Alan Greenspan: The Oracle Behind the Curtain
There is an endless supply of rave reviews for Alan Greenspan and the Fed. This is due to Greenspan's political manipulations, the reluctance of politicians to challenge the Federal Reserve, the press corps' willingness to trade glowing reviews for access, and private economists with ambitions of becoming Fed Governors. With Greenspan's announced retirement, the devastating effects of Fed actions are mounting. Even as institutional reforms are suggested, it is shown how they have been blocked by an ideology favored by financial wealth-holders at the expense of wage labor.This thought-provoking new title, by the highly acclaimed author of Wall Street Capitalism and A Brief History of Economics, provides a much-needed counterbalance to the mythical distortions of Alan Greenspan. Canterbery exposes Greenspan's fundamentalist market ideology as overwhelming rationality in the making of economic policy. He depicts a Fed selfishly guarding its political independence, even as Greenspan has his way in virtually every major economic and social policy affecting the global economy since the Ford Administration.This book reveals the hidden nodes of power that give the Fed vast authority over the global economy. It also explains why it is so important not only to understand those powers, but also to appreciate why they are resistant to moderation.
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1 GREENSPAN AND THE MYTH OF HIS PURITY
2 ADAM SMITH FREE MARKETS AND THE GREENSPAN STANDARD
3 WHEN MARKETS HAVE FAILED GREENSPAN HAS BEEN ON THE SCENE
4 THE INDEPENDENCE OF ALAN GREENSPAN AND THE FEDERAL RESERVE SYSTEM
5 FEDSPEAK AND THE INNOCENT HYPOCRISY OF INDEPENDENCE
6 WHITE HOUSE DEPENDENCE AND THE HYPOCRISY OF PERSONAL INTERFERENCE
7 GREENSPANMAIL REDEFINES THE NEW DEMOCRATS
8 FED AND WHITE HOUSE DEPENDENCE ON WALL STREET INVESTMENT BANKERS
THROWING IN THE CHIPS
14 FED DEPENDENCE ON HEDGE FUNDS?
15 GREENSPAN TAKES US FROM GOLDILOCKS TO THE SOFT PATCH AND BACK AGAIN
16 THE HOUSING BUBBLE CONUMDRUM
ON THE CUTTING EDGE OF FEDERAL BUDGET DEFICITS
18 GETTING PERSONAL WITH SAVINGS AT HOME AND ABROAD
19 KING ALAN II
20 PROSPECTS FOR REFORM
Adam Smith Alan Greenspan American Ayn Rand bailout beneﬁts billion bond market Bush capital gains central bank chair chairman Citigroup Clinton collapse commercial banks Congress corporate Corrigan crash debt deﬁned deﬂation Democrats derivatives Economic Advisers economists efﬁciency employment fed funds rate Fed’s federal deﬁcits Federal Reserve System ﬁnan ﬁnance ﬁnancial asset ﬁnancial markets strategy ﬁnancial wealth holders ﬁnd ﬁrms ﬁrst ﬂows FOMC Goldilocks Economy Governors Greenspan Standard growth hedge funds households housing bubble hypocrisy income increase inﬂation inﬂuence interest rates investment bankers junk bonds Keynes loans LTCM maestro monetary policy mortgage neoconservative nonetheless Notes for pages ofﬁce ofﬁcials Open Market Committee point ﬁve percent President President’s proﬁts Ray Canterbery rich risk Robert Rubin Rubin savings short-term interest rates Social Security speculation stock market bubble stock prices sufﬁcient swaps tax cuts U.S. Treasury UNIVERSAL PRESS SYNDICATE wages White House World Scientiﬁc York