The Age of Turbulence: Adventures in a New World

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The Age of Turbulence: Adventures in a New World

by Alan Greenspan

3.58 · rating details · 1,980 ratings · 429 reviews

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 cri...moreIn 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. At 10 sees Roosevelt campaigning; becomes expert on the 1936 Yankees. 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. 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"

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Hardcover, 531 pages

Published September 17th 2007 by Penguin Press, The

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Oct 30, 2007

todd rated it

· review of another edition

Blaise Pascal apologized to a correspondent for a long letter because he didn’t have time to make it short. Alan Greenspan may have been similarly constrained.

The Age of Turbulence consists of three main parts in its 505 pages. The first half is an autobiography where we learn of his New York roots, his love of music and the development of the economic analyst and political entrepreneur. Next are chapters reviewing the economic development of China, India, Russia and Latin Americ...moreBlaise Pascal apologized to a correspondent for a long letter because he didn’t have time to make it short. Alan Greenspan may have been similarly constrained.

The Age of Turbulence consists of three main parts in its 505 pages. The first half is an autobiography where we learn of his New York roots, his love of music and the development of the economic analyst and political entrepreneur. Next are chapters reviewing the economic development of China, India, Russia and Latin America. The final chapters are devoted to Greenspan’s view of the “big themes,” including education, an aging demographic, corporate governance and energy.

The autobiographical material is smartly paced, but drops more names than page 6 of the New York Post. Many lines are devoted to his active social life. For example, in the early days of his relationship with Andrea Mitchell, he tells of having to turn down her invitation to a Washington press black tie event because he was already going with Barbara Walters. Swell.

The major disappointments come from the balance of the book where too often he paints with a very wide brush.

As an example, he asserts that Amaranth’s failure in 2006 didn’t cause the problems of LTCM’s collapse because our free markets had become better risk shifters over eight years. He omits the fact that virtually all investment banks and broker dealers in 1998 held similar positions to LTCM, while very few people were exposed to Amaranth’s natural gas positions. The financial dominoes were lined up in 1998 for a massive fall that the Fed avoided. If 2007's liquidity events had happened before the book went to press, the truth could not have been side stepped.

Similar blurring of details surrounds the 1987 Crash and other major events of Greenspan’s tenure. But more disappointing is the hyperbole that one simply cannot believe. In the chapter on governance, he begins by stating he had never seen a company “fall from icon to pariah to virtual nonexistence so quickly” as when the market stopped extending credit to Enron. Was he asleep at the helm when Drexel, a most venerated and successful brokerage house went bankrupt almost overnight after it faced RICO charges and lost the confidence of its creditors? One finds it impossible to believe Greenspan’s grasp of these events is as loose as it appears.

Perhaps these generalizations were meant to appeal to a broader target audience than professional economists, bankers, or market participants. If that is true, however, then one struggles to understand how Chapter 18, Current Accounts and Debt, ever made the final cut. Reciting lists of statistics so numbingly dull that his various Congressional testimonies almost sound pithy, Greenspan tries to demonstrate how deficits (probably) matter. Unfortunately, by the time we follow the logic and the data, we lose sight of why we should care about the problem.

In the end, we are left with a flawed book by a talented, if honorable, man. Individuals named seem to include only “friends” and “close friends.” Perhaps this was done because a gentleman, having little good to say about someone, says nothing at all. But there are many invisible actors in this history, including at least a couple of Vice Chairmen at the Fed, who are today wondering whether they actually went to work for all those years.

This is, without a doubt, the only shot we’ll get from Greenspan. That is too bad. Many would rather have seen a detailed look of what it was like to run the Fed for almost two decades. That is something from which we could have learned. This history is way too shallow to afford a true understanding of events. And for those who are looking for the libertarian case for economic growth, go back to Friedman’s Capitalism and Freedom or almost anything by Hayek. Both of those great minds spent the time necessary to write the proverbial short letter.
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Feb 09, 2009

Robert rated it

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An absolute must read for anyone with an interest in finance. For a generation, Chairman Greenspan was the most powerful man in the world, controlling the economies of the world, though he tried his best to let them sort themselves out. This is a burden that clearly weighed on him, and he became adept and beating the politicians at their own game: speaking for hours without saying a thing.

In this book, you finally get inside his head, albeit through the lens of his hindsight (20/20 ...more

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Jan 10, 2009

Don rated it

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It took me an extraordinary amount of time to finish this book. When I first started, I dug in with excited vigor, eager to learn what drives our economy. I am a lover of the complex and global economics is about is complex as it gets. Mr. Greenspan begins the book detailing where he was during the events that transpired on September 11th, 2001. He describes how his flight from Zurich was re-routed back to Switzerland where he awaited news of his wife, news correspondent Andrea Mitchell who m...moreIt took me an extraordinary amount of time to finish this book. When I first started, I dug in with excited vigor, eager to learn what drives our economy. I am a lover of the complex and global economics is about is complex as it gets. Mr. Greenspan begins the book detailing where he was during the events that transpired on September 11th, 2001. He describes how his flight from Zurich was re-routed back to Switzerland where he awaited news of his wife, news correspondent Andrea Mitchell who might have been at the Pentagon. During this intense period of time, Mr Greenspan also had to deal with the stability of the U.S. economy as it reacted to the perceived financial destruction and oozed fear. The compelling and charged beginning launched me into this well constructed biography.

I have tremendous respect for this self made man. He is much more well rounded then is commonly known. He is an accomplished saxophone player and jammed professionally with the likes of Stan Getz. For a hard-lined Republican and self described Libertarian, he has remained remarkably apolitical during his tenure as chairman of the Fed. Through Ford, Carter, Regan, Bush Sr. Clinton and Bush Jr., he has been consistent with his fiscal policies. As a younger man, he was partially ideologically molded by Ayn Rand and her fellow New York Objectivists. I have read both The Fountainhead and Atlas Shrugged so I know the dogma, I get the dogma and from a purely personal perspective, I subscribe to a certain subset of Objectivist values. After reading this book, I can safely say that Alan Greenspan feels similarly. While he may buy into the notion that every human should have it in them to take care of themselves, he nonetheless supports a financial backbone that facilitates a wealth of socialized programs: public education, welfare, medicare, social security, fed backed securities and the list goes on.

I was in the middle of reading Turbulence when Alan Greenspan testified before the Senate Banking Committee stating that he did not see the massive collapse of global financial institutions coming. I didn’t expect him to, no rational thinking person could expect any one person to see that deep into such a chaotic and unpredictable system; that’s not what bothered me. His statements that day tainted the rest of the book. Many assertions I read were now followed by, “but, look what happened.” Many people blame Alan Greenspan personally for these global woes we’re experiencing. Many people feel that he should have foreseen corruption and illegal behavior. I sit before this keyboard and tell you that I cannot live in a society where I assume people will ignore the law. How would I ever coast confidently through a green light ever again?

I learned a fantastic amount of detail I will likely never be able to accurately recall about free market economies, China’s regulations, central banking throughout the world and the financial system supporting and spewed out of the oil industry. The oil industry is vastly more complicated that I could have ever, in my wildest imagination, dreamt. I can thank Alan Greenspan for a glimpse into the depths of this issue that will forever put a pause into my brain.

This is not a light read. It is beefy and meaty served with starch and gravy. It took me a very very long time to get through but I am glad I did it. If the middle did drag on a bit as details about every major world economies will, for the perspective I have briefly gained on the very fundamental structure on which our economy is based, I thank you, Mr. Greenspan.(less)

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Oct 09, 2008

Ilya rated it

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This review has been hidden because it contains spoilers. To view it, click here. Revisited 10/8/08-

Okay so in light of the financial meltdown currently going on- I'd like to bring attention to my comments on Greenspan's flawed view of "minimally regulated capitalism"... I was right!!! The deregulation (and, in retrospect, easy credit years) of the Greenspan era isn't really Greenspan's fault, since this isn't the Fed's primary role. He has always advocated deregulation, however, and argued throughout his reign (and in his book) that that government re...moreRevisited 10/8/08-

Okay so in light of the financial meltdown currently going on- I'd like to bring attention to my comments on Greenspan's flawed view of "minimally regulated capitalism"... I was right!!! The deregulation (and, in retrospect, easy credit years) of the Greenspan era isn't really Greenspan's fault, since this isn't the Fed's primary role. He has always advocated deregulation, however, and argued throughout his reign (and in his book) that that government regulators aren't capable of regulating complex and highly sophisticated derivatives and "innovative" financial products.

I dunno- how does the government create institutions that effectively regulate anything?!? The FDA and pharma/biopharma clinical trials? Regulation of all things nuclear? Stem cell research? These are not easily understood and regulated things, yet somehow the government doesn't throw its hands up and say "Well, looks like this is too tough to regulate. Better let 'the market' take care of this".

Summary: Good if you can get through it and know what to expect

Overall I liked it. Greenspan is basically a living legend and it was interesting to get his account of the economic events of the past 30 years, and predictions for the next 30. I would say however, that this book isn’t for everyone. It’s pretty damn dry- I would suggest some kind of econ or financial background, or at least a serious interest in monetary and fiscal policy. Even then, don’t expect to be blown away (contrary to The Economist review, which basically called it refreshing and readable). What do you expect from a central banker?

The book starts with a little peak into Greenspan’s personal life and upbringing (was a musician, consultant, and entrepreneur), and mentions by name all of the famous / A-list politicians and world leaders he is “friends” with (this eventually gets annoying and is sometimes pointless). He then moves on into his lengthy career at the Fed and provides comment for every major economic policy decision made during his tenure. Sprinkled throughout you’ll find all kinds of libertarian propaganda and his mantra- minimally regulated capitalism is resilient, flexible, and the economic system that provides the greatest hope for human advancement… The enterprising reader might supplement this read with “World on Fire”, “No Logo”, or “Theory of the Leisure Class” to understand the problems with that stance.

It doesn’t take much to figure out how one-sided his life has been and to some degree how it has guided his views. One of the most telling passages is about his first trip (in middle age) to Venice- when he “realizes” that not all societies are obsessed with progress and the advancement of GDP. I found it to be a bit sad actually…

For all of his raging republicanism, he takes some very liberal stances on education and immigration reform in the later chapters, though there are inherent contradictions in his views that he conveniently ignores (i.e. where one gets the funding for sweeping social programs like education overhaul).

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Jan 05, 2008

Ryan rated it

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While I´ve always respected Greenspan, I had no idea he was such a renaissance man. The first half of the book, his biography, is fascinating. His first career was as a jazz musician - a musician who did the other bandmembers taxes, because he enjoyed it! He became a part of Ayn Rand´s circle, and she was actually a humanizing influence on him! Maybe I shouldn´t be surprised, but it isn´t exactly what I expected from the world´s leading living authority on economic matters.

As for the...moreWhile I´ve always respected Greenspan, I had no idea he was such a renaissance man. The first half of the book, his biography, is fascinating. His first career was as a jazz musician - a musician who did the other bandmembers taxes, because he enjoyed it! He became a part of Ayn Rand´s circle, and she was actually a humanizing influence on him! Maybe I shouldn´t be surprised, but it isn´t exactly what I expected from the world´s leading living authority on economic matters.

As for the second half of the book, I also found it interesting, especially since several of his predictions have come to pass, even in the short period between the publication of the book and now, January of 2008. However, while the first half of the book makes good reading for anyone interested in learning a little bit about one of the most influential men of the last 30 years, the second half can be skipped by anyone who doesn´t have a more specialized interest in economics.

One thing that I found interesting was his discussions of happiness as it relates to individual economic welfare, and immigration. Greenspan has always been a proponent of free markets, in the belief that free markets are the most powerful engine for improving material well-being. He acknowledges, however, that it has become very clear in his career that there is not a straight-line correlation between increases in material prosperity and happiness. Once basic needs have been met, you don´t get happier as you get more - you have a brief spike in happiness as you reach a new level, and then happiness drops down to the baseline. Rather than the absolute level of material prosperity, your RELATIVE prosperity, (relative to your peers), becomes more important to your level of happiness. Take that as point one.

Second, overall happiness in the U.S. is low right now, in part because there is a large disperity between low income households and high income households. The disperity is caused by a shortage of highly educated individuals in certain fields. The fastest way to increase the number of highly educated people available, and therefore decrease the premium paid for their education, is to loosen the barriers to immigration for highly educated people. This will lower the incomes of the highest paid segment of the population, decreasing the wage disperity - and thereby increasing the overall level of happiness in the U.S. (Greenspan does not make this argument. He discusses relative wealth and happiness, and he discusses the shortage of highly educated people and how to alleviate it. If his claims are correct, however, my argument follows from his.)

I find this interesting becuase immigration and employment protection are two of the most sensitive issues in the country right now. Many people who are unhappy because they feel that their relative level of wealth has declined, want to limit immigration, so that ¨foreigners don´t steal our jobs.¨ Other groups prostest the WTO and World Bank as primary drivers of globalization, which is ¨stealing jobs from the poor around the world,¨ as well as from workers at home.

The irony is that, at least in the U.S., we don´t have any real worries about our absolute level of wealth. Most of us know where our next meal is coming from. It´s our relative level that decreases our happiness, and the best way to fix that is to encourage immigration, and discourage job protection. Those very people who don´t want immigrants stealing their jobs would be happier if we had more immigration.

There are many more small ironies to be found in ¨Age of Turbulence,¨ if you know where to look. A worthwhile read.(less)

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Oct 24, 2008

Todd rated it

Shelves: finance

I read the hard cover book and then downloaded the "epilogue" on my Kindle.

I was going to read it over last Xmas break, but my wife grabbed it and started reading it before I could. This sat on my nightstand for almost a year when my curiosity about the recent financial problems made me pick it up.

The first half of the book is a straight forward memoir/autobiography and is easy reading. There are lots of interesting anecdotes (AG was in a big band! And he did hi...more

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Dec 21, 2007

James rated it

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Recommends it for: Anyone who wants to understand their world more.

This book is interesting on many levels. First, for all his elusiveness while in office at the Fed (which he says was intentional and refers to as "fedspeak"), Greenspan writes clearly, directly, and entertainingly. There's a clear humanity to the writing - and the story - that came as quite a shock. Yes, Greenspan was a mathematics and economics geek from an early age. But he was also a professional musician when he was younger, and knowing things like that makes it a lot easier to f...moreThis book is interesting on many levels. First, for all his elusiveness while in office at the Fed (which he says was intentional and refers to as "fedspeak"), Greenspan writes clearly, directly, and entertainingly. There's a clear humanity to the writing - and the story - that came as quite a shock. Yes, Greenspan was a mathematics and economics geek from an early age. But he was also a professional musician when he was younger, and knowing things like that makes it a lot easier to follow him through the story, which at times delves deep into the guts of the economy. It helps the reader trust him, that he'll explain so we can understand. He also uses this part of the book to lay the foundations of economic theory as they stood then, and to follow their evolution through the story at hand.

And explain he does. Greenspan's service in the federal government began in the Ford era, during the financial turmoil of the day - double digit inflation, economic stagnation, Nixon's prior attempts at wage and price control. He details the Whip Inflation Now - WIN - program, which I can vaguely recall seeing buttons for (along with the more sarcastic LOSE buttons), and why the program didn't - and couldn't work). He goes into considerable detail of why the economy was the way it was then.

And so the story proceeds, from Ford, skipping Carter, to Reagan, Bush1, Clinton, and Bush2. Politically, Greenspan seems to settle in the small-l libertarian range, and so his biggest problems with government are when populism or special interest result in runaway spending and/or pork spending in Congress. As a result, he has great respect for Ford, under whose administration inflation finally was whipped by raising interest rates - but the rebound came too late to save Ford's election. He comments little on Carter, as he wasn't in the business at the time. He had great hopes for the Reagan administration, but they weren't realized because once again, Congress couldn't keep the purse strings closed. Skipping ahead, it's surprising (at least, to anyone who hasn't read the reviews), that he had great respect for the Clinton administration. He felt Clinton had a good understanding of the economy, and used his veto powers effectively to control federal spending. Which, in Greenspan's eyes, all went to hell with Bush2 and the Republican Congress.

He covers Black Friday, the fall of the Berlin wall (with intriguing insight into how the market economies that came up in formerly-Eastern Blok countries succeeded or failed due to factors of the societies, and the way the changes were executed )the growth and bursting of the internet bubble, the growth and bursting of the realestate bubble, and, of course, 9/11. All the major economic events of the last 30+ years, all the ones I can remember, he covers from the inside, and details what was done, by who, and why to try and make the economy work better.

And, of course, he lays out how the future might go, projecting forward for the next 30 years what might happen in the U.S., England, China, Japan, Europe, and Russia.

The book gets drier and drier as you go from Greenspan's life and the turbulent events he witnessed further into theory and prediction, and by the end, it's a bit of a slog through.

It's worth reading. It takes a long time to digest once it's read. And if economics is a new subject for you, you might want to read "Economics for Dummies" first, as I did, so you have some framework to absorb what he's saying.

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Mar 11, 2008

Brian rated it

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Recommends it for: conservative economists, voodoo economics adherents

This review has been hidden because it contains spoilers. To view it, click here.

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May 05, 2008

Meg - A Bookish Affair rated it

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Recommends it for: anyone that has an interest in current events or economics

I really liked this book. I respect Alan Greenspan a lot and think he's amazing.

He divided this book up very nicely. The first part of the book covers his entire personal and professional history.

The next part of the book covers different geographical sections. As a former student of Latin American studies (was my minor in college), I was really interested to read the section about LA and how much trouble they have had going to a free market system.

The next...more

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Oct 17, 2011

Christopher rated it

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Alan Greenspan may be the master of economic analysis and, to a lesser degree, foresight, but he is no Shakespeare. Truly, the most enjoyable part of the book is the first half (chs. 1-11), which covers his life from his childhood in Brooklyn to his retirement as Federal Reserve Chairman in 2006. By weaving in his life story with his keen economic analysis and sensibility, his life makes for both a fascinating tale and a powerful positive argument for his faith in free-market capitalism. The sec...more

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Sep 24, 2011

Justine rated it

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An educational yet entertaining memoir by the second longest serving Chairman of the US Federal Reserve. Overall, an interesting recap on economic models/theories: variants of capitalism, monetary vs fiscal policy from a global perspective, presented in story-telling format [compare with Bob Woodward's memoirs entitled 'Maestro'].

Greenspan's credentials are undoubtedly impressive. With a career spanning over 60 years, beginning well before his immersion into government service under t...moreAn educational yet entertaining memoir by the second longest serving Chairman of the US Federal Reserve. Overall, an interesting recap on economic models/theories: variants of capitalism, monetary vs fiscal policy from a global perspective, presented in story-telling format [compare with Bob Woodward's memoirs entitled 'Maestro'].

Greenspan's credentials are undoubtedly impressive. With a career spanning over 60 years, beginning well before his immersion into government service under the Nixon administration and culminating as Federal Reserve Chairman for an unprecedented fifth term under 4 Presidents between 1987 to 2006, Greenspan has many insights to offer through his scrutiny of the US/global economy (even if strictly from his point of view, it is his memoir after all). These include:

* His anal approach to becoming a great analyst and economist - i.e. nothing beats plain old ferocious reading and hard work;
* The very interesting observations on outcomes due to the Internet/digital revolution; shock therapies following the reunification of Germany, fall of communism in Poland and Czechoslovakia, and break up of USSR; the 9/11/01 attack
* The austere control on monetary policy during his tenure at the Federal Reserve - handling of the 1987 market crash, the immensely slow recovery from the real estate boom collapse in 1980's - 1990's, beating back pressure to kowtow to Executive directions despite clear jurisdictional divide between the Fed and the White House; and
* His opinions on economic transformations in Russia, China, India and Latin America.

I especially enjoyed his eye-opening comments on the presidencies of Ford, Nixon, Carter, Reagan, W.H. Bush, Clinton, and a long list of Vice Presidents, Treasury Secretaries, presidential aides, White House cogs, senators, and Congressmen he had come to meet and/or work with.

His picture collection - especially the caricatures - adds a wonderful touch to the reflections, as do his blunt take on reality - exemplified by a remark on the massive federal budget deficit that Clinton inherited and had to reverse, "In effect, Reagan had borrowed from Clinton, and Clinton is now the one paying back the loan".

Alan Greenspan is indeed a super smart, gifted, classy, rock-steady and humble fuddy-duddy ~ opined with the highest of regard.(less)

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May 30, 2011

David Cooke rated it

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Shelves: non-fiction, biography

While there are many points of philosophical disagreements I might have with Greenspan, the first half of the book that chronicles his entire work history in the context of the nation's economy is absolutely riveting, both from a personal and historical perspective. For an entertaining overview of a particular perspective on the nation's economy, I would highly recommend this book, or at least that section of it.

Of more interest, however, may be "the Delphic Future", when Gr...more

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Sep 07, 2010

Raj rated it

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Shelves: economics

This book is mostly being judged in the context of the current crisis, and the propensity to dismiss Greenspan's thoughts as someone who's been singing kumbaya all along. That's a rather harsh view and does injustice to this really fascinating book. The book is divided into his early life, experiences as an economist and then as fed chairman, and finally his thoughts on a wide range of topics. While the first two parts are interesting, the last part provides a lot of original insights. Obviously...moreThis book is mostly being judged in the context of the current crisis, and the propensity to dismiss Greenspan's thoughts as someone who's been singing kumbaya all along. That's a rather harsh view and does injustice to this really fascinating book. The book is divided into his early life, experiences as an economist and then as fed chairman, and finally his thoughts on a wide range of topics. While the first two parts are interesting, the last part provides a lot of original insights. Obviously the former chairman's primary concerns are about the free markets, monetary policy, regulation and about inflationary forces in the future. Below are some main points from the book

Present US current account deficit does not have alarming consequences as is generally imagined. A lot depends on the free flow of savings and investments across the globe.
Medicare is going to be a tougher problem than Social Security simply because of the unpredictability and the rising nature of health care costs. The solution is going to be either higher taxes or cut in benefits which takes a lot of political will.
The disinflationary forces in play over the past decades largely through the joining of mainstream economy by developing nations will subdue after a while. This will obviously lead to inflation and tougher decisions in the future.
US education system has a large role to play in the development of skilled labor, which in turn would reduce the recent income inequalities to some extent.
He does not foresee US being sidetracked by any other nation as the economic powerhouse of the world in the near future. The strength of its institutions and the risk-taking culture is hard to replicate that easily.

There are so many interesting issues discussed throughout this book. Comparisons of planned economy and free markets, comments on almost all the economies, corporate governance (the development of authoritarianism of CEOs because of lesser shareholder oversight), etc.. It was also interesting to note his comments on India; How its fascination with Fabian socialism has cost its development, how central planning inherently supports bureaucracy, and how the current outsourcing services even though small, offers a glimmer of hope.

Really worth the money and time to read this book!!(less)

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Aug 14, 2010

Lorri rated it

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Alan Greenspan details, but in way too much detail, the changes in our economic system from the 60's to 2006. It would be interesting to see what he has to say about the current economic crisis. I've been listening to this on audio, and have found my mind wandering, yet it is also interesting to get a historical perspective of the various presidential economic policies, the exponential rise of the stock market, the bailout of the savings and loans, etc. I have gained a greater appreciation for t...more

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Oct 07, 2009

Steven Peterson rated it

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This is a solid autobiography with some interesting twists. Thus far, many reviewers focus their attention on his assessment of presidents. While this is interesting, there is a lot more to this book than that. Indeed, a brief line on page 14 is a subtext throughout those portions of the book dealing with his public life (page 14): "If the story of the past quarter century has a one-line plot summary, it is the rediscovery of the power of market capitalism." He also notes, as another s...moreThis is a solid autobiography with some interesting twists. Thus far, many reviewers focus their attention on his assessment of presidents. While this is interesting, there is a lot more to this book than that. Indeed, a brief line on page 14 is a subtext throughout those portions of the book dealing with his public life (page 14): "If the story of the past quarter century has a one-line plot summary, it is the rediscovery of the power of market capitalism." He also notes, as another subtheme, that (page 18) "It is in our nature. . . to persevere and advance in the face of adversity."

The biography begins with a straightforward but not necessarily very insightful depiction of his younger years, from birth through college and into business. His association with Ayn Rand is an interesting "plot twist." Those not familiar with this part of Greenspan's like (myself included) will find it useful to place his career in context. It is interesting to learn of his interest as a youth in music and baseball.

In terms of his public life, this work well depicts the growing circle of heavy weights, and how this networking culminated in Greenspan's accession as head of the Federal Reserve Board. We get insights into a number of major economic figures--Arthur Burns, Paul Volcker, Herb Stein, Bob Rubin, and so on.

His work with presidents began with his role as an economic advisor to Richard Nixon. Because of some strange moments (when Nixon lost his cool and went berserk), Greenspan chose not to serve in his Administration, until the very end. He rated Nixon (with Bill Clinton) as the two smartest presidents that he ever worked for.

Next, he took on an expanded role with the Ford Administration. He notes that Ford was admirable in his simplicity and lack of airs. His economic values (federal spending restraint, a balanced budget, and stable long-term economic growth) were concepts that Greenspan was most comfortable with. His evaluation of Jimmy Carter is not so positive. When Reagan assumed office, Greenspan became more engaged. E.g., he served on a panel to "save" Social Security. In the end, he was named Chairman of the Federal Reserve Board. There follows his many years in that role, working under very different presidents and economic perspectives--from Reagan to George H. W. Bush to Bill Clinton, to George W. Bush. His evaluations of Reagan and Clinton are far more positive than toward the two Bush's, one of whom he felt disengaged from the economy (the elder) and one of whom was irresponsible with the public treasure (the younger). Again, it is the analyses of presidents that many have fastened upon.

However, the later chapters are intriguing in their own right, when he judges major economic issues such as the nature of economic growth, the Chinese accession as a major player on the world scene, debts, globalization, his aversion to regulation as a policy tool, the challenges of an aging world, and energy. His last chapter, in a sense, is quite interesting, as he tries to project the state of the economy in the year 2030. Those who have read and appreciated the recent book "The Black Swan" will probably be amused by Greenspan's analysis, as he begins by saying that his analysis is based on certain assumptions, but if unexpected events occur, then everything is up for grabs.

The book is functionally but not compellingly written. I would have appreciated a bit more self-reflection on his earlier years. But this is a useful work to read because of the author's key role in the economic and financial world for so many years.
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May 28, 2009

Max rated it

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I actually thought this book was quite good. Greenspan, according to popular perception, has been proved wrong by events of the past couple of years. I still don't feel that I understand this whole financial crisis (nor economics in general) well enough to have a strong opinion on that, but I did find much of Greenspan's logic to be compelling.

Most compelling was the foundation that he seemed to be working from, which is that there are basically standard economic principles (which ...more

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May 20, 2009

Travis Struchen rated it

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3/30/09
Alan Greenspan – The Age of Turbulence

Wow. This book was a slow read. I started in spring of 2008 in Tillamook, OR and ended up finishing it 8 months into my Taiwan experience. Hence, I don’t remember a whole lot about the content of this book. It opened my eyes the to FOCM Federal Open Market Committee, which Alan was part of for over 20 years and also the function of the Federal Reserve which he was the chairman of for over 20 years.
Capitalism and the free...more

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Aug 30, 2008

Clackamas rated it

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Recommended to Clackamas by: Amanda

Shelves: history, memoirs-bio-and-autobio, politics

This book actually made me want to meet the man. I thought that anyone who would pick a career like his had to have the personality of a water cracker, but he seems to have a sense of humor. Yes, he does name drop a lot, but who cares?

I think my favorite thing about this book is that he had to have written the stuff about what's wrong with our political system and his forcasts for our country and the world before he retired... he makes some pretty ballsy statements.

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Aug 09, 2011

Neelesh Marik rated it

For any global citizen looking to make a difference in any corporate or institutional context, this is a must-read, especially for students of economics.

While the bias of coverage is surely US centric, the author examines key global phenomena such as: the epoch making shift of about half the world from behind the walls of centrally planned economies to competitive free markets, the shifting age profile of the global population, the socio-economic implications of a terrorism-threatened landscape,...more

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May 03, 2010

Hermes rated it

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Inside Alan's brain

With the timing of a senior trader in financial markets, Alan Greenspan chose both the moment of his retirement and the publication of this memoir perfectly. This book was published when confidence in financial markets was slowly eroding, but had not yet led to the demise of Lehman, or the massive support actions for AIG and other financial institutions across much of the Western world (strangely, no Asian or Southern European institutions were affected).

...moreInside Alan's brain

With the timing of a senior trader in financial markets, Alan Greenspan chose both the moment of his retirement and the publication of this memoir perfectly. This book was published when confidence in financial markets was slowly eroding, but had not yet led to the demise of Lehman, or the massive support actions for AIG and other financial institutions across much of the Western world (strangely, no Asian or Southern European institutions were affected).

As chairman of the Federal Reserve, Mr. Greenspan presided over the Great Moderation, one of the longest economic expansions in modern history. The self-proclaimed libertarian Republican shared a well-accepted opinion that we should allow for creative destruction as much as society accepts, as it is good for economic growth, which is good for society. With the tool-set of the neoclassical Chicago School he cared mainly about inflation and the money supply. Debt levels, exchange rates, and current account deficits are basically ignored, as markets will correct them automatically.

The book chronicles Mr. Greenspan's development from nerdy business economist to head of the FED with dozens of friends in high places, plus a description of those parameters of the global economy he deems important for the coming decades. The first part is relatively short and sympathetic. I found the part about his years at the helm of the FED somewhat disappointing. We learn little about the inner workings of this organisation of global importance, as if Mr. Greenspan was only busy with inflation and trying to convince the Washington political machine to implement healthy long-term economic policies instead of pork (Congress and the Bush Administration are not spared). The part about future developments is interesting, as we see Mr. Greenspan at work, fitting real world developments into his theoretical framework. Compared to an article in the FT or the Economist, it is a relatively slow and somewhat cumbersome process, but depending on how well you read the financial press, you may find more or less new information here.

However, in 2010 we cannot but see this book in light of the developments of 2008 and 2009. In later interviews Mr. Greenspan has expressed his “shocked disbelief” in the behaviour of those playing the markets (his nerdy character has definitely been a disadvantage here, and I doubt if he had put so much trust in markets had he been experienced as a trader or a banker).

While Mr. Greenspan thought he could keep interest rates low and the money supply high at the same time, because globalisation and Chinese factory workers kept inflation in check, an 800-pound gorilla was maturing right under his eyes: the easy availability of money reduced the returns on traditional financial instruments and was an important reason for investors to accept high risk propositions (and it also reduced the rational for saving by private citizens). Mr. Greenspan argued that "real" prices of financial assets cannot be known, which is true to a large extend, but turned lethal .

Mr. Greenspan expanded his benign neglect to financial market supervision, where risky behaviour was slowly creating the conditions for an old-fashioned Kladeradatsch. He states in his book that supervisors cannot assess a counterparty as well as other market participants, a claim he does not substantiate. A supervisor has an asymmetric information advantage versus market participant, who base themselves on upon reading financial statements, credit value at risk calculations, and ticking boxes like “under supervision [Y/N:]”. Only the number and quality of staff (which is partly based upon the salaries the supervisors pay) can give supervisors the disadvantage. Given his trust in market participants’ common sense and long-term outlook, the FED did not advocate any restrictions on mortgage quality requirements, executive pay structures or centralised clearing of standardised over-the-counter derivative trades.

So all-in-all it is an interesting book, but overtaken by a new reality that you can find explained much better by the likes of Paul Krugman or William White.
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Dec 17, 2008

Preston rated it

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December 9, 2008

This book takes a sober look at the events of the last several decades. Alan Greenspan, having served as Chairman of the Federal Reserve from 1987-2006, is able to provide insightful economic analysis.

Reading about the recent economic turmoil in the news has often left me very confused; the financial system is so complicated that few people understand it. In order to gain a feel for the processes, lexicon, and concepts of the U.S. financial system and ec...more

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Jul 31, 2011

Ronald Wise rated it

An autobiography by retired fed chairman Alan Greenspan, describing his life and career path, and his encounters with famous people along the way. It was very confusing reading this book after Kevin Phillips' American Theocracy — they have nearly opposite outlooks for America's immediate future. (P.S. 10/03/2008: It would appear from current events on Wall Street that Phillips understood better than Greenspan.) Being a confessed libertarian, Greenspan tends to blame economic problems on governme...more

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Sep 08, 2011

Ryan rated it

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Who knew that Alan Greenspan, the emotionless-poker face - former Commissioner of the Federal Reserve, had such an interesting background and perspective. The book is split into 3 parts: 1. His personal history from birth to 2007 and his handing the reins over to Ben Bernake 2. His take on domestic and international policy and economics and 3. his "prediction of the future" (this is the chapter where he literally states openly for complete de-regulation- "maximum market flexibil...moreWho knew that Alan Greenspan, the emotionless-poker face - former Commissioner of the Federal Reserve, had such an interesting background and perspective. The book is split into 3 parts: 1. His personal history from birth to 2007 and his handing the reins over to Ben Bernake 2. His take on domestic and international policy and economics and 3. his "prediction of the future" (this is the chapter where he literally states openly for complete de-regulation- "maximum market flexibility" oops)

The first part of the book, his personal history, is a behind the scenes look at politics for the last 30 years (Ford,(skip Carter), Regan, Bush, Clinton, Bush). Having been an adolescent during most of this time, it was a great way to learn about economic history and cause and effect. More importantly though, one gets a feel for the man Alan Greenspan and his emotions and thoughts. He was originally studying music and Julliard and plaid in a big band before he got into economics.

The second part of the book about a myriad of timely topics (China, Russia, Latin America, Eastern Globalization, American Education)is interesting about 80% of the time. In all honesty he lost me at times due to either my level of economic knowledge or it was just boring topics (like reading some of the Economist articles).

The third part is ironic. Chapter 25 "The Delphic Future" is Greenspan's view of what is to come between the time the book was published and 2030. Note that this was written in June 2007, before the subprime crisis and Lehman debacle. Pg. 489 has a paragraph in which Greenspan states " Since markets have become too complex for effective human intervention, the most promising anticrisis policies are those that maintain maximum market flexibility- freedom of action for key market participants such as hedge funds, PE fund, and investment banks.... Regulation, by its nature, inhibits freedom of market action, and that freedom to act expeditiously is what rebalances markets."

In the end Greenspan in human too and you will see that after reading this book.(less)

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Dec 01, 2008

Amanda rated it

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This book was great - he is such a brilliant man. However, I am not that brilliant, but I couldn't help hating the last 70 or so pages as he kept talking about the need for Americans to own their own homes.

I might be biased, since I have a decent income, have for years, and am still renting. I think it's a lot of responsiblity to own a house and that it's a long term investment as well as a commitment to be in one place for several years.

Obviously, as we've found out ove...more

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Nov 23, 2011

Ritesh rated it

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Shelves: finance-economics, reviewed

Posted here: http://riteshkala.wordpress.com

Alan Greenspan, as the head of the Federal Reserve, has been in an enviable position to witness the economic movements of the USA and the rest of the world.

The book is divided into two parts, the first one is a chronological biography, and the second one is his views on the challenges facing the USA and the rest of the world.

I was a bit disappointed with the publishing date of the book (it was published in 2007), as...more

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Dec 18, 2007

John rated it

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A great overview of US and global economics. The first part of the book is an explanation of past events and their economic impact. The second half of the book explains the good and bad aspects of global capitalism vs. socialism and the notion of 'creative destruction'.

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Apr 22, 2009

Tyler rated it

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It would have been a shame if Alan Greenspan had retired from his position as Fed chairman without leaving this book behind as a guide for the rest of us. This book was full of pleasant surprises. It's partly biographical, with fascinating stories about everyone from past presidents to Ayn Rand. Then there's an expert synopsis of all the major world economies with Greenspan's insights into why each country's economic status is what it is. In that way it's almost like a companion to Jared Diamond...more

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Mar 21, 2010

Al rated it

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The good things about this book are that Greenspan is a free marketeer, and he has an immense store of economic knowledge to draw on. The bad things are that the book is too long, and tries to cover too much (maybe he was being paid by the page). One thing I hadn't known was that Greenspan was a disciple (and friend) of Ayn Rand (who knew?). It's not surprising that he provides no advice to investors; just hopes that we don't spend ourselves into oblivion. One surprise, given his politi...more

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Sep 24, 2011

Troy rated it

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Greenspan is one of the most influential people in modern western society, economics, and government. His story is simultaneously interesting, revelatory, and immensely important for anyone who wants to understand the world in which we live. Age of Turbulence was written before the financial crisis of 2007-08, after which Greenspan admitted some apparent cracks in the reasoning and assumptions which he and others have used to guide our economy for the last half century. Greenspan is the ultimat...more

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Jan 24, 2009

Robert rated it

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This book was an interesting story of both Alan Greenspan's life, which has been pretty exceptional, and a general history of the US economy from the 1930's to 2007. It is actually a very entertaining read despite the fact that it was written by a man who has a reputation as being one of the most boring speakers in existence.

Half of the book is his autobiography and the other half is filled with his predictions for the economy's future, which really aren't very valid any longer based...more

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Alan Greenspan is an American economist and from 1987 to 2006 chairman of the Board of Governors of the Federal Reserve of the United States. He currently works as a private advisor, making speeches and providing consulting for firms through his company, Greenspan Associates LLC.

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