Back from the Brink: The Greenspan Years
"He's the best chairman the Fed has ever had." -Allan Meltzer, Professor Carnegie Mellon University He is the most powerful man in Washington. His decisions sway world markets. He holds the fate of the U.S. economy in his hands-and you don't even get to vote for him. He is Alan Greenspan, the powerful, highly respected head of the Federal Reserve whose impressive record of accomplishments belies the turbulent events of his tenure. Like a brilliant military strategist, Greenspan has commanded and maneuvered through an economic minefield dotted with fiscal explosives ready to wreak havoc on national and global markets, single-handedly bringing the U.S. economy Back From the Brink. Now, read how he did it. Written by Steven Beckner, a respected financial journalist who has covered the Fed for more than twenty years, Back From the Brink is a compelling and intricate portrait of the enigmatic Greenspan and the powerful institution he heads. In a gripping, blow-by-blow account of the Fed's role during the Greenspan years-perhaps "the most difficult time to make monetary policy in the Fed's 83-year history"-Beckner skillfully weaves the subtleties of the Fed's complex inner workings with details of the Chairman's rise to-and phenomenal stay at-the top. Like most central bankers, Alan Greenspan the Chairman was made, not born. In fact, one of the most influential figures in Washington is, actually, a quiet, somewhat shy man whose childhood dream was to be a musician. Alan Greenspan entered the political arena in 1968 as director of domestic policy research for Richard Nixon's presidential campaign. He would go on to serve as chairman of the Council of Economic Advisors under President Ford and be named to Ronald Reagan's Economic Advisory Board. His impeccable credentials, along with his extraordinarily well-detailed understanding of both domestic and international economies made him the first-if not the only-choice to replace Paul Volcker as Fed chairman in 1987. Since taking office, Greenspan has been bombarded with potentially disastrous economic time bombs: from the ferocious crash of '87 and the recession of '90 to ongoing trade deficits, debt burdens, banking problems, swinging exchange rates, and severe credit crunches. Constantly battling inflation, he has also had to contend with enormous pressures from three different administrations to hold interest rates as low as possible. With exacting detail, Beckner deftly elucidates the myriad intricacies of monetary policy and the sometimes risky strategies of the Fed. Along the way, he charts the brilliant moves its Chairman has made to jumpstart the economy, create thousands of new jobs, and keep inflation in check. Expansive in scope, Back From the Brink exposes previously unrevealed facts about the Fed and its behind-the-scenes operations. A wholly accessible and illuminating work, this is the enthralling story of how the nation's economy was pushed to the precipice, but rescued from disaster by the world's most important central bank and the impressive man at its helm.
What people are saying - Write a review
We haven't found any reviews in the usual places.
ONE The Makings of a Central Banker
TWO Hitting the Ground Running
6 other sections not shown
Other editions - View all
administration official Alan Greenspan Angell Baker Banking Committee beige book Bentsen billion Blinder bond market bond yield borrowing Boskin Brady budget Bundesbank Bush capital central banks chairman Clinton concern Congress continued Corrigan credit crunch currency cut rates Dallara debt deficit reduction demand Democrats discount rate discount window easing economy effect exchange rates February Fed officials Fed presidents Fed rate Fed's federal funds rate Federal Reserve fiscal policy FOMC meeting forecast funds rate further going Greenspan higher increase inflation inflationary interest rates intervention investors January Japan Japanese LaWare lending loans long-term interest rates lower rates monetary policy money growth money supply move numbers percent policymakers pressure price stability problems push raise rates rate cuts rate hikes recession recovery reduce rise risk says short-term slow spending Sprinkel staff talk target thing thrifts tightening tion told U.S. dollar unemployment Volcker vote wanted White House