By Leonard J. Santow
A crowd gathers. humans crane their necks. Cameras flash. The limo door opens. who's it—Mick Jagger? Oprah? Tiger Woods? No. it truly is Alan Greenspan—and the group nonetheless is going wild. Many felt Greenspan walked on water in the course of his long time period as Chairman of the Federal Reserve method. yet used to be he a genius or, as Tolstoy could painting him, easily anyone who may possibly happen self assurance whereas trying to captain an uncontrollable send? during this booklet, economist Leonard Santow casts a steely eye at the Fed and its 5 most up-to-date chairmen—Arthur Burns, G. William Miller, Paul Volcker, Alan Greenspan, and Ben Bernanke. alongside the best way, readers research what functionality the Fed plays and why, how financial coverage differs from monetary coverage, which levers the Fed makes use of to alter the money offer and regulate inflation, and extra. this is often one of many few books to provide an explanation for the internal workings of the Fed and its Open marketplace Operations in layman's phrases, whereas comparing its latest chiefs of their efforts to maintain inflation at bay and the economic climate buzzing. Written in a simple and obtainable variety, the ebook additionally comprises insights at the subprime mess and the securities that helped carry down the true property residence of playing cards, and it bargains prescriptions for smoothing the uneven monetary seas going forward.
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Extra resources for Do They Walk on Water?: Federal Reserve Chairmen and the Fed
Duke was approved by the Senate on June 27, 2008 to be the new Federal Reserve governor. Her term will expire in January 2012. She received a BFA from the University of North Carolina and an MBA from Old Dominion University. She has been senior executive vice president of TowneBank, Portsmouth, Virginia, a member of the Federal Reserve Bank of Richmond, and in 2004–2005 was chairman of the American Bankers Association. Donald Kohn, Vice-Chairman, originally took ofﬁce on August 5, 2002, as a member of the Board of Governors for a full term ending January 31, 2016.
As for the United States, the argument still rages as to how the pluses and minuses balance out. While these were similar to the discussions that originally occurred when the euro and the ECB were implemented—who would be better off and who would be worse off—they no longer seem to be major issues. 22 DO THEY WALK ON WATER? The ECB has now been in existence for about one decade, but the genesis of the organization goes back to June 1988, when the European Council stated as its objective an Economic and Monetary Union (EMU).
The breadth of the discussions depended to a considerable degree on the sophistication of the people in the audience. For those central banks that were rich in foreign exchange reserves, there was considerable discussion as to how they could improve their investment portfolios. It was 16 DO THEY WALK ON WATER? quite common to receive a bank’s investment portfolio and make recommendations as to how its investment performance might be improved. It was also not unusual to be asked about the tools and techniques other banks were using and how they might apply, in order to improve their investment performance.
Do They Walk on Water?: Federal Reserve Chairmen and the Fed by Leonard J. Santow