The Age of Turbulence: Adventures in a New World

After 9/11 Alan Greenspan knew, if he needed any further reinforcement, that we're living in a new world - the world of a global capitalist economy that is vastly more flexible, resilient, open, self-directing, and fast-changing than it was even 20 years ago. It's a world that presents us with enormous new possibilities but also enormous new challenges. The Age of Turbulence is Alan Greenspan's incomparable reckoning with the nature of this new world - how we got here, what we're living through, and what lies over the horizon, for good and for ill-channeled through his own experiences working in the command room of the global economy for longer and with greater effect than any other single living figure. He begins his account on that September 11th morning, but then leaps back to his childhood, and follows the arc of his remarkable life's journey through to his more than 18-year tenure as Chairman of the Federal Reserve Board, from 1987 to 2006, during a time of transforming change.

Alan Greenspan shares the story of his life first simply with an eye toward doing justice to the extraordinary amount of history he has experienced and shaped. But his other goal is to draw readers along the same learning curve he followed, so they accrue a grasp of his own understanding of the underlying dynamics that drive world events. In the second half of the book, having brought us to the present and armed us with the conceptual tools to follow him forward, Dr. Greenspan embarks on a magnificent tour de horizon of the global economy. He reveals the universals of economic growth, delves into the specific facts on the ground in each of the major countries and regions of the world, and explains what the trend-lines of globalization are from here. 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.

A Timeline of a Remarkable Career Mar. 6, 1926 Born in New York City 1936 At 10 sees Roosevelt campaigning; becomes expert on the 1936 Yankees 1938 Takes up clarinet at 12 1943-44 Studies clarinet at Julliard Mid 1944 Joins Henry Jerome Band 1948 Graduates (summa cum laude) from New York University. (He later earns a master's in 1950 and a Ph.D. in 1977, also from NYU.) Hired as economic analyst at the Conference Board. 1954-74 Co-founds Townsend-Greenspan & Co. Inc., an economic consulting firm in New York City. (He returns in 1977.) 1974 Nominated by President Ford as chairman of the President's Council of Economic Advisors. 1983 Chair of bipartisan National Commission on Social Security Reform. June 1, 1987 Nominated by President Reagan for Fed Chair. Confirmed by Senate August 3. Oct. 19, 1987 Only 69 days into Greenspan's term, the Dow drops 508 points and 22%. July 10, 1991 Nominated by President George H.W. Bush to a second term as Fed Chairman. Later nominated to a third (February 22, 1996) and fourth term (January 4, 2000) by President Clinton. Apr. 6, 1997 Marries Andrea Mitchell May 18, 2004 Nominated by President George W. Bush for a fifth term as Fed chairman Jan. 31, 2006 Completes 18 ½ years at the Fed Feb. 1, 2006 Forms Greenspan Associates LLC, an economic consulting firm

Alan Greenspan's Top 10 Classical and Jazz Favorites Before Alan Greenspan embarked on his legendary financial career, he studied the clarinet at Julliard and played as a professional jazz musician (while doing tax returns for his bandmates). He chose 10 favorites for us from a lifetime of listening, including: Mozart, Piano Concerto No. 23 Vivaldi, Complete Cello Concertos Coleman Hawkins, "Body and Soul"

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All Customer Reviews
Average Customer Review:
0 of 0 people found the following review helpful:

The dismal Scienttist AND author , 2008-07-22
I loved the first half of this book and couldn't wait for the latter half to end. The first half was written lovingly by AL and then second half was clearly an effort to fill in pages to achieve some mandated length. The book seemd to be a cathartic adventure for the author, and while much of this was written prior to the present credit crisis debacle, it is clear that Al saw this coming ... and that's what I find so wrong about it . Robert McNamara did the same thing about 10 years ago. "It wasn't my fault, I did the best I could" seems to be parallel theme.

The first half was a 5 star book and you should put it down at that point. The latter half was weak, long winded and repetitive. Average gives you 2.5-3 stars.






0 of 0 people found the following review helpful:

Exceeded expectations ...., 2008-07-17
Super informative and interesting. This book covers a lot of ground including a unique look at each of our Presidents dating back to Richard Nixon. Some of Greenspan's insights on these men surprised me. The book also give a primer on economics and the Feds role in guiding the economy. Very timely given our recent slowdown.

I wish everyone would read this book to better understand our free market capitalist system ... and why it is vastly superior to other alternatives.


0 of 0 people found the following review helpful:

Definitely worth reading, 2008-07-14
When chairman Greenspan speaks, the world listens said Bill Clinton back in May 2000, and this statement alone is bold enough for this book to be high on one's reading list. I am not going to comment on whether the actual economic policies during his tenure were right or wrong. Don't hold your breath for any spectacular revelations; the style is rather dry but lucid. Perhaps the most fascinating aspect of this book is his observations on past presidents, from Nixon to Bush II as well as the analysis of other main economies in Europe and elsewhere. Definitely worth reading.


1 of 1 people found the following review helpful:

A great conversation with Alan Greenspan, 2008-06-29
Wonderful read. Greenspan's global and macroeconomic perspective allows him to have a clear sight of where the world really is and where it is going, that globalization did and will do to the world, and what the probable economic future of the planet is.

The book is rich in content, ranging from the philosophic thoughts of Greenspan, to an evaluation of globalization and the role of the mejor economic players of the world.

A highly recommended read.


1 of 1 people found the following review helpful:

Alan Greenspan "the Age of Turbulence" -- A Word to the Wise!, 2008-06-28
In view of the turbulence of the twentieth century, one may find it easy to embrace conspiracy theories of government, banking and nefarious systems of world domination. But, perhaps there are other less understood factors which may account for the events of our recent history. One hundred fifty pages into Mr. Greenspan's classic work, "The Age of Turbulence", I now find that I must shift my thinking. Mr. Greenspan may well be the Thucydides of this age. In reconstructing detailed summaries of scores of important events in the modern history of the United States, he gives clear instructions and definition regarding the financial behavior of our people and our markets. His explanations are an applied econometric survey of our recent past. His invaluable revelation of the thinking and beliefs of key administrators of those times will serve to enlighten the student of politics and finance for many years to come. This contribution is an honest document of the wisdom of a man who possesses the refinement of a Julliard graduate, a close friend of Ayn Rand, a successful Wall Street executive, and a brilliant and courageous Colombia University scholar whose willingness to stand in the face of strong and at times potentially lethal opposition is inspiring to say the least. His memoirs will serve mankind well and in my view is worthy of the highest praise.

In keeping with high standards of accuracy and truth, most probably attributable to his Levitical heritage, which is the origin of the tradition of Sacred Scripture, this work in my view is academically reliable and useful for teaching and correction. "The Age of Turbulence", if understood and pondered by the wise, will render necessary questions and answers, but perhaps more importantly, will manifest tools and examples of profound leadership necessary to accomplish the goals of the oncoming years. We the people will ultimately receive what we deserve for better or for worse. It was never your job, Mr. Greenspan, to keep us from making, heal us of, or compensate for our mistakes. I believe that your wisdom served to provide stability in the face of the changing times which in my view is grounded upon one's ability to feel, balance and know precisely when to let go. These elements it seems have always been evident in your work. It is with humbleness, awe and trepidation that I proceed further into "The Age of Turbulence."

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