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Saturday, September 15, 2007

Allan Greenspan's new book "The Age of Turbulence"

Click book to order.

On Saturday September 15, 2007, Bob Brinker talked about 81 year old Allan Greenspan's new book "The Age of Turbulence: Adventures in a New World" scheduled for release Monday September 17, 2007.
Greenspan considers himself a "libertarian Republican" and takes the GOP to task for excessive government spending. "My biggest frustration remained the president's unwillingness to wield his veto against out-of-control spending," Greenspan wrote.
From the Wall Street Journal story:
  • Greenspan "attributes the housing boom to the end of communism, which he says unleashed hundreds of millions of workers on global markets, putting downward pressure on wages and prices, and thus on long-term interest rates."
  • "In coming years, as the globalization process winds down, he predicts inflation will become harder to contain. Recent increases in the price of imports from China and a rise in long-term interest rates suggest "the turn may be upon us sooner rather than later."
  • "Left alone, he said, the Fed's policy-making body, the Federal Open Market Committee, can keep inflation between 1% and 2%, but that could require forcing interest rates to double-digits, a level "not seen since the days of Paul Volcker," his predecessor as Fed chairman. "I fear that my successors on the FOMC, as they strive to maintain price stability in the coming quarter century, will run into populist resistance from Congress, if not from the White House," Greenspan writes.
  • Mr. Greenspan writes that in early 1997, he told his colleagues the Fed should raise interest rates as a "preemptive" move against a stock-market bubble. But transcripts of Fed meetings from that period do not support his book's version of events: They show Mr. Greenspan argued for a rate increase principally because of inflation.
Reports say Penguin Books paid Mr. Greenspan over $8 million in advance for the book "The Age of Turbulence: Adventures in a New World" (Please order the book with my link)

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