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Title: The Quotations of Chairman Greenspan: Words from the Man Who Can Shake the World by Larry Kahaner, Alan Greenspan ISBN: 1-58062-420-0 Publisher: Adams Media Corporation Pub. Date: November, 2000 Format: Hardcover Volumes: 1 List Price(USD): $16.95 |
Average Customer Rating: 5 (6 reviews)
Rating: 5
Summary: Acquire Non-Diminutive Cognizance of Greenspanisms
Comment: Morbid curiosity drove me to open this book. I suppose I expected to find some sort of arch-conservative, Reaganite-Republican, Ayn-Randian, ultra-capitalist dogmatist. But the figure that actually emerges is that of a dedicated, technical-minded civil servant.
The book contains selections from different Greenspan speeches given over the years. Most selections are prefixed with some scene-setting remarks by the author, Kahaner. The book doesn't have much structure to it -- the chapters are in alphabetical order (e.g., "Banks", "Capitalism", "Derivatives", etc). So you can skip back and forth without losing anything.
While Greenspan's speaking style is usually clear, he does have a roundabout way of talking. For example: "I don't want to suggest we're about to do anything at this stage, but I would confirm we are obviously going to do a great deal of thinking about the whole process." Somewhere else, he jokes: "I've been able to string more words into fewer ideas than anybody I know, and I'm continuing to do that."
Nonetheless, the reader can pick up most of Greenspan's opinions without too much trouble. For example: (a)Debt - bad. (b)Inflation - very, very bad. (c)Capitalism - hurray! His view on income distribution: "No society succeeds unless virtually all of its participants believe that it's fair and gives people opportunities." That one sounded all right to me, but his views on labor strike me as downright creepy; for example: "It should always be remembered that in economies where dismissing a worker is expensive, hiring one will also be perceived to be expensive."
On a subject of current political concern, the privatization of Social Security (or "modernization" is what they're calling it now, I think), Greenspan argues against it for workers already contributing to the system: "Investing Social Security assets in equities is largely a zero sum game." But he also suggests that allowing younger workers the option to move to a semi-privatized plan might be practical.
Greenspan maintains a pretty aloof tone in most of his speeches. For example, while touring the economically devastated region of South Central Los Angeles, he dryly observes, "We regulators are swamped with all sorts of data... It's important to put a face on the numbers." On the matter of dealing with others: "...beyond the personal sense of satisfaction, having a reputation for fair dealing is a profoundly practical virtue. We call it 'good will' in business and add it to our balance sheets."
A section near the end of the book contains remarks others have made about Greenspan. One economist sums it up best: "When Greenspan dies his headstone could read: 'I am guardedly optimistic about the next world, but remain cognizant of the downside risk.'"
Rating: 5
Summary: On the one hand . . . But on the other hand . . . Yet . . .
Comment: The core of this book is a series of quotations by Dr. Alan Greenspan, chairman of the Federal Reserve (1987 - ) on the subjects of banks, capitalism, competition, debt and deficits, derivatives, education, employment, the Federal Reserve, forecasting, the gap between rich and poor, globalization, gold, housing, humor, inflation, the new economy, politics, reputation, risk, small business, Social Security and Medicare, the stock market, technology, and trade. The quotations are simplified into their key principles in brief commentaries by the author, Mr. Kahaner. The author has also provided a brief biographical sketch of Dr. Greenspan as well as comments by others about Dr. Greenspan. (For trivia buffs: Did you know he was once married to the painter, Joan Mitchell?)
Alan Greenspan is a classic conservative, monetarist economist. His views fit nicely into that category. He also has a lively wit, which is normally well hidden behind the facade of "non-speak" that he specializes in. The author has considerately included some of Dr. Greenspan's most famous bon mots. His convoluted sentences are more famous across the planet, and deliberately so.
For when Alan Greenspan really speaks, as he did about "irrational exuberance" in the stock market a few years ago, the ground moves beneath the financial markets. So he has to be careful.
Care is also required because of politics. The Federal Reserve is supposed to be an independent body that is not part of the political process. Yet Congress can change its powers very easily. So the best approach is to hide in the shadows, as much as any 800 pound gorilla can.
This strategy is complicated by the fact that the chairman has to make many speeches, and has many required reports to Congress each year. So, Chairman Greenspan has to utter a lot of words while saying very little.
Perhaps the truest statement in the book was the quote about him pointing out that people on both sides of any issue quote Alan Greenspan as supporting their position. And that's the brilliance of these obscure sayings.
The only times he can be open is when he is in front of a group that doesn't matter. For example, he can praise the small community banks to the skies, because they are so small. Bring up Citigroup, and he has to move off in other directions.
The book that still needs to be written about Alan Greenspan is his art of saying much while communicating little. Now, that would be a book!
My favorite slant on Alan Greenspan was missing from this book. The financial news channel, CNBC, has developed a way to anticipate which way interest rates will go. It depends on the size of Greenspan's brief case when he goes into a Fed meeting. When it is thick, rates change. When it is thin, nothing happens. With a between-sized case, the bias between tightening or not may shift. Interstingly, they are often correct with this approach. And this story shows perfectly how much scrutiny he is under.
The man has done a fabulous job of running the Federal Reserve. We should not forget that in our focus here on his words. This is an area where actions speak louder than words, as they often do.
Now that we are off the gold standard, controlling the money supply is more important than ever because there is no limit on the potential to create inflation. As a former economic forecaster, Greenspan knows that economic forecasts are more often wrong than right. So you have to be vigilant and aggressive in anticipating problems. You will get a good sense of that perspective from this book. It will bring all of those words into a coherent sense of Greenspan's philosophy for you.
After you have finished absorbing these very long sentences, I encourage you to think about when in your life it is good to be balanced in your communications in order to moderate the response. Clarity is not always a virtue. But do be clear whenever it is important to get the point across. Follow Hemingway then. When obscurity helps, follow Greenspan.
May you aggressively pursue the opportunities in front of you, but in a balanced way that exercises extreme caution about the risks involved. In considering your choices, you should pause to consider how forecasting may not always be correct. Naturally, you will want to give full weight to the concerns that your hear as well. (This is my attempt at a Greenspanism, for demonstration purposes.)
Rating: 5
Summary: One of A Kind
Comment: At a time when so many on Wall Street hang on his every word, this compendium of Alan Greenspan quotations is just what is needed. Reading a collection of quotes -- along with the author's excellent analysis -- gives you a better understanding of Greenspan's theories. The author does an excellent job of organizing the Chairman's thoughts into concise chapters with brief commentary. I found the book an easy read for a topic that can be hard to comprehend.
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Title: Greenspan: The Man Behind Money by Justin Martin ISBN: 0738205249 Publisher: Perseus Publishing Pub. Date: 18 September, 2001 List Price(USD): $17.50 |
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Title: Alan Shrugged: Alan Greenspan, the World's Most Powerful Banker by Jerome Tuccille ISBN: 047139906X Publisher: John Wiley & Sons Pub. Date: 16 August, 2002 List Price(USD): $27.95 |
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Title: Maestro : Greenspan's Fed and the American Boom by Bob Woodward ISBN: 0743205626 Publisher: Touchstone Books Pub. Date: 23 October, 2001 List Price(USD): $14.00 |
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Title: The Greenspan Effect: Words That Move the World's Markets by Jeffrey L. Cruikshank, David B. Sicilia ISBN: 0071349197 Publisher: McGraw-Hill Trade Pub. Date: 23 September, 1999 List Price(USD): $18.95 |
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Title: A History of the Federal Reserve, Vol. 1: 1913-1951 by Allan H. Meltzer, Alan Greenspan ISBN: 0226519996 Publisher: University of Chicago Press Pub. Date: November, 2002 List Price(USD): $75.00 |
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