Goodbye, Greenspan

Author: Bob Woodward
Publisher:
Publish Date: 2003-09-01
Features: Perhaps, the last layer of mystery surrounding Washington is the Federal Reserve's operations and the enigmatic Chairman Alan Greenspan. In this book, Bob Woodward takes you inside the Federal Reserve through actual interviews and unique observations, revealing Greenspan's thoughts. Greenspan, this great figure, seems to have become a symbol of America's economic prosperity. However, every era eventually reaches its end. When should we say, goodbye, Greenspan! On January 20, 2001, the new U.S. President took the oath of office. He believed that during his tenure, America had entered the Greenspan era. Just as the 1992 presidential election was about stabilizing the economy and reducing federal budget deficits, the 2000 presidential election focused on how to use at least several trillion dollars in planned budget surpluses. The expectations for the new government, to be precise, were to maintain social security, expand healthcare, improve educational conditions, revitalize the military, and reduce taxes—all of which would rely on the planned budget surpluses. Although it remains to be seen whether the above expectations for the new government can be realized, everyone—from the President to ordinary citizens—has inherited an economic situation during this presidential term that in many aspects has the characteristics of the "Greenspan dividend." Greenspan was appointed as the Chairman of the Federal Reserve Board, serving until 2004. He is not only an important figure in the past's global economy but also the core of the future. He stands quite frankly in the face of the new, astonishing economic situation that he helped to create and which ultimately became a myth in economic history.