Back from the Brink: The Greenspan Years [Paperback]

Steven K. Beckner (Author)

Book Description

Publication Date: February 8, 1999

"Thorough and timely . . .essential reading for those who seek insight into the process and the personalities that will shape Fed policy."-Barron's

A compelling and intricate portrait of the enigmatic Alan Greenspan and the powerful institution he heads

"Steven Beckner, as knowledgeable a Fed watcher as there is in the land, has done a great job telling the story of the challenging and successful Greenspan years."-L. William Seidman Chief Commentator, CNBC, and former head of the FDIC

"Beckner does a yeoman's job of chronicling the Fed policy of the past decade."-Business Week

"No matter what [Beckner] writes these days, people on Wall Street assign magical properties to his words."-Michael Lewis New York Times Magazine

"Fed watcher extraordinaire Steven Beckner chronicles the incredible tenure of Fed Chairman Alan Greenspan. . . . Read and reread this extraordinary book."-Dow Jones Asset Management

"Accessible to the financially uninitiated, this dynamic, seemingly day-to-day chronicle may be the ultimate Fed watcher's guide."-Publishers Weekly

Editorial Reviews

Amazon.com Review

Alan Greenspan started his term as chairman of the United States Federal Reserve two months before the devastating stock market crash of 1987. Record deficits, severe banking crises, continuing corporate shakeups, massive exchange rate variations, and serious credit crunches have marked the intervening period. Steven Beckner, who has covered the central bank for 20 years, presents the intriguing story of Greenspan's tenure--and what it means to the system's operation and policies. --This text refers to an out of print or unavailable edition of this title.

From Publishers Weekly

In this highly detailed, favorable account of Alan Greenspan's reign as Federal Reserve chairman from 1987 to the present, market analyst Beckner credits the doggedly determined central banker with devising policies that helped create today's environment of low inflation, low interest rates and low unemployment. Greenspan, a former jazz clarinetist, switched to economics, earned a doctorate, became a disciple of laissez-faire capitalist thinker Ayn Rand in the 1950s, then evolved into a mainstream conservative as chairman of Nixon's Council of Economic Advisers. Beckner, whose Market News Service reports on monetary policy are widely followed on Wall Street, provides inside details of the unflappable Fed chairman's running battle with the Bush White House. To the author, Greenspan is a heroic figure, a voice of sanity demanding a balanced federal budget, who has been unfairly blamed for causing the 1990-91 recession and the credit crunch, refuting critics who accuse Greenspan of a cozy relationship with President Clinton, Beckner maintains the Clinton administration has orchestrated a relentless campaign?equal parts intimidation, cooperation and propaganda?to manipulate Federal Reserve policy. Accessible to the financially uninitiated, this dynamic, seemingly day-to-day chronicle may be the ultimate Fed-watcher's guide.
Copyright 1996 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

See all Editorial Reviews

Product Details

• Paperback: 452 pages
• Publisher: Wiley (February 8, 1999)
• Language: English
• ISBN-10: 0471325740
• ISBN-13: 978-0471325741
• Product Dimensions: 8.5 x 5.6 x 1.3 inches
• Shipping Weight: 1.3 pounds
• Average Customer Review: 3.5 out of 5 stars  See all reviews (4 customer reviews)
• Amazon Best Sellers Rank: #3,418,696 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

2 of 2 people found the following review helpful:

5.0 out of 5 stars Excellent and informative, November 18, 1998

By A Customer

This review is from: Back from the Brink: The Greenspan Years (Hardcover)

We always watch the yield curve and try to unsuccesfully predict how changes in its slope might affect market expectations. Knowing about the person who indirectly draws it makes a lot of sense. Undoubtly, Alan Greenspan will be remembered for many years to come as one of the greatest economic minds of this century. Highly recommended. Not very technical which makes it an easy read...

8 of 12 people found the following review helpful:

3.0 out of 5 stars Wells Esq. reviews Back for the Brink by Steve Beckner, August 16, 1997

By A Customer

This review is from: Back from the Brink: The Greenspan Years (Hardcover)

We became familiar with Steven Beckner as reporter on the
U.S. economy for National Public Radio. However, reading
his most recent book: Back for the Brink: The Greenspan
Years the reading public may not be reminded of a voice
emanating from the radio as much as reminded of William
Greider's wonderful book, Secrets of the Temple.

Published in 1987, Greider's book gave us a brief history of
the Federal Reserve System in the United States and
carried the survey of its history up to the October 1987
crash of the stock market spending a great deal of the book
discussing the administration of Paul Volcker as the
chairman of the Federal Reserve Board. That book left the
present author wanting more. Steve Beckner's book is the
answer to that prayer.

Picking up almost exactly at the time of the October 1987
crash, Beckner brings the story of the Federal Reserve up
to September of 1995. The book has already become one
of those books which is referred back to even after it has
been completely read, spending as little time on the shelf
as the dictionary and other reference materials in this
house.

Heavily into the subject, Beckner spends little time
explaining his terminology. Even for readers with some
background in economics this can be distracting as
readers break off in the middle of a good read to look up
Germany's Bundesbank Lombard rate to understand what
Beckner is trying to say.

Still in all, some reviewers may have been unfair to Beckner
to state that he fawns over the actions of Alan Greenspan.
What may appear as fawning on the surface may actually
be the writing style a reporter who has learned to take care
in the statements he makes to avoid sending misinterpreted
ripples to the markets which have in the past been
characterized as "the Beckner effect" by the New York
Times as noted in the dust cover of the book. Reading the
book in light of this reserve means playing tennis with the
net up rather than down. Nonetheless, a careful reading of
the book reveals clear criticism of Greenspan for his lack of
independence from the policies of the Clinton
Administration and for his over reation to the so-called
"credit crunch of 1992" a phenomenon whose very
existence is still being debated. The book is, therefore, an
important addition to every current affairs collection.

Brian Wayne Wells

Attorney at Law

Charleston, West Virginia

5.0 out of 5 stars Excellent and informative, November 18, 1998

By A Customer

This review is from: Back from the Brink: The Greenspan Years (Hardcover)

We always watch the yield curve and try to unsuccesfully predict how changes in its slope might affect market expectations. Knowing about the person who indirectly draws it makes a lot of sense. Undoubtly, Alan Greenspan will be remembered for many years to come as one of the greatest economic minds of this century. Highly recommended. Not very technical which makes it an easy read.