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Maestro: Greenspan's Fed and the American Boom

Bob Woodward

posted on 20 September 2001

reviewed by Joe McCauley

Alan's, not Adam's hand....,

This book is worth reading. First, a speculator can learn something about
how Greenspan thinks and acts, valuable information about the market. Second, the
cooperation betweeen two very curious, practical-minded intellectuals, Clinton and Greenspan , is
discussed, so we can abandon any fantasy that Dubya and his old ideologues will be good
for the US economy. Third, and very interesting, that Greenspan does not rely on
(neo-classsical or any other) economic theory is pointed out. I emphasize: if Adam Smith's hand existed (unregulated free markets were stability) then Alan Greenspan and the Fed would be
superfluous. That his hand is needed is qualitative evidence that Adam Smith's hand does not
exist. For those who want the quantitative evidence for this assertion, from stock, bond and
foreign exchange statistics, please feel free to contact me via email. Also interesting:
Greenspan tried to read and understand Einstein's 1905 paper on special relativity (did he read it in translation or in German.....?). A former follower of the Randian philosophy developed intellectually into a pretty good economist, maybe the best in our time.

On the negative side: a bit too much cheerleading and hero worship on the part of the author, who was far more critical of Nixon.


Hardcover - 270 pages 1st edition (November 14, 2000)

Simon & Schuster; ISBN: 0743204123 ; Dimensions (in inches): 1.02 x 9.50 x 6.29

Amazon price: $20.00