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Whistle Stopper - The Age of Turbulence: Adventures in a New World
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List Price: $35.00
Our Price: $9.00
Your Save: $ 26.00 ( 74% )
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Manufacturer: Penguin Press HC, The
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Average Customer Rating:  
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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: 2007-09-17
Publisher: Penguin Press HC, The
Studio: Penguin Press HC, The
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Spotlight customer reviews:
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Customer Rating: 
Summary: A great conversation with Alan Greenspan
Comment: Wonderful read. Greenspan's global and macroeconomic perspective allows him to have a clear sight of where the world really is and where it is going, that globalization did and will do to the world, and what the probable economic future of the planet is.
The book is rich in content, ranging from the philosophic thoughts of Greenspan, to an evaluation of globalization and the role of the mejor economic players of the world.
A highly recommended read.
Customer Rating:
Summary: Alan Greenspan "the Age of Turbulence" -- A Word to the Wise!
Comment: In view of the turbulence of the twentieth century, one may find it easy to embrace conspiracy theories of government, banking and nefarious systems of world domination. But, perhaps there are other less understood factors which may account for the events of our recent history. One hundred fifty pages into Mr. Greenspan's classic work, "The Age of Turbulence", I now find that I must shift my thinking. Mr. Greenspan may well be the Thucydides of this age. In reconstructing detailed summaries of scores of important events in the modern history of the United States, he gives clear instructions and definition regarding the financial behavior of our people and our markets. His explanations are an applied econometric survey of our recent past. His invaluable revelation of the thinking and beliefs of key administrators of those times will serve to enlighten the student of politics and finance for many years to come. This contribution is an honest document of the wisdom of a man who possesses the refinement of a Julliard graduate, a close friend of Ayn Rand, a successful Wall Street executive, and a brilliant and courageous Colombia University scholar whose willingness to stand in the face of strong and at times potentially lethal opposition is inspiring to say the least. His memoirs will serve mankind well and in my view is worthy of the highest praise.
In keeping with high standards of accuracy and truth, most probably attributable to his Levitical heritage, which is the origin of the tradition of Sacred Scripture, this work in my view is academically reliable and useful for teaching and correction. "The Age of Turbulence", if understood and pondered by the wise, will render necessary questions and answers, but perhaps more importantly, will manifest tools and examples of profound leadership necessary to accomplish the goals of the oncoming years. We the people will ultimately receive what we deserve for better or for worse. It was never your job, Mr. Greenspan, to keep us from making, heal us of, or compensate for our mistakes. I believe that your wisdom served to provide stability in the face of the changing times which in my view is grounded upon one's ability to feel, balance and know precisely when to let go. These elements it seems have always been evident in your work. It is with humbleness, awe and trepidation that I proceed further into "The Age of Turbulence."
Customer Rating:
Summary: A good argument for free markets
Comment: The Age of Turbulence is a good argument for free markets, against various restraints on freedom: regulation, tariffs, economic populism, laws that do not protect property rights, and uneven enforcement of property laws. Greenspan is a true believer in free markets, and makes good arguments in favor of them.
I enjoyed reading the first 248 pages because I remember most of this history and it gave new perspectives and details to add to my memories. This part is reasonably well written and mostly free of Fed Speak. The last half of the book was a chore to read, but generally worth the effort. An example of tedious prose (Fed Speak) is on page 352, "Since 1995, the greater rates of productivity growth in the United States (compared with still-subdued rates abroad) apparently produced correspondingly higher risk-adjusted expected rates of return that fostered a disproportionate rise in the global demand for U.S.-based assets."
Greenspan lives in a contradiction that he apparently does not recognize. On one hand, he believes that a gold standard currency would be ideal because it would curb the growth of the money supply and would be immune to politics. (page 391) On the other hand, he thinks the Fed should be frequently tweaking interest rates to provide the `desired' amount of liquidity. These tweaks don't curb the growth of the money supply as well as they could, because the money supply is not the objective. Regulating inflation and growth is the objective.
I was stunned by Greenspan's failure to foresee that tax receipts would plunge in 2001 because taxes on capital gains dried up (pages 213-224). The stock market started going down, so investors were having capital losses instead of capital gains, so tax receipts went down. Greenspan's reaction was "Shazam! Who'd have thunk of that?" Did he think that we would always have very high capital gains to be taxed? Did he just overlook this?
Greenspan believes there is a high degree of honesty in business: "a flagrantly unscrupulous used-car salesman is one who will be out of business before long." (page 252) How does he know that?
Greenspan tends to find one single fact that characterizes a country's economy, or is the root of a problem. America's economic problem is a lack of workers who are skilled in math and science. The reason that we lack these skilled workers is that we do not allow enough of them to immigrate to America and we do not pay math and science teachers enough. (Well, I know, those are two facts.) The problem with the Latin American economies is populism. The problem with India's economies is too much regulation. There are many more of these. You might like knowing what the biggest problem is, or you might suspect there is more complexity than that. This is Greenspan's memoir - he doesn't have a lot of new research on what is the biggest problem with the economy of (fill in the blank country). But you knew this was a memoir, so you can't be disappointed.
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Summary: Exhuberance
Comment: It was expected that The Age of Turbulence would be a good read, but I found more. It was textbook on Greenspan's life and times and, although I was never overly taken with him as Chairman, I was a real fan by the time I finished his book.
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Summary: A Peek behind the Curtain at the Wizard!
Comment: The Age of Turbulence is engaging, fascinating and educational. Watching Greenspan on television in the Senate Sub Committee meetings was interesting...but tough to know who the man behind the curtain was. This book opens the curtain and lets us see a motivated individual who is confident of his skills, but doesn't flaunt it.
In the first part of the book Alan Greenspan does an exceptional job of explaining what makes him tick and provides a peek into the world of the Fed Chairman. In the second part he talks about various parts of the world and spices it with a bit of crystal balling.
It is clear that Alan Greeenspan has strong Critical Thinking and Decision Making skills. He has been succeeded in many of his adventures. As with all humans he has his weaknesses as well. His honest candor in the book made it refreshing and useful.
There are some great topics in the book that let us get to know Alan Greenspan. Some of these are: City Kid, The Making of an Economist, Black Monday, The Fall of the Wall, Irrational Exuberance, Millennium Fever and Downturn. The second half of the book has equally excellent subjects: The Choices that Await China, The Tigers and the Elephant, Russia's Sharp Elbows, Latin America and Populism, Globalization and Regulation, The World Retires, Bit Can it Afford To, the Delphic Future an more.
Overall the book is insightful and a great read!
One final thought: I found that Age of Turbulence coupled with Revolutionary Wealth by Alvin and Heidi Toffler help to provide a look into possible futures and what we can do to make a great one for ourselves!
The Re-Discovery of Common Sense: A Guide to: The Lost Art of Critical Thinking
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Editorial Reviews:
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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"
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