Greenspan: The Man Behind Money

Greenspan: The Man Behind Money presents the famous Fed Chairman as few know him. It spans his hardscrabble childhood in Depression-era New York City, his fascinating decades-long friendship with controversial author Ayn Rand, his Juilliard education and days spent touring with Henry Jerome's jazz band, as well as two marriages, a dynamic D.C. social life, and service to six U.S. presidents. Based on unprecedented access to Greenspan's family members and peers, including Henry Kissinger, Gerald Ford, and Milton Friedman, Greenspan: The Man Behind Money is the only book to shed real light on one of the most private public figures of our time.

Reviews:

Justin Martin's "Greenspan" -- from beginning to end -- is a delightful read. I was laughing over and over as the pages turned, and was disappointed upon running out of pages to read. Here is one humorous example (page 225), about Greenspan changed his seating position at the FOMC meeting table."Then there's the table flap. Since 1977, the FOMC has conducted its business around a twenty-seven-foot-long table fashioned out of Honduran mahogany, with a center section made of black granite. It weighs two tons. Since becoming Fed chairman, Greenspan had always sat at the head of this table. But in November 1998, attendees at one of the Fed's periodic public meetings noticed that he had moved to a spot in the middle."The hubbub began immediately. What did it mean? Was Greenspan sending a message about increased 'collegiality' at the Fed? Turns out the move was for the sake of acoustics. 'Given the speed of sound, the advice arrived too late and inadvertently we got behind the curve,' joked Greenspan, during a meeting of the Fed's Board of Governors."I'd recommend this book to anyone interested in economics.

Read all about the frightened little ec0nomist who happens to be (pragmatically) the most powerful man on the planet.Greenspan's dreadful fear of inflation is really the origin of our current economic recession, his timing is worse than a paranoid knife thrower afflicted with Parkinsons disease.This book isn't written objectively and will only benefit those who worship the detritus he leaves behind. It works too hard to portray him as well meaning guy who just happened to luck into his current job, but skims or omits his blunders and mistakes.This book is best for the Greenspan groupies.

This book is an excellent journalistic account of Alan Greenspan's life up to the first part of 2000 - the zenith of his career and fame.The book is not a serious biography. You will be disappointed if you expect the book to give you a deep and insightful analysis of Greenspan's life philosophy, his work methodology, or a revelation of the detail working of the Federal Reserve System.On the other hand, this book is a fascinating account of his life - both its private and public sides. Greenspan's brush with band music, his own economic consulting business which employed mostly female economists, his relationship with Ayn Rand and as an esteemed member of her Objectivist Collective, his role and relationship with the Nixon, Ford, Reagan, Bush and the Clinton teams. There are also some vivid accounts of how he handled some high profile financial and monetary situations as well as how he left his handprints on several important presidential commission reports and recommendations. And, of course, the book has not neglected to give brief but interesting accounts of the women in his life.This book is very well written - the material is interesting and well organized, and presentation is smooth and captivating. I find it to be very enjoyable reading.Read to the end. The last two paragraphs of the book were as weighty as everything written prior!

The principles that Alan Greenspan follows politically and economically are all accounted for in the in-depth writing Justin Martin presented in this book. Justin Martin even gets into small details about Alan Greenspan that not many people know about. I recommend this book to anyone willing to learn rock solid principles surrounding our economic conditions.

An extremely shallow book that offers no insight how Greenspan thinks or makes his decisions. The reason Greenspan is such an interesting character is how he has managed to constantly adapt to changing market conditions. The real story would be why and how he came to the decisions he did, but this book just reports his actions. There is almost no economic anlysis or justification. Anyone looking to gain some understanding of Greenspan's thought process will be left wanting and extremely disappointed with this book.

Martin writes a hero's biography in his view. No arguments here. Greenspan was a late bloomer. Not until age 42 did Alan Greenspan start to get some visibility-- lifting him from the ranks of just another Wall Street economist seeking publicity to some one that was going to be listened to by Presidents. It all started by working on the 1968 Nixon campaign to help out an old musician friend. In 1974, when President Ford make him head of the Council of Economic Advisors (CEA) many in Wall Street were outraged that Greenspan would be the man. At age 48 Greenspan had slowly risen from very humble beginnings to a powerful place in government that would be his springboard to an exulted place in the history of the nation---one of the important contributors to America's greatness.Martin provides an entertaining tour of Greenspan's early life as a musician that quit Julliard training to become a professional jazz musician despite his love of classical music. His passion for reading economics evolved to a new endeavor and enrollment in New York University in 1945. He contributed to the economic thinking of Ayn Rand (novelist and philosopher) and he gained greatly from the 15 year close association that sustained a friendship, lasting until her death. It was the moral foundations for his contribution to helping some sectors of public opinion find the virtues of free markets, free trade and limited government. Martin's liberalism never allows him to really hear the Greenspan message of free markets and less government. Woodward's book follows the Fed events more closely then Martin, but he really brings Greenspan to life. More people need to aspire to be an accomplished economist in public service. This book may help by showing the potential for fame.The book is entertaining about his personal life. With power he became attractive to powerful women journalists ( Barbara Walters. Andrea Mitchell and others). His Washington social life is fascinating. Martin is a light weight when it comes to writing about the occupation of economist and economic history. He is particularly weak on monetary policy, but he makes a good effort. After all this is a book about a hero. I am inclined to be skeptical about the authors economic policy observations on Milton Friedman, Arthur Burns, Henry Kissenger, Richard Nixon, Gerald Ford, Jimmy Carter, Ronald Reagan, George Bush 41,William Clinton, and George W. Bush.. The author exaggerates Greenspan's skills and diminishes his weaknesses. The passion to tell the most salable story for the book allows him to overlook the fact that no economist is going to have a great track record for forecasting the economy. Congressional criticism of Greenspan's forecasting in initial confirmation hearings should have been about any economic forecast not just Greenspan's. The book perpetuates the myth that the Council of Economic Advisors or the Federal Reserve can have a detailed forecast of the future with great odds of success. Greenspan was a noted (perhaps revered) inflation hawk. Some say he turned weak in the Clinton years. Martin totally misses the issue of so called modest inflation of two to three percent for more than a decade versus the no inflation talk of Greenspan in his early years. If it had been possible to have no inflation long term interest rates could be half what they are today. He does note that the Fed has little influence on long term rates. He just does not make the connection that the markets never believed that the Fed would or could commit to a true policy of no inflation. The daily failure to bring inflation to zero is the direct cause that the Fed lacks any influence on long term interest rates except as now being enthroned as perpetrators of two to three percent inflation for a long, long time to come. The public will be paying a high price on home mortgages and corporations on bonds as the result of more than a decade of so called modest inflation after the preceding radical inflation that preceded the Greenspan era.Martin's review of Greenspan's "Irrational Exuberance" remarks is very frumpy. Martin does catch the fact that if the money supply grows to fast it does not always translate into inflationary product prices. Sometimes excess money growth has the insidious impact of driving up asset prices and or stock prices. This creates a time bomb that the Federal Reserve has great difficulty dealing with as the potential for adjustment is so impossible to forecast. Hence, the irrational exuberance remarks came a few years before the stock market correction. Had he understood this, Martin could have researched why the Fed never utilized its power to set margin requirements on stocks. On this point, Martin really blew it. It really stems from his struggle to know just enough economics to tell a good story and not take so much time so that he could make some fast money while Greenspan and the stock market was still popular. The book is well enough written that I would seriously look at any future book that Justin Martin writes. A serious reader is left with a deep passion to read hopefully Greenspan's memoirs and the resulting discussion of irrational exuberance, the weakening on inflation and his views on Federal Reserve oversight and independence. Greenspan will every right to brag about his policy of opening up Fed actions to more timely public understanding of deliberations.

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Did you know that Greenspan's first occupation was as a musician or that he spent many years as part of the Ayn Rand collective? Greenspan is a bit of a Renaissance man in his own right. This book is fine introduction toward understanding the historical, economic, and philosophical contexts that have shaped the man that now quasi-guides the direction of our economy.

This is a good read. It paints a vivid picture of a very unique individual, from childhood on. The author presents the facts in a reasonably captivating way without drawing conclusions for us. He also gives us a nice review of U.S. economic history without putting us to sleep. A task not easily done.

This is a true biography of the man - who he is and how he became the most respected head of the Federal Reserve Bank.Here is a man who is a principled adherent of free markets and liberty; yet he heads the most powerful means of government intervention in the economy. He has defended the efficacy of the markets over four decades, from his opposition to anti-trust laws to the deregulation of financial institutions. Now he is Chairman of the Federal Reserve. Here is a man who is a passionate believer in the ethical defense of free markets; however, he wins the respect of people with a broad range of views by his tempered rhetoric, patience, and considerate manner. Notably, he has worked with Republican and Democratic administrations as Fed Chairman. Here is a man who maintained close ties to philosophical and ideological political writers while running a profitable economic consultancy involving hard-core statistical modeling of economic predictors. This seemingly complex multi-faceted man is made intelligible through the excellent research of Mr. Martin. I have been reading about Greenspan for over 25 years and I have followed his public career. In addition, we in the finance industry follow his every word. From common acquaintances, I have heard numerous stories about the man that have added the human dimension. From what I know, Mr. Martin has written a fair description of Greenspan's life to date. What emerges is a balanced picture consisting of human development, professional development and public achievements. Martin contrasts Greenspan the other characters that enter the story: Milton Friedman, Richard Nixon, Ayn Rand, Gerald Ford, George Bush, Bill Clinton, Andrea Mitchell, Arthur Burns, etc. There is a priceless story during a meeting of a commission addressing the feasibility of replacing the draft with a volunteer military - there was a confrontation between General Westmoreland on one side and Greenspan and Friedman on the other side. These and other contrasts are used effectively in building a picture of the man.

Definitely a good introduction to Greenspan's life. Just when I thought Martin would end up being guilty of hagiography he pointed out Greenspan's professional misjudgements. He could have, however, included more critical perspectives from other parties beyond quoting Proxmire and Senate confirmation hearings. The whole Ayn Rand thing was treated very well, since most people hear about Greenspan's association with her clique and immediately start conspiracy theorizing. He dispells that sort of thing quite well, establishing Greenspan's (ironic) independent identity from that consortium.Also upholding the book's solid credentials as an introductory are concise historical surveys of the central bank controversy throughout US history; as well as the Fed's position in politics under individual chairmen; also the "Asian Contagion" is given a respectable treatment without belaboring the complexities. Martin explores the Fed's mechanics as well as he can without driving the audience crazy.Despite thorough endnotes, one thing it lacked -insignificant to most people- is a general list of sources and references at the end of the book. This sort of thing would be useful to those of us who want a more in-depth taste of financial history in general and the Federal Reserve in particular. Good book, though.

A very nice depiction of Greenspan's long, windy but astoundingly successful journey to the chief-o-Fed. Justin makes interesting side notes, and covers the whole spectrum of Greenspan's life.On the down side, the book lacks inputs from the Man-Greenspan himself.. It is clear that Justin Martin is trying hard to cover the lack of first hand information with quotes from Greenspan's associates in life. However, he does a good job at it. All in all, very much worth reading. I learnt a lot about the chief, his professional associates (including the presidents), and the american economy.

Martin's biography of Alan Greenspan is a quick read for anyone interested in Greenspan's fascinating life. From his early career as a jazz musician, through his days as a millionaire businessman in Ayn Rand's inner circle, through his tenure as chairman of the Council of Economic Advisers, through his "wilderness years", and finally up to and including his current term as chairman of the Fed, this book is peppered with interesting vignettes. Some of these vignettes, however, detract from the focus of the book. Martin's research seems to have uncovered a multitude of stories about Greenspan's jazz colleagues, Ayn Rand, and other figures in Greenspan's life, which seemed less than necessary in telling Greenspan's story. Readers only interested in the workings of the Federal Reserve Bank or the economics behind the decisions that Greenspan made in his life of public service are advised to find a different book. Although he does give a rough overview of what was at stake in each of the crises that Greenspan faced at the helm of the CEA and then at that of the Fed, Martin does not go into much economic detail. This omission perhaps makes the book more accessible, but the omission is disappointing, nevertheless.

Mr. Martin is primarily a magazine writer and it shows through in this book. Although the style and brief length of the book makes it easily accessible to readers without much knowledge of the financial markets, those with more than a rudimentary grasp of finance and economics will probably find themselves, as I was, frequently yearning for more. The details of Mr. Greenspan's early life are quite interesting and do shed some light on the character of the man responsible for keeping the nation's economy on an even keel. Overall, this book is worth reading, but we will have to wait for the definitive account of Alan Greenspan to be written later.

I found this book to be very well written, introduces you to one of the most powerful man in the world in a lucid and friendly manner. Read this book if you want a better understanding of the man behind the levers of the economy, but if you want a better understanding of the economy itself or how the FED works, you may need additional reading. I enjoyed the book thoroughly.

I finish reading less than 20% of the books I start reading, but I couldn't put this one down. Martin not only provides an interesting chronicle, but also offers many insights into how Greenspan's experiences have contributed to his overwhelming success as the country top banker. The book provides just enough explanation of economic theory and policy for the reader to understand the subject's ideology, without getting bogged down in the details.If you are interested enough in this book to be reading this review, then I am confident you will enjoy it.

I liked the book but one should have to wonder why so much power should be given to a government agency that decides how our economy should be. When Greenspan's Fed decides to apply the brakes to the economy, the ones who work hard and play by the rules suffer. In fact, they suffer in spades. I wonder if Greenspan or any of the Fed governors or any of the FOMC officials ever experienced a layoff? Since the Chief Executive is held accoutable for the health of the economy, why not put him in charge of interest rates? Put him and the Congress responsible for price and wage inflation, instead of this technocrat and his unaccountable government agency. And as a token to America's workers...put Greenspan and the Fed as a sub-agency of the Treasury and into the spotlight where they belong.

Before commenting on this book, let me observe that I think that Dr. Greenspan has been the best chairman of the Federal Reserve in history. Most people will agree that it is his tenure in that post while the longest economic expansion in U.S. history continues that draws our interest about him. Of the three recent books about Dr. Greenspan, I found this one by far the most useful. It is a vastly more complete, better researched and developed book than Maestro by Mr. Woodward. Although I felt I knew a lot about Dr. Greenspan after reading two other books about him recently, this one added more useful knowledge for me than the other two combined. The main reason for this was Mr. Martin's access to many people who have known Dr. Greenspan since he was a young man. As a result, you get a rounded sense of the man that is impossible to obtain from contemporary observers who met him recently. Also, almost all of the sources are cited (unlike in Mr. Woodward's book), so you can usually appreciate the context from which the observations come.Music fans and those who are interested in Ayn Rand and her philosphy will be fascinated by the many excellent details of Dr. Greenspan's interests and activities in both areas. If I liked this book so much, why didn't I rate it five stars? Basically, it is because this is a noneconomic biography of a man who was a economist, economic consultant, and central banker through most of his career. To downplay the economic thinking side of his work certainly makes the book more accessible. It also makes it more superficial. I would say this book was written to be interesting to someone who has never taken an economics course. On the other hand, Mr. Martin was refreshingly candid in his descriptions of Dr. Greenspan. For example, he cites Senator Proxmire's skeptical questioning of Dr. Greenspan during confirmation hearings in which the senator pointed out that Dr. Greenspan's firm had the worst track record of major firms for economic forecasting. He also quotes Dr. Greenspan's first wife, artist Joan Mitchell (no relation to me), about her being quizzed by the FBI about Dr. Greenspan's sexual orientation. Other judgments by the author describe economic misses and errors, such as underestimating the oncoming 1990-91 recession. I found these judgments to be objective, accurate, and fair. The book also avoids the false sensationalism of Maestro about the 1987 market crash and the Asian Contagion in 1997, and the Russian default and Long Term Capital Management's collapse in 1998. I enjoyed the final chapter where he looks at the fascination with Dr. Greenspan in the media. This included my favorite story about the CNBC briefcase indicator (interest rates tend to change when his briefcase is full before a Fed meeting). Mr. Martin pointed out that Dr. Greenspan could be transported to the Fed for these meetings in ways that would not allow us to see the thickness of his briefcase. This suggests that this briefcase is a deliberate signaling device. Very interesting.I would have liked the book to contain more quotes from Dr. Greenspan. His ability to handle politically sensitive situations is legendary. Most readers could learn a lot from his example, but that aspect of his talent was not developed much here. But do buy, read, and learn from this book.I suggest that you also think about ways that you can prepare for having greater responsibilities by broadening your knowledge, experiences, and acquaintances as Dr. Greenspan did during his formative years. Deeply and broadly explore what you love!

Given the fact that the general public knows so little about this man whose policies can make all the difference whether they wear new shoes for X-mas or eat the older ones (!) , this glimpse into the life of Alan Greenspan is both timely and fascinating.This is a short book (230 pages) but covers most of the bases of Greenspan's life____from his youth in New York's Washington Heights with his single mother (his parents divorced when Alan was 5) to his brief foray into the world of jazz (as an amateur clarinettist) and subsequent economic training at the NYU___ followed by a couple of decades in private practice as an economic advisor to different corporations and clients . His involvement with Ayn Rand's Objectivist group is covered .Politically he came to prominence as the head of the council of economic advisors(CEA)to president Ford in the mid-70's during which he tried to grapple runaway "stagflation" (unsuccesfully , but its arguable if anyone else could have ) after which he advised Mr.Reagan on economic issues . He reached the pinnacle of his career when Reagan made him the Fed chairman in 1987 in which capacity he has steered the US monetary policy since then .Greenspan's handling of the '87 crash , the '91 recession and the '98 Asian contagian is explained in a clear and lucid language. Along the way Martin sprinkles the account with personal and professional anecdotes & observations from Greenspan's associates like Bill Seidman & Henry Kissinger etc.Contrary to his deceptively benign public persona Greenspan is a consummate politician who has mastered the ropes of Power as practiced in Washington .Finally , Martin in this book has given one of the finest explanation of the late 80's S&L crisis that I have come across . A good read !

Because I am so deeply tied to the stock market and therefore the economy, I wanted to learn more about the man that has the most influence over our economic well being, or lack thereof. (I am a non-fiction buff who is sick of the scandalous, immoral, or felonious characters that are the focus of most popular nonfiction.) What a refreshing read. No sex secrets, no sordid past transgressions, no illegal acts, and no immorality. Not exactly the ingredients of a best seller these days. Instead there was solid research that forms the groundwork for a rational thesis on what is behind a great man's actions. The book weaves a common thread about Greenspan throughout; he is complex, multifaceted, intelligent, dogmatic, interesting, and charming man. I came away with a new comfort in knowing that I had learned enough to more thoroughly understand Greenspan's moves (even if I didn't agree with them or they hurt my wallet). I was hearten to observe that even though he holds strong convictions that guide his decisions, he also acknowledges the changing realities of our country's economic environment and makes adjustments to his strategy, accordingly. In addition, it is clear that he has shown great courage in making difficult and unpopular decisions to keep "the good times rolling" during his tenure as Chairman of the Fed. Great book about a great American hero.

After reading a review of two new books about Alan Greenspan, I was eager to learn more about this enigmatic man. The question: which book? The long and short of it is that I bought both, and here's why I enjoyed Justin Martin's Greenspan far more than Bob Woodward's new book that is receiving a fair amount of fanfare. Martin's book gives us a vivid picture of Greenspan's early years and the winding path he took to becoming the most powerful economic force on Earth. At each turn, you realize that Greenspan's decisions, while primarily personally motivated, ultimately led Greenspan to a position, which has great influence over our lives today. What would the "new economy" look like if Greenspan had stuck it out as a professional Saxophonist? To me, it is far more interesting to learn about what made the man than to follow a detailed narrative on the Fed (Woodward's book) most of which is recent history and well documented. When Martin explains Greenspan's policy, its implementation and its ultimate influence on the world's economy, we feel we know the man behind it all. If you're really interested in Greenspan (like I am) it wouldn't be a mistake to buy both books, but, by all means, be sure to read Martin's first.

Greenspan is by far the most misunderstood figure in America - and he likes it that way. Its obvious Mr. Martin is the only author / journalist to ever sit with the man and get real answers."man Behind Money" is the most insightful look into Greenspan's past, present, how he effects the global economy. Catch a glimpse into his mind, and how he makes the decisions that impact us all.I totally figured out the briefcase theory!Great holiday gift - now go get one.

I thought this biography was very informative and well written. Justin Martin truly opened my eyes on how Greenspan works. It was extremely interesting to know the road Greenspan travelled on to get to where he is today. Jazz saxophone? Ayn Rand? Who knew? Martin's in-depth research shows a diverse background of a man who everyone wonders what makes him tick. Now we know. Well done.

Justin Martin has done an excellent job of bringing Alan Greenspan to life. The book is well written and reads like a novel. Greenspan is a fascinating character-- he was a professional jazz musician before he enrolled in NYU to study economics, and was later a member of Ayn Rand's inner circle. Martin does a wonderful job of describing these aspects of Greenspan's life, as well as his later years in Washington and as Chairman of the Fed. So many biographies these days are filled with nasty innuendo and hearsay. But it is obvious that this is a first-rate research job, with quotes and insights from people who have known Greenspan for years. Some of the most interesting commentary comes from Henry Kissinger (who grew up a few blocks from Greenspan in Washington Heights). As the market continues to fluctuate wildly, Greenspan assumes an even more important role in American society. Martin manages to describe some of his economic theories in a way that makes them understandable to a mass audience as well. I would recommend this book very highly to anyone who is interested in life, not just business. Greenspan is as interesting as any fictional character I have ever encountered, and Martin really brings him to life.

Amazing book about one of the most intriguing political figures in recent times. Martin's account of Greenspan's life goes well beyond the stories we read daily about his actions as the Federal Reserve Chairman. I was surprised to read about his life as a jazz band player and the 15 years he spent as part of author Ayn Rand's inner circle. These early experiences shaped Greenspan as he is today and offer an insight into his thinking and personality. As a politician, Martin includes Greenspan's interactions with Henry Kissinger, Gerald Ford, and Milton Friedman.Overall, I found this book to be insightful, thorough, and well-written. It offers a sound historical perspective on Greenspan, but, most importantly, is written to appeal to the average reader who enjoys a good biography. Rather than bore us with tedious political jargon, Martin strives to go deeper into the persona and actions of this incredible individual. A definite "thumbs up" in my opinion.