Customer Reviews

Greenspan : The Man Behind Money

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After reading a review of two new books about Alan Greenspan, I was eager to learn more about this enigmatic man. The question: which book? The long and short of it is that I bought both, and here's why I enjoyed Justin Martin's Greenspan far more than Bob Woodward's new book that is receiving a fair amount of fanfare. Martin's book gives us a vivid picture of Greenspan's early years and the winding path he took to becoming the most powerful economic force on Earth. At each turn, you realize that Greenspan's decisions, while primarily personally motivated, ultimately led Greenspan to a position, which has great influence over our lives today. What would the "new economy" look like if Greenspan had stuck it out as a professional Saxophonist? To me, it is far more interesting to learn about what made the man than to follow a detailed narrative on the Fed (Woodward's book) most of which is recent history and well documented. When Martin explains Greenspan's policy, its implementation and its ultimate influence on the world's economy, we feel we know the man behind it all. If you're really interested in Greenspan (like I am) it wouldn't be a mistake to buy both books, but, by all means, be sure to read Martin's first.

Justin Martin has done an excellent job of bringing Alan Greenspan to life. The book is well written and reads like a novel. Greenspan is a fascinating character-- he was a professional jazz musician before he enrolled in NYU to study economics, and was later a member of Ayn Rand's inner circle. Martin does a wonderful job of describing these aspects of Greenspan's life, as well as his later years in Washington and as Chairman of the Fed. So many biographies these days are filled with nasty innuendo and hearsay. But it is obvious that this is a first-rate research job, with quotes and insights from people who have known Greenspan for years. Some of the most interesting commentary comes from Henry Kissinger (who grew up a few blocks from Greenspan in Washington Heights). As the market continues to fluctuate wildly, Greenspan assumes an even more important role in American society. Martin manages to describe some of his economic theories in a way that makes them understandable to a mass audience as well. I would recommend this book very highly to anyone who is interested in life, not just business. Greenspan is as interesting as any fictional character I have ever encountered, and Martin really brings him to life.

Martin's biography of Alan Greenspan is a quick read for anyone interested in Greenspan's fascinating life. From his early career as a jazz musician, through his days as a millionaire businessman in Ayn Rand's inner circle, through his tenure as chairman of the Council of Economic Advisers, through his "wilderness years", and finally up to and including his current term as chairman of the Fed, this book is peppered with interesting vignettes.

Some of these vignettes, however, detract from the focus of the book. Martin's research seems to have uncovered a multitude of stories about Greenspan's jazz colleagues, Ayn Rand, and other figures in Greenspan's life, which seemed less than necessary in telling Greenspan's story.

Readers only interested in the workings of the Federal Reserve Bank or the economics behind the decisions that Greenspan made in his life of public service are advised to find a different book. Although he does give a rough overview of what was at stake in each of the crises that Greenspan faced at the helm of the CEA and then at that of the Fed, Martin does not go into much economic detail. This omission perhaps makes the book more accessible, but the omission is disappointing, nevertheless.

Before commenting on this book, let me observe that I think that Dr. Greenspan has been the best chairman of the Federal Reserve in history. Most people will agree that it is his tenure in that post while the longest economic expansion in U.S. history continues that draws our interest about him.

Of the three recent books about Dr. Greenspan, I found this one by far the most useful. It is a vastly more complete, better researched and developed book than Maestro by Mr. Woodward.

Although I felt I knew a lot about Dr. Greenspan after reading two other books about him recently, this one added more useful knowledge for me than the other two combined. The main reason for this was Mr. Martin's access to many people who have known Dr. Greenspan since he was a young man. As a result, you get a rounded sense of the man that is impossible to obtain from contemporary observers who met him recently. Also, almost all of the sources are cited (unlike in Mr. Woodward's book), so you can usually appreciate the context from which the observations come.

Music fans and those who are interested in Ayn Rand and her philosphy will be fascinated by the many excellent details of Dr. Greenspan's interests and activities in both areas.

If I liked this book so much, why didn't I rate it five stars? Basically, it is because this is a noneconomic biography of a man who was a economist, economic consultant, and central banker through most of his career. To downplay the economic thinking side of his work certainly makes the book more accessible. It also makes it more superficial. I would say this book was written to be interesting to someone who has never taken an economics course.

On the other hand, Mr. Martin was refreshingly candid in his descriptions of Dr. Greenspan. For example, he cites Senator Proxmire's skeptical questioning of Dr. Greenspan during confirmation hearings in which the senator pointed out that Dr. Greenspan's firm had the worst track record of major firms for economic forecasting. He also quotes Dr. Greenspan's first wife, artist Joan Mitchell (no relation to me), about her being quizzed by the FBI about Dr. Greenspan's sexual orientation. Other judgments by the author describe economic misses and errors, such as underestimating the oncoming 1990-91 recession. I found these judgments to be objective, accurate, and fair.

The book also avoids the false sensationalism of Maestro about the 1987 market crash and the Asian Contagion in 1997, and the Russian default and Long Term Capital Management's collapse in 1998.

I enjoyed the final chapter where he looks at the fascination with Dr. Greenspan in the media. This included my favorite story about the CNBC briefcase indicator (interest rates tend to change when his briefcase is full before a Fed meeting). Mr. Martin pointed out that Dr. Greenspan could be transported to the Fed for these meetings in ways that would not allow us to see the thickness of his briefcase. This suggests that this briefcase is a deliberate signaling device. Very interesting.

I would have liked the book to contain more quotes from Dr. Greenspan. His ability to handle politically sensitive situations is legendary. Most readers could learn a lot from his example, but that aspect of his talent was not developed much here.

But do buy, read, and learn from this book.

I suggest that you also think about ways that you can prepare for having greater responsibilities by broadening your knowledge, experiences, and acquaintances as Dr. Greenspan did during his formative years.

Deeply and broadly explore what you love!

Amazing book about one of the most intriguing political figures in recent times. Martin's account of Greenspan's life goes well beyond the stories we read daily about his actions as the Federal Reserve Chairman. I was surprised to read about his life as a jazz band player and the 15 years he spent as part of author Ayn Rand's inner circle. These early experiences shaped Greenspan as he is today and offer an insight into his thinking and personality. As a politician, Martin includes Greenspan's interactions with Henry Kissinger, Gerald Ford, and Milton Friedman.

Overall, I found this book to be insightful, thorough, and well-written. It offers a sound historical perspective on Greenspan, but, most importantly, is written to appeal to the average reader who enjoys a good biography. Rather than bore us with tedious political jargon, Martin strives to go deeper into the persona and actions of this incredible individual. A definite "thumbs up" in my opinion.

I thought this biography was very informative and well written. Justin Martin truly opened my eyes on how Greenspan works. It was extremely interesting to know the road Greenspan travelled on to get to where he is today. Jazz saxophone? Ayn Rand? Who knew? Martin's in-depth research shows a diverse background of a man who everyone wonders what makes him tick. Now we know. Well done.

An extremely shallow book that offers no insight how Greenspan thinks or makes his decisions. The reason Greenspan is such an interesting character is how he has managed to constantly adapt to changing market conditions. The real story would be why and how he came to the decisions he did, but this book just reports his actions. There is almost no economic anlysis or justification. Anyone looking to gain some understanding of Greenspan's thought process will be left wanting and extremely disappointed with this book.

Greenspan is by far the most misunderstood figure in America - and he likes it that way. Its obvious Mr. Martin is the only author / journalist to ever sit with the man and get real answers.

"man Behind Money" is the most insightful look into Greenspan's past, present, how he effects the global economy. Catch a glimpse into his mind, and how he makes the decisions that impact us all.

I totally figured out the briefcase theory!

Great holiday gift - now go get one.

Martin writes a hero's biography in his view. No arguments here. Greenspan was a late bloomer. Not until age 42 did Alan Greenspan start to get some visibility-- lifting him from the ranks of just another Wall Street economist seeking publicity to some one that was going to be listened to by Presidents. It all started by working on the 1968 Nixon campaign to help out an old musician friend. In 1974, when President Ford make him head of the Council of Economic Advisors (CEA) many in Wall Street were outraged that Greenspan would be the man. At age 48 Greenspan had slowly risen from very humble beginnings to a powerful place in government that would be his springboard to an exulted place in the history of the nation---one of the important contributors to America's greatness.

Martin provides an entertaining tour of Greenspan's early life as a musician that quit Julliard training to become a professional jazz musician despite his love of classical music. His passion for reading economics evolved to a new endeavor and enrollment in New York University in 1945. He contributed to the economic thinking of Ayn Rand (novelist and philosopher) and he gained greatly from the 15 year close association that sustained a friendship, lasting until her death. It was the moral foundations for his contribution to helping some sectors of public opinion find the virtues of free markets, free trade and limited government. Martin's liberalism never allows him to really hear the Greenspan message of free markets and less government. Woodward's book follows the Fed events more closely then Martin, but he really brings Greenspan to life. More people need to aspire to be an accomplished economist in public service. This book may help by showing the potential for fame.

The book is entertaining about his personal life. With power he became attractive to powerful women journalists ( Barbara Walters. Andrea Mitchell and others). His Washington social life is fascinating. Martin is a light weight when it comes to writing about the occupation of economist and economic history. He is particularly weak on monetary policy, but he makes a good effort. After all this is a book about a hero. I am inclined to be skeptical about the authors economic policy observations on Milton Friedman, Arthur Burns, Henry Kissenger, Richard Nixon, Gerald Ford, Jimmy Carter, Ronald Reagan, George Bush 41,William Clinton, and George W. Bush.. The author exaggerates Greenspan's skills and diminishes his weaknesses. The passion to tell the most salable story for the book allows him to overlook the fact that no economist is going to have a great track record for forecasting the economy. Congressional criticism of Greenspan's forecasting in initial confirmation hearings should have been about any economic forecast not just Greenspan's. The book perpetuates the myth that the Council of Economic Advisors or the Federal Reserve can have a detailed forecast of the future with great odds of success.

Greenspan was a noted (perhaps revered) inflation hawk. Some say he turned weak in the Clinton years. Martin totally misses the issue of so called modest inflation of two to three percent for more than a decade versus the no inflation talk of Greenspan in his early years. If it had been possible to have no inflation long term interest rates could be half what they are today. He does note that the Fed has little influence on long term rates. He just does not make the connection that the markets never believed that the Fed would or could commit to a true policy of no inflation. The daily failure to bring inflation to zero is the direct cause that the Fed lacks any influence on long term interest rates except as now being enthroned as perpetrators of two to three percent inflation for a long, long time to come. The public will be paying a high price on home mortgages and corporations on bonds as the result of more than a decade of so called modest inflation after the preceding radical inflation that preceded the Greenspan era.

Martin's review of Greenspan's "Irrational Exuberance" remarks is very frumpy. Martin does catch the fact that if the money supply grows to fast it does not always translate into inflationary product prices. Sometimes excess money growth has the insidious impact of driving up asset prices and or stock prices. This creates a time bomb that the Federal Reserve has great difficulty dealing with as the potential for adjustment is so impossible to forecast. Hence, the irrational exuberance remarks came a few years before the stock market correction. Had he understood this, Martin could have researched why the Fed never utilized its power to set margin requirements on stocks. On this point, Martin really blew it. It really stems from his struggle to know just enough economics to tell a good story and not take so much time so that he could make some fast money while Greenspan and the stock market was still popular. The book is well enough written that I would seriously look at any future book that Justin Martin writes. A serious reader is left with a deep passion to read hopefully Greenspan's memoirs and the resulting discussion of irrational exuberance, the weakening on inflation and his views on Federal Reserve oversight and independence. Greenspan will every right to brag about his policy of opening up Fed actions to more timely public understanding of deliberations.

I just finished reading Justin Martin's Greenspan: The Man Behind Money and found it fascinating. This is the first time that I've seen a writer unveil the man behind the curtain. Martin gives us an intimate portrait of Greenspan. There's nothing salacious here, just a look at what shaped the man many call the most powerful in the world. Perhaps the most enlightening discovery is to learn that in his younger years Greespan devoted himself to a jazz band, proving he has a soul after all! Martin also does what no other financial writer has been able to do before--explain how the Fed works in clear prose that a non-economist (read: a layperson who can barely balance a checkbook) can follow. If you want to understand our economy and the man repsonsible for much of it, this is the book to buy.