Do They Walk on Water?: Federal Reserve Chairmen and the Fed [Hardcover]

Leonard J. Santow (Author)

Book Description

Publication Date: November 30, 2008

A crowd gathers. People crane their necks. Cameras flash. The limo door opens. Who is it—Mick Jagger? Oprah? Tiger Woods? No. It's Alan Greenspan—and the crowd still goes wild. Many felt Greenspan walked on water during his lengthy term as Chairman of the Federal Reserve System. But was he a genius or, as Tolstoy might portray him, simply someone who could manifest confidence while attempting to captain an uncontrollable ship? In this book, economist Leonard Santow casts a steely eye on the Fed and its five most recent chairmen—Arthur Burns, G. William Miller, Paul Volcker, Alan Greenspan, and Ben Bernanke. Along the way, readers learn what function the Fed performs and why, how monetary policy differs from fiscal policy, which levers the Fed uses to change the money supply and control inflation, and more. This is one of the few books to explain the inner workings of the Fed and its Open Market Operations in layman's terms, while evaluating its most recent chiefs in their efforts to keep inflation at bay and the economy humming. Written in an easy and accessible style, the book also contains insights on the subprime mess and the securities that helped bring down the real estate house of cards, and it offers prescriptions for smoothing the choppy economic seas going forward.

Editorial Reviews

Review

"Do They Walk On Water can be wholeheartedly recommended for both students of economics as well as the non-specialist general reader with an interest in how the Fed has and can continue to affect our national economic recovery."

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Midwest Book Review

"Do They Walk on Water . . . explains the inner workings of the Fed and its operations, evaluating its leaders over the decades and offering college-level libraries strong in economics and national monetary policy a solid analysis of how the Fed operates."

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The Midwest Book Review - California Bookwatch

"The author explains how and why in a crisp narrative, supported by data sets consisting of 18 judiciously chosen economic indicators. The book's second appendix, 'A Flavor of the Times: Selected Media Headlines (1970-2008),' is an effective summary of the periods considered and a nice supplement. There is a lot to like in this timely book, not least of which is the author's perspective from 50-plus years of assessing and analyzing Fed policy and financial markets. Santow provides a cogent analysis of the roots of the current economic crisis and concludes the main part of the book with an expert's list of recommendations for Fed policy makers. Summing Up: Highly recommended."

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Choice

Review

"Do They Walk on Water? is an extraordinary book on monetary policy by an extraordinary economist. It is historical, factual-and judgmental. There are surprises here for all readers, from layman to expert and everyone in-between. The author draws on long experience in the Federal Reserve, in the securities markets, and as a consultant to foreign central banks as well as the U.S. Treasury and major financial institutions. This gives him an unmatched breadth of perspective spanning many decades."

(

Albert M. Wojnilower, Ph.D.,
Consultant and former Chief Economist, First Boston Corporation

)

See all Editorial Reviews

Product Details

• Hardcover: 360 pages
• Publisher: Praeger (November 30, 2008)
• Language: English
• ISBN-10: 0313360332
• ISBN-13: 978-0313360336
• Product Dimensions: 9.3 x 6.3 x 1.5 inches
• Shipping Weight: 1.6 pounds (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #1,445,103 in Books (See Top 100 in Books)

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Most Helpful Customer Reviews

4 of 4 people found the following review helpful:

5.0 out of 5 stars Wholeheartedly recommended for both students of economics as well as the non-specialist general reader, February 7, 2009

By 

Midwest Book Review (Oregon, WI USA) - See all my reviews

This review is from: Do They Walk on Water?: Federal Reserve Chairmen and the Fed (Hardcover)

Economics in general, and the role of the Federal Reserve, has never been so focused upon by the general public as it is in today's deepening economic crisis. That's why "Do They Walk On Water: Federal Reserve Chairmen and the Fed" by Leonard J. Santow (Managing Director of Griggs & Santow Inc. and economic and financial consulting firm in New York City) couldn't be a more timely addition to personal, professional, community, and academic library Economic Studies reference collections and supplemental reading lists. "Do They Walk On Water" presents the Feds' five most recent chairmen beginning with Arthur Burns and G. William Miller, then continuing on with Paul Volcker, Alan Greenspan, and the current chairman, Ben Bernanke. This is a compellingly appropriate read in that the incoming Obama administration has Paul Volcker as one of its principle economic advisors. "Do They Walk On Water" is an analytical and instructional introduction that also provides thoughtful and thought-provoking information on the functions of the Fed, the important differences between monetary policy and fiscal policy, and how the Fed is able to alter the money supply, control inflation, and be utilized as a creative tool in sustaining national prosperity and foster economic opportunity. Also available in an eBook format, "Do They Walk On Water" can be wholeheartedly recommended for both students of economics as well as the non-specialist general reader with an interest in how the Fed has and can continue to affect our national economic recovery.