Alan Greenspan: The Oracle Behind the Curtain

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World Scientific, 2006 - Science - 193 pages
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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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Contents

1 GREENSPAN AND THE MYTH OF HIS PURITY
1
2 ADAM SMITH FREE MARKETS AND THE GREENSPAN STANDARD
9
3 WHEN MARKETS HAVE FAILED GREENSPAN HAS BEEN ON THE SCENE
17
4 THE INDEPENDENCE OF ALAN GREENSPAN AND THE FEDERAL RESERVE SYSTEM
27
5 FEDSPEAK AND THE INNOCENT HYPOCRISY OF INDEPENDENCE
36
6 WHITE HOUSE DEPENDENCE AND THE HYPOCRISY OF PERSONAL INTERFERENCE
45
7 GREENSPANMAIL REDEFINES THE NEW DEMOCRATS
52
8 FED AND WHITE HOUSE DEPENDENCE ON WALL STREET INVESTMENT BANKERS
61
THROWING IN THE CHIPS
102
14 FED DEPENDENCE ON HEDGE FUNDS?
109
15 GREENSPAN TAKES US FROM GOLDILOCKS TO THE SOFT PATCH AND BACK AGAIN
118
16 THE HOUSING BUBBLE CONUMDRUM
126
ON THE CUTTING EDGE OF FEDERAL BUDGET DEFICITS
136
18 GETTING PERSONAL WITH SAVINGS AT HOME AND ABROAD
145
19 KING ALAN II
155
20 PROSPECTS FOR REFORM
160

9 THE FABLE OF THE GOLDILOCKS ECONOMY
69
10 THE WOLF AT THE DOOR OF ORDINARY WORKERS
75
11 GLOBAL MARKET FAILURES
82
12 THE COLLAPSE OF THE GREAT AMERICAN STOCK MARKET BUBBLE
92
NOTES
168
INDEX
181
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