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The Age of Turbulence: Adventures in a New World
by: Alan Greenspan

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Binding: Hardcover
Dewey Decimal Number: 332.11092
EAN: 9781594201318
ISBN: 1594201315
Label: Penguin Press HC, The
Manufacturer: Penguin Press HC, The
Number Of Items: 1
Number Of Pages: 544
Publication Date: September 17, 2007
Publisher: Penguin Press HC, The
Sales Rank: 12909
Studio: Penguin Press HC, The

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Product Description:
The Age Of Turbulence is Alan Greenspan’s incomparable reckoning with the contemporary financial world, channeled through his own experiences working in the command room of the global economy longer and with greater effect than any other single living figure. Following the arc of his remarkable life’s journey through his more than eighteen-year tenure as chairman of the Federal Reserve Board to the present, in the second half of The Age of Turbulence Dr. Greenspan embarks on a magnificent tour d’horizon of the global economy. The distillation of a life’s worth of wisdom and insight into an elegant expression of a coherent worldview, The Age of Turbulence will stand as Alan Greenspan’s personal and intellectual legacy.

Amazon.com Review:
In the immediate aftermath of September 11, 2001, in his fourteenth year as Chairman of the Federal Reserve Board, Alan Greenspan took part in a very quiet collective effort to ensure that America didn't experience an economic meltdown, taking the rest of the world with it. There was good reason to fear the worst: the stock market crash of October 1987, his first major crisis as Federal Reserve Chairman, coming just weeks after he assumed control, had come much closer than is even today generally known to freezing the financial system and triggering a genuine financial panic. But the most remarkable thing that happened to the economy after 9/11 was...nothing. What in an earlier day would have meant a crippling shock to the system was absorbed astonishingly quickly.

After 9/11 Alan Greenspan knew, if he needed any further reinforcement, that we're living in a new world - the world of a global capitalist economy that is vastly more flexible, resilient, open, self-directing, and fast-changing than it was even 20 years ago. It's a world that presents us with enormous new possibilities but also enormous new challenges. The Age of Turbulence is Alan Greenspan's incomparable reckoning with the nature of this new world - how we got here, what we're living through, and what lies over the horizon, for good and for ill-channeled through his own experiences working in the command room of the global economy for longer and with greater effect than any other single living figure. He begins his account on that September 11th morning, but then leaps back to his childhood, and follows the arc of his remarkable life's journey through to his more than 18-year tenure as Chairman of the Federal Reserve Board, from 1987 to 2006, during a time of transforming change.

Alan Greenspan shares the story of his life first simply with an eye toward doing justice to the extraordinary amount of history he has experienced and shaped. But his other goal is to draw readers along the same learning curve he followed, so they accrue a grasp of his own understanding of the underlying dynamics that drive world events. In the second half of the book, having brought us to the present and armed us with the conceptual tools to follow him forward, Dr. Greenspan embarks on a magnificent tour de horizon of the global economy. He reveals the universals of economic growth, delves into the specific facts on the ground in each of the major countries and regions of the world, and explains what the trend-lines of globalization are from here. The distillation of a life's worth of wisdom and insight into an elegant expression of a coherent worldview, The Age of Turbulence will stand as Alan Greenspan's personal and intellectual legacy.

		A Timeline of a Remarkable Career
Mar. 6, 1926		Born in New York City
1936		At 10 sees Roosevelt campaigning; becomes expert on the 1936 Yankees
1938		Takes up clarinet at 12
1943-44		Studies clarinet at Julliard
Mid 1944		Joins Henry Jerome Band
1948		Graduates (summa cum laude) from New York University. (He later earns a master's in 1950 and a Ph.D. in 1977, also from NYU.) Hired as economic analyst at the Conference Board.
1954-74		Co-founds Townsend-Greenspan & Co. Inc., an economic consulting firm in New York City. (He returns in 1977.)
1974		Nominated by President Ford as chairman of the President's Council of Economic Advisors.
1983		Chair of bipartisan National Commission on Social Security Reform.
June 1, 1987		Nominated by President Reagan for Fed Chair. Confirmed by Senate August 3.
Oct. 19, 1987		Only 69 days into Greenspan's term, the Dow drops 508 points and 22%.
July 10, 1991		Nominated by President George H.W. Bush to a second term as Fed Chairman. Later nominated to a third (February 22, 1996) and fourth term (January 4, 2000) by President Clinton.
Apr. 6, 1997		Marries Andrea Mitchell
May 18, 2004		Nominated by President George W. Bush for a fifth term as Fed chairman
Jan. 31, 2006		Completes 18 ½ years at the Fed
Feb. 1, 2006		Forms Greenspan Associates LLC, an economic consulting firm

Alan Greenspan's Top 10 Classical and Jazz Favorites

Before Alan Greenspan embarked on his legendary financial career, he studied the clarinet at Julliard and played as a professional jazz musician (while doing tax returns for his bandmates). He chose 10 favorites for us from a lifetime of listening, including:

Mozart, Piano Concerto No. 23

Vivaldi, Complete Cello Concertos

Coleman Hawkins, 'Body and Soul'

Customer Reviews

Average Rating: out of 5 stars

Rating:

- Lapdog/Houseboy For The Robber Barons
Intellectual, yet robber-baron partisan. I was horrified by Greenspan's book. He views 'income disparity' as the difference in income between skilled and unskilled labor. What the fu is he writing about?! He thinks that the supply of skilled labor in this county is artificially low. His solution to our problems would be to lower incomes for skilled labor. As an economist, he should know that only the incomes of MDs have kept up with inflation since at least 1972.

I would expect an economist to advocate legislation that would bolster free enterprise rather than foster a caste system. We need laws to discourage monopolist behavior and the milking of corporations by opportunist CEOs. Greenspan never addressed the corruption and failed to write a word regarding the crimes of big business.

Finally, Greenspan favors big coal, big nuclear, et al. rather than solar or wind power. I ... Read More

Rating:

- Not your typical Washington memoir
I have to agree with the statements found on the back of the paperback--this is not your typical memoir from a Washington insider. Not that I can say exactly what the typical Washington memoir would be; I can say this is not it. This book is an analysis of the modern world through the eyes of a man who has seen it transition from one dominated by central planning, to one dominated by deregulation and free trade, to one that is at the brink of we know not what.

I say "we know not what" because it is unclear which way the world will shift in the coming years. Greenspan has his ideas, and he lays them out in his Epilogue (which I can only guess is the new chapter he wrote for the paperback edition). There are many reasons why you can agree with him, and likewise, many reasons why you shouldn't. Either way, at the end of the book, you can at least see where he is coming from. And this is a testament ... Read More

Rating:

- Age of Disturbulence
Greenspan lends his wisdom through his vast experiences as FED chairman in this book. He expounded on the difficulty of handling the U.S. financial affairs which is often compounded by the ever interfering politics. Politics as shown was frequently obstructing good economic policies. Vested interest by politicians in order to please their constituents often frown upon fiscal deficit cuts that Greenspan is insistent in pursuing. And whenever economic czars are seated to the contrary of their agenda, the latter are replaced by those who are in conformity with the status quo. It clearly depicts how the FEDs are not entirely independent in their decision making. Strings are being pulled from behind to veer them towards what the government wants. And in the end, if the economy screwed, people blamed the FEDs as the culprits. On account of lowering interest rates which Greenspan is famous for in pump priming the ... Read More

Rating:

- Do we really need a federal reserve???
The American public has put too much credence in the opinions of economists: the one clear take home message from this book is that the economy is truly too complex for anyone (including Alan Greenspan) to understand and predict with regularity. By his own admission, he was raising and lowering interest rates without a clear ability to predict the effects of his actions. Well......if he didn't know what he was doing.....could anybody??? And if the effects of his (and others) actions are truly unknown...should people be permitted to artificially raise or lower interest rates at which the fed reserve loans money??? I think not!!!! Why not let the market decide??? This authority of the fed to control interest rates is the ultimate irony, considering Greenspan's libertarian bent and beliefs that free markets should prevail.

The inability of even the best economists to be right with regularity ... Read More

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