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Panderer to Power : General Finance & Investing - Frederick Sheehan

Panderer to Power

General Finance & Investing

Hardcover Published: 22nd October 2009
ISBN: 9780071615426
Number Of Pages: 400

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"We all owe a great debt to Fred Sheehan. Fred demolishes the myth of Alan Greenspan's omniscience, while revealing the dangerous credulity of those who set him on a pedestal above the rest of us. "Panderer to Power" will be invaluable in making the case for how we might preserve our solvency and our system."
Seth A. Klarman, president, Baupost Group, L.L.C.

"Many have written about the man who used to be called 'Maestro.' But none has done so with such clarity of perception as Frederick Sheehan. Between the covers of this timely and important book, the former Fed chairman stands revealed as America's own Wizard of Oz."
James Grant, editor, "Grant's Interest Rate Observer"

"The Fed, Greenspan's Fed, not only supplied the whiskey for the party, it led the charge for irresponsible behavior by essentially telling people 'don't worry, be happy.' A thorough, in-depth look at the man who wrought so much damage on so many, this brilliant effort by Fred Sheehan is a major step in setting the record straight on this era."
Bill Fleckenstein, president, Fleckenstein Capital and co-author, "Greenspan's Bubbles"

"Fred Sheehan vividly shows in his excellent and long overdue account, the devastating monetary policies the Fed has pursued under Mr. Greenspan, which have been continued by Mr. Bernanke. After reading "Panderer to Power," you will have no respect for the U.S. Federal Reserve Board, politicians, and Wall Street."
Marc Faber, editor, "Gloom, Doom and Boom Report"

"An important part of Sheehan's book is Greenspan's role in expanding this country's monetary base far behind our means."
--"Boston Business Journal," November 2009

"This well written, though obviously polemic, text documents the issues as he sees them. When read in conjunction with Greenspan's own biography, a picture emerges of a complex, obviously smart man who may have been promoted to a position beyond his competence, but was expert at covering up and obfuscation."
--"Troy Media," November 2009

About the Book:

Alan Greenspan's 18-year stint as head of the Federal Reserve Bank witnessed some of the most massive upward redistributions of wealth in our nation's history. It's now clear that his policies contributed greatly to the transformation of Wall Street from an engine that financed American business to a business-destroying machine--and that Greenspan abetted the hollowing out of the U.S. economy by giving Wall Street and Washington everything they could possibly want.

To take the full measure of Greenspan's culpability, we need to look beyond the disgraced public persona and see him within the broader sweep of his life and times. In "Panderer to Power," author Frederick J. Sheehan delivers the first in-depth, critical biography of the man who, for nearly two decades, served as the world's most powerful banker.

Beginning with Greenspan's formative years as a Depression-era kid from New York City, Sheehan traces his subject's progress from his days touring America as a reed man with the Henry Jerome Orchestra in the 1940s through his emergence as one of America's first celebrity economists to his ascent through the ranks of power in D.C.

What emerges is a searing portrait of a shameless media hound who ferociously promoted his image as a straight-laced numbers cruncher, a Machiavelli whose political skills far surpassed his skills as an economist.

Drawing upon a vast array of original sources, the author leaves little room for doubt: either the "economic genius of our time" was oblivious to the hazards of his irresponsible policy decisions or he knew full well what he was doing, but chose, as he had throughout his career, to put self-interest above the public good.

Author's Notep. ix
Introduction to Part Ip. 1
Early Years: The Education of Alan Greenspan, 1926-1958p. 9
The Dark Side of Prosperity, 1958-1967p. 19
Advising Nixon: "I Could Have a Real Effect," 1967-1973p. 31
President Ford's Council of Economic Advisers, 1973-1976p. 47
The 1980 Presidential Election: Boosting Carter, Reagan, and Kennedy, 1976-1980p. 59
Parties, Publicity, Promotion-and Lobbying for the Federal Reserve Chairmanship, 1980-1987p. 71
Lincoln Savings and Loan Association, 1984-1985p. 85
"The New Mr. Dollar": Chairman of the Federal Reserve, 1987p. 95
The Pinnacle of Power, 1987-2006p. 103
The Stock Market Crash and the Recession That Greenspan Missed, 1987-1990p. 109
Restoring the Economy: Greenspan Underwrites the Carry Trade, 1990-1994p. 121
Cutting Rates and Running for Another Term as Chairman, 1995-1996p. 133
The Productivity Mirage That Greenspan Doubted, 1995-1997p. 145
"Irrational Exuberance" and Other Disclosures, 1995-1998p. 157
In a Bubble of His Own, 1998p. 169
Long-Term Capital Management: A Lesson Ignored, 1998p. 181
Greenspan Launches His Doctrine, November 1998-May 1999p. 191
"This is Insane!!" June-December 1999p. 203
Greenspan's Postbubble Solution: Tighten Money, January-May 2000p. 215
The Maestro's Open-Mouth Policy, June-December 2000p. 227
Stocks Collapse and America Asks: "What Happens When King Alan Goes?" 2001p. 237
The Fed's Prescription for Economic Depletion, 1994-2002p. 251
The Mortgage Machine, 1989-2007p. 265
Greenspan's Victory Lap: His Last Years at the Fed, 2002-2006p. 283
The Consequences of Power, 2006-2009p. 301
The Great Distortion, 2006p. 307
Fast Money on the Crack-Up, 2006p. 315
Cheap Talk: Greenspan and the Bernanke Fed, 2007p. 327
"I Plead Not Guilty!" 2007-2008p. 337
Greenspan's Hometown, 2008p. 349
Life after Greenspan, 2009p. 361
Appendix: The Federal Reserve Systemp. 367
Acknowledgementsp. 369
Indexp. 371
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780071615426
ISBN-10: 0071615423
Series: General Finance & Investing
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 400
Published: 22nd October 2009
Publisher: McGraw-Hill Education - Europe
Country of Publication: US
Dimensions (cm): 23.4 x 16.0  x 2.5
Weight (kg): 0.79
Edition Number: 1

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