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The Age of Turbulence: Adventures in a New World
Unavailable
The Age of Turbulence: Adventures in a New World
Unavailable
The Age of Turbulence: Adventures in a New World
Audiobook (abridged)10 hours

The Age of Turbulence: Adventures in a New World

Written by Alan Greenspan

Narrated by Robertson Dean

Rating: 4 out of 5 stars

4/5

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Currently unavailable

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About this audiobook

The Age Of Turbulence is Alan Greenspan's incomparable reckoning with the contemporary financial world, channeled through his own experiences working in the command room of the global economy longer and with greater effect than any other single living figure. Following the arc of his remarkable life's journey through his more than eighteen-year tenure as chairman of the Federal Reserve Board to the present, in the second half of The Age of Turbulence Dr. Greenspan embarks on a magnificent tour d'horizon of the global economy. 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.

LanguageEnglish
Release dateSep 17, 2007
ISBN9781429586443
Unavailable
The Age of Turbulence: Adventures in a New World

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Rating: 4 out of 5 stars
4/5

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  • Rating: 2 out of 5 stars
    2/5
    Pretty boring, frankly.
  • Rating: 3 out of 5 stars
    3/5
    Very interesting account of Greenspan's life, why he became an economist, what he did in the government, and his thoughts for the future (all written prior to the TARP fiasco and Obama's election).
  • Rating: 3 out of 5 stars
    3/5
    Audio. This massive tome is actually two books in one. The first is his autobiography, a great look at his career and his views of several White Houses. I found most interesting how his own thoughts contradicted Bob Woodward's late 90's account, Maestro, which I read in college. I remember Woodward writing that Greenspan was complimentary of George H.W. Bush's knowledge of economics via his Yale degree. Greenspan isn't very complimentary of Bush '41 in his own memoir, and calls Nixon and Clinton the smartest presidents he ever knew (he's extremely complimentary of Clinton).

    The second book is basically composed of essays ranging from the history of economic thought to his views on Latin America, Russia, India, and China, to his predictions of the coming decades. It's this part that Greenspan's book fell flat to critics. Greenspan doesn't forsee any financial crisis, and sees inflation in 2008 as the biggest potential threat. Here's the guy credited with seeing so much and yet he clearly saw so little.

    Greenspan thinks that the benefits of government housing policies (subsidizing mortgages, tax breaks, etc.) outweigh the risks (which he viewed as rather minimal). Not sure if he's changed his tune, but recent Congressional testimony illustrated that he'd changed his tune about his confidence in market players to regulate themselves and avoid taking on too much risk.

    In all, this book is too verbose. His economic writings are fantastic for a student who wants an intro into basic economics & finance, but his thoughts are quite droll by the end when he delves into climate change, and other things he knows little about. Given the gravity of the approaching crisis when the book was published in 2007, it's hard to take some of his feigned expertise seriously.

    3.5 stars out of 5.
  • Rating: 4 out of 5 stars
    4/5
    a very educational book about the inside workings of the US Treasury and banking. In hindsight, I wonder if he would have written any of the last chapters nearly the same. The man had way too much trust in the average person and not enough insight in the financial history he supposedly knew so well.

    1 person found this helpful

  • Rating: 3 out of 5 stars
    3/5
    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 it was before the big global recession. I would have loved to read his views on the downturn, its causes, and his defence against the role he played in creating it, as a number of people have insinuated.Also a result of having been published earlier, there are a number of views he expresses, with which I now do not agree. He might have changed his views, had he witnessed the huge problems created in the USA.Some of the views and beliefs expressed in the book with which I disagree include:1. The current account deficit of the USA may not matter much.2. Hedge funds should not be regulated as they play an important role in stabilizing markets.3. Banks can regulate themselves much better than regulators can.4. Bank employees care for the shareholders, and so limit risk taking.5. Credit derivatives and mortgage backed securities make markets more efficient and better.6. Belief that regulation should restricted as much as possible.7. Belief that bubbles should not be popped.8. Belief that taking out home-equity loans was beneficial to the economy, and ignoring the risk of defaults.9. His endorsement for CDS as a way to redistribute risk, but ignoring their use as speculative instruments.10. Ignoring the risk of increased inter-linkages of financial institutions.Overall, the biographical section is very interesting, as it provides an insider view on the politics and policy-making of various US governments. The second section is a bit more general, where he outlines the problems, but refrains from clearly outlining workable solutions which could be implemented in order to overcome these problems.I found this book to be a quick read, and would recommend it to anyone interested in understanding the workings of the federal reserve and the US government from a practical viewpoint.
  • Rating: 4 out of 5 stars
    4/5
    This book is easy read. Remarkable because it covers very complicated events. It is very much the "day-in-the-life-of" kind of a novel. Every student of economics could gain a greater of understanding of how to put an economic training to practical use. It also raises a few interesting questions. For example, why do we collect taxes at all? Why not just run a deficit to pay for government spending? The answer to this question supports pay-go policies in government. Also, when government runs a surplus, why not just dump it all into the stock market, as the Clinton administration suggested? More food for thought. The book also highlights the conflict between short-term and long-term financial policies that continues to cripple today's populist governments. The book is written in the same easy style as David Rockefeller's "Memoirs" and I wasn't surprised to find him mentioned a number of times.
  • Rating: 4 out of 5 stars
    4/5
    Interesting and well-written. Once the current financial crisis blows over and a few years pass - I hope this book will get fairer reviews. The first half is an interesting memoir of his growing up and the ideas and events that shaped Greenspan as an economist. The second half is an analysis and defense of property rights, free markets, the rule of law and several specific aspects of our global economy. I was surprised by some of his explanation of his private views -- I wish the public would have heard more criticism of the rise of debt during Bush's term and his lack of using the veto from Greenspan while he was in office, rather than a belated explanation years later. Other than that - nothing shocking, just a well written book about today's economy and its development.
  • Rating: 5 out of 5 stars
    5/5
    Extremely enlightening! It's like a taking a course in economics
  • Rating: 4 out of 5 stars
    4/5
    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 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 bookPresent 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!!
  • Rating: 3 out of 5 stars
    3/5
    I prefer non-fiction, and, as a banker, I find this book really interesting. The flew through the first half - his life, his passion for all things business, his acquaintances. But the second half reads more like an economic textbook. I understand how integral his economic theory is to who he is as a person, but I think it would have been more reader-friendly if it integrated those theories in the context of his life.
  • Rating: 5 out of 5 stars
    5/5
    I resisted reading this for a while because I had heard that it was essentially an exculpation and rationalization of his tenure. Once I got into it, however, I found it quite gripping. The first half, the traditional biography is fairly interesting. I particularly enjoyed reading the influence of Ayn Rand and his meetings with Reagan.The value of the book lies in the second half, however. Here, Greenspan goes over areas of the economy by topic bringing in an broad perspective explained clearly.Anyone interested in the economy and why things are the way they are would enjoy the book.
  • Rating: 4 out of 5 stars
    4/5
    Initially I thought this would be rather dry but it was very interesting to get some of the details behind the decisions of The Fed for so many years. It was particularly valuable to learn of Mr. Greenspan's impressions of many modern Presidents. This guy Greenspan was around for a long time.
  • Rating: 4 out of 5 stars
    4/5
    The book is interesting, but tepid. Economics is actually gripping stuff -- people lose their homes in foreclosure; ordinary people in India find that they can afford two meals per day instead of one; white-collar criminals find themselves in prison. We are living in a turbulent age and Greenspan's overarching view does nothing to convey this. He left to Fed to join a firm that made its fortune betting the real estate market would collapse. The real estate bubble is barely suggested in the book. This is a book you want to argue with!
  • Rating: 3 out of 5 stars
    3/5
    I have spent the past week reading and pondering Alan Greenspan’s memoirs, The Age of Turbulence. It is a troubling read.As a person who deeply believes that the more voices added to a debate: the better the resulting decision, it is difficult to excuse the former Federal Reserve Board Chairman’s flip-flops.Granted during his terms as chairman, Greenspan was known for his opaque and unparsable language. He writes the War on Terror is all about oil, that he opposed the Bush 2001 tax cuts or that the pork spree of the first years of the 21st century was “wrong.” I follow the Fed. I will admit. I never understood Greenspan’s statements while Chairman. He was the master of the compound, complex. I never divined those conclusions from his public utterances.In his memoirs, these statements are delivered in strong and clear language. Of course, an $8.5 million advance allows for consultation with top-flight ghost writing and editing talent. Still, the picture that emerges is of a Fed Chairman who is either a weasel or the lowest of political hacks. I am not willing to accept either. I watched the Fed’s moves during his 18-year term. They were bold. They were intuitive. I believe they were the result of the collaboration of brilliant minds grappling with complex and often random events. Why weren’t the American people entitled to the same? If Greenspan believes what he has written in his memoirs, then we were severely short-charged by his public pronouncements as Chairman. If we, as taxpayers, elevate someone to the pinnacle of his profession, we are entitled to wisdom unshaded by political cross-currents.Greenspan’s memoir says we are not. Unfortunately that forces me to re-evaluate 18 years of thinking.Penned by the Pointed PunditSeptember 26, 200710:08:37 AM
  • Rating: 5 out of 5 stars
    5/5
    First half was a good, easy to read biography; the second half was a dense slog that was difficult for me to read, having no education in economics, but I *think* I've understood everything. A great perspective into significant events of our time, with fascinating insights into our present and future on a world scale. Recommended.
  • Rating: 5 out of 5 stars
    5/5
    This book divides neatly into two parts: the first is an autobiography, the second is theory and observation. The first part is very good, full of personal insights (such as Ronald Reagan not wanting to know any facts so he would be closer to the common man, and Greenspan not wanting to be alone with Nixon). The book is worth it for that alone.The second part details his economic beliefs, which are insightful but somewhat naive at times (for instance, that companies pay dividends only when they can't invest in growth - forgetting that dividends have political value too). He also is worried about the growing wealth divide, but has stated exactly why it is happening: Outsourcing of jobs causes workers to be reluctant to ask for more wages, which also is how the fed can lower interest rates and not get inflation. All that being said, this book, and the ones by Cramer, are the clearest books I have read for understanding business and economics since "The Wealth of Nations" by Adam Smith.
  • Rating: 5 out of 5 stars
    5/5
    Absolutely fascinating read. The book is arranged in to two halves -- one covering his own history and progression as a student of economics and his role as the Federal Reserve chairman, etc and the other half discussing, in great detail, his thoughts on global economic theory and was he sort of prognosticates for the future through 2030. I dinged it a half a star only because it is a challenging read, at can be a bit long in the word at times when it doesn't need to be, particularly in the back half of the book. But still, a brilliant effort.
  • Rating: 3 out of 5 stars
    3/5
    A remarkably readable book from a figure who spent nearly 20 years in one of the least understood roles of the Global economy, The Age of Turbulence balances a short autobiography with a series of essays on Greenspan's perspective on the modern world.The first half of the book tells Greenspan's rise to prominence in a brisk, impersonal tone that may discourage some readers. But the character vignettes and commentary keep it from being too cold. There are no candid revaluations, and most political figures come off pretty well from Greenspan's account, with Nixon getting the only really negative portrayal. The reader gains a picture of Greenspan's life, but understands very little of him - even when speaking of wife or of his ideological mentor Ayn Rand, Greenspan reveals very little of himself.The second half is potentially more interesting, with commentaries on the modern world economy. But this section is somehow short of substance, with Greenspan dancing around topics without ever quite coming to a point. So he makes a strong case for the rule of law and strong institutions as being necessary for strong economy, provides some cutting analysis on the global energy industry, and brings his personal experience to bear on issues of corporate governance, but never really comes to any conclusion from all this.In the end, it's rather like watching a press conference: it's interesting, extremely convincing in places, but you know deep down there's something that he's not saying...
  • Rating: 4 out of 5 stars
    4/5
    Capitalism is a lousy system. It's just the best one out there. Everything is in a state of destruction in order to build something new; thus creative destruction. Globalism and the exchange of labor, capital and goods in the most efficient way wins out in the end. Greenspan explains a little bit of his learnings & inspirations for his decades long contribution to the American (and global) economy. Interesting his rise from Ayn Rand. His views on Nixon and Reagan. This book is a must read for insights into the pinnacles of domestic political power. Continually bashes populist politicians who can be dangerous.Ends with a review linking oil to the Iraq war (an 800 pound gorilla) and stock market crashes caused by irrational exuberance and the contrarians that try to predict the psychology of the dumpers. His solutions lie in global free markets, rule of law supporting private property rights, education and treating the ills of our time: global warming & terrorism.
  • Rating: 2 out of 5 stars
    2/5
    long and superficial. not enough focus.