax. The members of Greg Mankiw’s informal Pigou Club include Gary Becker and Posner, both of the University of Chicago; Alan Greenspan; and the former secretary of state George Shultz. According to Mankiw: The Pigou Club wants to move beyond the rhetorical syllogism, all too common in

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care provide three important examples. Friedman, as I mention earlier, advocated doing away with the FDA and relying on the drug companies to police themselves. Alan Greenspan, until recently anyway, acted as if he would have been happy to see the SEC and other regulatory agencies closed down, leaving Wall Street to

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met in this same grand setting to plan the Allied war against Hitler. Since the summer of 1987, the room had been the preserve of Alan Greenspan, who was now in his sixteenth year at the helm of the Fed and dominated it utterly. The meeting began with a presentation by the

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denied a loan. “[L]enders have taken advantage of credit-scoring models and other techniques for efficiently extending credit to a broader spectrum of consumers,” Alan Greenspan said in April 2005. “The widespread adoption of these models has reduced the costs of evaluating the creditworthiness of borrowers, and in competitive markets cost

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books; and by buying and selling newfangled derivatives, they could use the market to hedge their exposures. In June 2006, five months after he replaced Alan Greenspan, Ben Bernanke noted that in the past a bank’s lending decisions had relied mainly on the personal judgments of loan officers. “Today, retail lending

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kinds shot up dramatically, and many Wall Street banks and hedge funds suffered big losses. On this occasion, the markets stabilized, and in May 2005 Alan Greenspan sang the praises of credit derivatives, saying their development “has contributed to the stability of the banking system by allowing banks, especially the largest, systemically

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- and third-generation insurgents went too far, forgetting, or ignoring, the equally well established truth that markets, too, can create damaging incentives. In February 2005, Alan Greenspan visited Kirkcaldy, Scotland, the birthplace of Adam Smith, where he hailed “Smith’s demonstration of the inherent stability and growth of what we now term

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roughly $14 trillion in assets. After all, the spreading of risk was purported to be the great benefit of securitization; it was the very reason Alan Greenspan had supported the concept in the first place. In the final months of 2007 and the first part of 2008, each of these reassuring arguments

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.” (The industrialist Henry Ford is reputed to have said something similar.) There is something in each of these theories. If Ronald Reagan, instead of appointing Alan Greenspan to the Fed in 1987, had talked Paul Volcker into staying on for another four or eight years, things would have turned out differently. Volcker

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sure that competition reigns, prevent the emergence of monopolies, and a good outcome is guaranteed. Actually, some free market economists aren’t saying this anymore. Alan Greenspan has blamed the subprime collapse on the misleading risk models that private-sector enterprises relied on. Richard Posner has castigated the misguided actions of bankers

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,” Barron’s, June 20, 2005. 19 “We are not going to see . . .”: Quoted in Cassidy, “The Next Crash,” 123. 19 “upon sale of a house . . .”: Alan Greenspan, “The Mortgage Market and Consumer Debt,” remarks at America’s Community Bankers Annual Convention, Washington, D.C., October 19, 2004, available at www.federalreserve.gov

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conventional wisdom . . .”: John Kenneth Galbraith, The Affluent Society (Boston: Mariner Books, 1998), 9. 2. ADAM SMITH’S INVISIBLE HAND 27 “It is striking to me . . .”: Alan Greenspan, The Age of Turbulence (New York: Penguin Press, 2007), 260. 27 “One man draws out . . .”: Adam Smith, The Wealth of Nations, Books 1–3 (New

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Federal Reserve’s Open Market Committee, June 24, 2003. 226 “In the field of economics . . .”: Interview with the author, October 2008. 226 “brought down numerous . . .”: Alan Greenspan, “Economic Flexibility,” speech before the HM Treasury Enterprise Conference, London, England, January 26, 2004, available at http://federalreserve.gov/boarddocs/speeches/2004/20040126/default.htm

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. . .”: Quoted in John Cassidy, “The Fountainhead,” New Yorker, April 24, 2000, 172. 228 “She did things in . . .”: Quoted in ibid., 168. 229 “nothing more than . . .”: Alan Greenspan, “Antitrust” and “Gold and Economic Freedom,” in Ayn Rand, Capitalism: The Unknown Ideal (New York: Signet Books, 1967), 100. 229 “As Fed chairman . . .”: Greenspan, Age

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of Turbulence, 373. 229 “could undermine the competitiveness . . .”: Alan Greenspan, “Need for Financial Modernization,” testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, February 23, 1999, available at http://federalreserve.gov

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/boarddocs/testimony/1999/19990223.htm. 230 “Risks in financial markets . . .”: Alan Greenspan, “Impact of Derivatives on Financial Markets,” testimony before the Telecommunications and Finance Subcommittee, House Energy and Commerce Committee, May 25, 1994. 230 “a major failure

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a Greenspan Legacy,” New York Times, October 9, 2008. 231 “I certainly am not . . .”: Quoted in Schmitt, “Prophet and Loss.” 232 “to mitigate the fallout . . .”: Alan Greenspan, testimony before the Committee on Banking and Financial Services, U.S. Congress, July 22, 1999, available at http://federalreserve.gov/boarddocs/hh/1999/july/testimony

…

.htm. 232 “There appears to be enough evidence . . .”: Alan Greenspan: “Risk and Uncertainty in Monetary Policy,” remarks to the annual meeting of the American Economic Association, San Diego, January 3, 2004, available at www.federalreserve

…

. 239 In 1998, the median . . . : The Corcoran Report 2008, Corcoran Group, available at www.corcoran.com/guides/pdf/CorcoranReport-2008.pdf. 240 “Recent research within . . .”: Alan Greenspan, “Understanding Household Debt Obligations,” remarks at the Credit Union National Association 2004 Governmental Affairs Conference, Washington, D.C., February 23, 2004. 240 “A home in

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Portland, Oregon . . .”: Alan Greenspan, “Monetary Policy and the Economic Outlook,” Joint Economic Committee, U.S. Congress, April 17, 2002. 242 “America is a stronger country . . .”: Quoted in Zachary Karabell

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. . .”: Quoted in Austan Goolsbee, “ ‘Irresponsible’ Mortgages Have Opened Doors to Many of the Excluded,” New York Times, March 29, 2007. 254 “[L]enders have taken . . .”: Alan Greenspan, remarks at the Federal Reserve System’s Fourth Annual Community Affairs Research Conference, Washington, D.C., April 8, 2005, available at http://federalreserve.gov/boarddocs

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never tell an arranger . . .”: “Structured Finance: Commentary,” Standard & Poor’s, August 23, 2007. 264 “My view is that . . .”: Fons testimony. 265 “I had no notion . . .”: Alan Greenspan interview with 60 Minutes, September 16, 2007. 265 By 2004, according to one . . . : Figures from Wholesale Access, reported in Jeff Bailey, “With Mortgages, Instant Wealth

…

missives are available at www.berkshirehathaway.com/letters/letters.htmlWarren Buffett. 283 “has contributed to the stability . . .”: “Risk Transfer and Financial Stability,” remarks by Chairman Alan Greenspan to the Federal Reserve Bank of Chicago’s Forty-first Annual Conference on Bank Structure, Chicago, Illinois, May 5, 2005, available at www.federalreserve.gov

…

Enough,” The Stockton Lecture, 1976, Centre for Policy Studies, London, available at www.margaretthatcher.org/commentary/displaydocument.asp?docid=110796. 286 “Smith’s demonstration of . . .”: Alan Greenspan, “Adam Smith,” Adam Smith Memorial Lecture, Kirkcaldy, Scotland, February 6, 2005, available at www.federalreserve.gov/boarddocs/speeches/2005/20050206/default.htm. 288 “[T]here

Fed Up: An Insider's Take on Why the Federal Reserve Is Bad for America

by Danielle Dimartino Booth  · 14 Feb 2017  · 479pp  · 113,510 words

. It was part of a long tradition of economic interference by well-meaning bureaucrats, going back to the 1930s and accelerating with Federal Reserve Chairman Alan Greenspan in the 1980s. Greenspan championed the era of financial deregulation that drove Wall Street to levels of greed that surprised even the most hardened investment

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irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade? —ALAN GREENSPAN, DECEMBER 5, 1996 As I and one hundred other members of the sales force found seats in the conference room at Credit Suisse’s office

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, my mind sent out a thought and a thank you: “Mom, I’ve made it.” No one at that party was worried about Fed chairman Alan Greenspan and his “irrational exuberance” comment earlier that month. Greenspan could have increased margin requirements and stopped many traders in their tracks. He didn’t, believing

…

bursting and the whole price level [of the housing market] coming down seems to me, as far as a nationwide phenomenon, is really quite unlikely. —ALAN GREENSPAN, FEBRUARY 27, 2003 Bunny Harmon for Richard Fisher,” said a perky female voice. Sitting at my desk in the autumn of 2005, I thought, “Who

…

of the FOMC. But Fisher was an extraordinary addition to the table. Before his first FOMC meeting, Fisher had gone to pay his respects to Alan Greenspan. He asked, “Now that I’m in the inner sanctum, what do you require?” “Just speak the truth, Richard,” Greenspan told him. In his inaugural

…

have individual financial institutions become less vulnerable to shocks from underlying risk factors, but also the financial system as a whole has become more resilient. —ALAN GREENSPAN, 2003 Every August, the Kansas City Fed hosts a small but prestigious conference of central bankers and distinguished economists from around the world at Jackson

…

, innovation, and competition. Then the Fed lowered interest rates, creating “an abundance of credit for borrowers and a scarcity of yield for investors.” (Thank you, Alan Greenspan!) Pozsar pinpointed the 1988 Basel I Accord as the main catalyst for the growth and advances of “credit risk transfer instruments” like CDOs, MBSs, asset

…

the prescriptions of a formal policy rule. That any approach along these lines would lead to an improvement in economic performance, however, is highly doubtful. —ALAN GREENSPAN, AUGUST 2003 After Bear’s fall, short sellers resumed their hunt. On March 20, 2008, Maria Bartiromo of CNBC called Erin Callan, Lehman Brothers’s

…

economic calamity to test our leadership since the 1930s. Way back as a rookie saleswoman on Wall Street, I had felt the invisible hand of Alan Greenspan, and sensed a force in the markets working against mom-and-pop investors. It was my hope that perhaps on the inside of the Fed

…

end: Ibid. But it’s done nothing to staunch: Ibid. CHAPTER 2: WHO WOULD BUY THAT CRAP? How do we know when irrational exuberance: FRB: Alan Greenspan, “Central Banking in a Democratic Society” (speech, American Enterprise Institute for Public Policy Research, Washington, DC, December 5, 1996), www.federalreserve.gov/boarddocs/speeches/1996

…

Reserve Bank of New York, Federal Reserve History, September 1998, www.federalreservehistory.org/Events/DetailView/52. “Had the failure of LTCM”: FRB: Testimony of Chairman Alan Greenspan, “Private-Sector Refinancing of the Large Hedge Fund, Long-Term Capital Management,” Committee on Banking and Financial Services, U.S. House of Representatives, October 1

…

transcripts: Annie Lowry, “Inside the Fed’s 2007 Deliberations,” New York Times, January 18, 2013. CHAPTER 9: “LUDDITE!” Not only have individual: FRB: Alan Greenspan, “Remarks by Chairman Alan Greenspan” (speech, American Bankers Association Annual Convention, New York, New York, October 5, 2004), www.federalreserve.gov/BOARDDOCS/Speeches/2004/20041005/default.htm. They knew

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Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives

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Who Stole the American Dream?

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The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street

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13 Bankers: The Wall Street Takeover and the Next Financial Meltdown

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A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History

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The Lords of Easy Money: How the Federal Reserve Broke the American Economy

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The Financial Crisis and the Free Market Cure: Why Pure Capitalism Is the World Economy's Only Hope

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Goddess of the Market: Ayn Rand and the American Right

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Extreme Money: Masters of the Universe and the Cult of Risk

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The Economists' Hour: How the False Prophets of Free Markets Fractured Our Society

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The Quants

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Financial Fiasco: How America's Infatuation With Homeownership and Easy Money Created the Economic Crisis

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The Oil Kings: How the U.S., Iran, and Saudi Arabia Changed the Balance of Power in the Middle East

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The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street

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What Went Wrong: How the 1% Hijacked the American Middle Class . . . And What Other Countries Got Right

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The Making of Global Capitalism

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Zero-Sum Future: American Power in an Age of Anxiety

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Meltdown: How Greed and Corruption Shattered Our Financial System and How We Can Recover

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The End of Wall Street

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Toward Rational Exuberance: The Evolution of the Modern Stock Market

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Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism

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War and Gold: A Five-Hundred-Year History of Empires, Adventures, and Debt

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Other People's Money: Masters of the Universe or Servants of the People?

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The Alchemists: Three Central Bankers and a World on Fire

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End the Fed

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Crisis Economics: A Crash Course in the Future of Finance

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