i have read around 200 pages and i also have to agree it is simply a wealth of information about the chairman and the inner workings of the fed. it reminds me a lot of reading books about buffett - they were born around the same time in the midst of the depression, both were good at math, both succeeded from the word go - warren with his investment partnership and alan with his consulting firm, both pored over vast amounts of data - buffett over annual reports, greenie on econ data - the parallels go on and on...two peas from the same pod.
it would be really interesting if people like darkstar and merlin and others could continue a debate on this book, in or out of the trader's room (so i could join in perhaps?) - it would make for a really good thread on FF.
it would be really interesting if people like darkstar and merlin and others could continue a debate on this book, in or out of the trader's room (so i could join in perhaps?) - it would make for a really good thread on FF.
Dislikedi finally found some time to sit down with this book over the holiday. all i can say is WOW! what an amazingly insightful book!! ive always been a big greenspan fan, but now my admiration for the man has doubled. id argue he is the WORLDS most influential figure of the last 30 years.
the insight this books gives you into the FOMC is simply stunning. their operations are a lot more "human" than i expected. i knew the fed paid attention to the markets, but i had no idea they were so concerned with trader sentiment and traders reactions to their policy. i came away with a much better sense of what the fed might be thinking currently and in the future. this knowledge is worth millions, i got a great deal on the book LOL.
the historical account alone is worth reading the book. everything from savings&loan, black monday, the dot bomb, its all in there, explained in detail from the perspective of a fed chief. there is quite a bit of politics covered, and although im not a fan of politics, the way the book puts politics in a financial light makes it very interesting. it really shows you how closely intertwined finance and politics are.
one of the most interesting comments made regarding currency trading is when greeny was amazed to see consistent monthly profits from JP Morgans forex operations. he said something like "consistent monthly gains like that are near impossible". what is this, greenspan is saying its impossible to make money trading forex??
btw, i had no idea that greenspan dated barbra walters. whats with greeny and his love for news ladies? LOLIgnored