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- Cursory
- Words move Mountains
- The benefit of hindsight
- A Solid Effort!
- Reinforcing a problem
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The Greenspan Effect: Words That Move the World's Markets
David B. Sicilia , and
Jeffrey L. Cruikshank
Manufacturer: McGraw-Hill Companies
ProductGroup: Book
Binding: Paperback
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ASIN: 0071382526 |
Amazon.com
The son of a stockbroker and himself a one-time swing-band musician, Federal Reserve chairman Alan Greenspan has incontrovertibly turned his formerly anonymous presidential appointment into the single most dominant financial position on earth. Whenever he prepares to speak, fiscal agents around the world hold their collective breaths--and then react emphatically to his words, often even before he finishes saying them.
But exactly what does he say that so affects money management? And precisely why does he say it? David Sicilia and Jeffrey Cruikshank, consultants and previous collaborators, do a formidable job of answering both questions by analyzing the chairman's own statements in The Greenspan Effect. The result is an insightful point-by-point assessment of the man and his enormous influence. From critical utterances like those in his famous "irrational exuberance" speech (which sank the markets after he delivered it in 1996) to uplifting phrases such as "oasis of prosperity" (which boosted them when he used it in 1998), they're all examined according to the way they affect and are affected by interest rates, inflation, labor, banking, global economies, and other factors. Perhaps most useful is the penultimate chapter, which offers 16 principles of Greenspanology, such as "It's always about interest rates" even though he "hardly ever talks about interest rates," designed to guide those who "navigate the often troubled waters onto which Greenspan pours his rhetorical oils, or into which he introduces new turbulence." --Howard Rothman
Book Description
"[David Sicilia and Jeffrey Cruikshank] have done their homework on this fascinating economist. Greenspan's career is spelled out to readers in this informative and interesting read."San Diego Union Tribune
Selected by Library Journal as a Best Business Book of the Year
With one key phrase or comment, Federal Reserve chairman Alan Greenspan can send global financial markets tumbling or soaring! The Greenspan Effect provides an up-close examination of Greenspan's tumultuous regime, suggesting to investors what pronouncements to expect and what they will meanduring the remainder of his remarkable term in office.
This in-depth analysis of the words of Alan Greenspan includes highlights of his most influential speeches and demonstrates his uncanny, far-reaching power to impact markets on a global scale. In addition, it explains how to separate rhetoric from meaningful signals and anticipates the impact Greenspan is likely to have on future global markets. The Greenspan Effect focuses on one powerful and brilliant man, his words and actions, and how investors can profit from this new knowledge.
Download Description
The book that cracks the Greenspan code--helping investors understand Alan Greenspan's words and showing them how to separate meaningless rhetoric from market-moving signals.
Customer Reviews:
Cursory.......2005-08-22
The book can be characterized as Greenspan's testimonies interspersed with the authors' interpretation of Greenspan's words in the context of what really happened thereafter. Quite interesting are Greenspan's (and not the authors') take on the 1997 Asian financial crisis and reforming Social Security, quite relevant considering W.'s desire to overhaul the system.
If the Internet has not gone mainstream, this could have been a very good book, however, Greenspan's testimonies can be readily accessible in http://www.federalreserve.gov - and a reasonably astute reader can easily do the analysis and place it in the context of what happened thereafter which is exactly what the authors did. It could have been better if the book concentrated on the inner workings of the Fed. Some anecdotes inside Fed meetings could have gone a long way.
The book also has problems with the light treatment it gives to its subject. Case in point - though it mentions that Greenspan looks at key indices and meets with the Fed governors before coming up with his testimony, it never comes around to explaining how he does it in detail.
Overall, the "Greenspan Effect" may be a good introductory primer on the Fed but its lack of focus and detail plunges it to the ranks of all those futile attempts to explain every nuance of Greenspan's pronouncements and ending up where they started.
Words move Mountains.......2004-04-02
A single man's words can move the greatest nation in the world. Sicilia and Cruikshank portray Alan Greenspan as one of the most powerful men in society today, while also showing him as a simple and honest man. The power held by Greenspan's words not only move a nation, they move the world as he moves the dollar.
The book itself is a decent enough review of Alan Greenspan's economic career, from its inception at Townsend-Greenspan & Co. until his illustrious tenure as chairman of the Fed. Complete with speeches Greenspan himself gave, along with commentary by Sicilia and Cruikshank, this book helps to explain the economic trends of the past decade and put into perspective the exact role that Greenspan played in those trends.
Honestly, the book itself became a little tired. The format of teh book rarely changes, and, as a high school student, I found myself scrying for ways to keep myself awake during the reading. Recommended if you really like economics or Alan Greenspan.
The benefit of hindsight.......2002-01-06
It is a recognised fact that statements from the Fed Chairman moves markets. Cruikshank and Sicilia here attempts to interpret the often incoherent mutterings of Mr Greenspan and hence throw light on his intended policy maneuvers. Which is all well and good. However, given the ambivalence of some of his statements, and the multitude of FedWatchers out there, how one interprets his statement may be different from what the market reads it as.
With the benefits of hindsight, analysis of Mr Greenspan's statements will always be easier. I feel that at the end of the day, the markets ultimately decides which way they would like to interpret his speech. The whole book is filled with quotes by Greenspan and commentaries by the authors on what these quotes actually mean. I feel however that the authors chose to emphasize on those quotes which actaully drove the market one way and downplay those that had less impact on the markets.
It's a veritable attempt by the authors here, but it was a real effort for me to finish the book.
A Solid Effort!.......2001-05-30
David B. Sicilia and Jeffrey L. Cruikshank study how U.S. Federal Reserve Bank chairman Alan Greenspan interprets market forces. They explore how Greenspan's thoughts and actions affect markets. Knowing Greenspan's impact can be useful if you want to capitalize on market movements. The book examines the meaning - for investors - of Greenspan's relationship with the markets. Along the way, the reader gets a whirlwind tour of the U.S. and world economies. The take-home message repeated again and again - Greenspan and interest rates can move markets - is something savvy investors might already know. We [...] recommend this book to any investor who wants to understand the world economy better and to those who are interested, as investors or observers, in Greenspan's impact on the markets.
Reinforcing a problem.......2000-11-18
One of the problems that our next President does not want to face is the resignation, or the removal from the Federal Reserve Chairmanship by Mr. Greenspan. As I write we still have no President, thankfully we do have Mr. Greenspan.
For those readers who follow or invest in the markets, you all are acutely aware of the power this man wields, 2 words can literally have an impact on markets measured in the hundreds of billions of dollars. Who will forget "irrational exuberance"? Those words were not even a declaration, but part of a rhetorical comment, and terror still ensued.
Contrary to what often is reported, Mr. Greenspan speaks English. However the word parse has become connected with any statement he makes. So the routine is, Mr. Greenspan speaks, and I truly believe the vast majority understand him, but like any event the press and their "experts" take apart every word, whether his brow is wrinkled, and essentially try to graph each appearance and comment to find the "true meaning". I have always found this annoying and condescending. People who are sophisticated enough to manage their money, can manage to understand our Fed Chairman.
I made it through this book, but I would not recommend you bother. There is a new book about the man I am reading, and so far it is excellent. This work reinforces the idea that experts need to break down every word, and then explain what Mr. Greenspan means. There are no great insights offered, nothing is simplified, you will learn virtually nothing about the workings of The Federal Reserve, and if you feel comfortable listening to the Chairman now, this book will only make you question whether you should.
If you are looking for the opinions of these Authors, if you want to follow a needlessly complex maze of an attempt to find a pattern to everything the man has said, this is for you. As I said, Mr. Greenspan speaks English, and were it not for the emphasis placed on pairings of words out of context, and the emotions they generate, people would understand we have a brilliant Fed Chairman, who at times chooses to be vague, and at times cannot give definitive answers about the future, who can.
He has been a remarkable Chairman, appointed and reappointed by 3 presidents from both parties. Now you can take that statement at face value, or have the talking heads dissect it for you. The answer is the same either way, and the time you save listening to what you hear, and skipping the experts, is time better spent on anything else.
Book Description
Law school casebook supplement examining the development of the body of law surrounding civil procedure, including edited cases and original text. Discusses issues of interest for students and practitioners alike, such as the unitary civil action, pretial concerns, trial, authority to adjudicate, jurisdiction and due process, parties, and appeals.
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Civil Procedure
Richard H. Field ,
Benjamin Kaplan , and
Kevin M. Clermont
Manufacturer: Aspen Law & Business
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ASIN: 0735544298 |
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After your casebook, "Casenotes" will be your most important reference source for the entire semester. It is the most popular legal briefs series available, with over 140 titles, and is relied on by thousands of students for its expert case summaries, comprehensive analysis of concurrences and dissents, as well as of the majority opinion in the briefs.
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Materials for a Basic Course in Civil Procedure (University Casebook Series)
Manufacturer: Foundation Press
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ASIN: 1566625319 |
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Field, Kaplan and Clermont's Materials for a Basic Course in Civil Procedure, Seventh Edition, provides detailed information on civil procedure. The casebook provides the tools for fast, easy, on-point research. Part of the University Casebook Series®, it includes selected cases designed to illustrate the development of a body of law on a particular subject. Text and explanatory materials designed for law study accompany the cases.
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Diseases of Root and Tuber Crops
Manufacturer: Amer Phytopathological Society
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ASIN: 0890542899 |
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Ornamental Bulbs, Corms and Tubers (Crop Production Science in Horticulture, No 1)
A. R. Rees
Manufacturer: CABI
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ASIN: 0851986560 |
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Pulses, Sugar and Tuber Crops (Genome Mapping and Molecular Breeding in Plants)
Manufacturer: Springer
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Binding: Hardcover
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ASIN: 3540345159 |
Product Description
Genome Mapping and Molecular Breeding in Plants presents the current status of the elucidation and improvement of plant genomes of economic interest. The focus is on genetic and physical mapping, positioning, cloning, monitoring of desirable genes by molecular breeding and the most recent advances in genomics. The series comprises seven volumes: Cereals and Millets; Oilseeds; Pulses, Sugar and Tuber Crops; Fruits and Nuts; Vegetables; Technical Crops; and Forest Trees.
Pulses, Sugar and Tuber Crops includes reviews in 15 chapters contributed by 47 eminent scientists from 10 countries. The chapters on common bean, pea, cowpea, sugarcane and potato include comprehensive reviews of voluminous research findings. Fundamental aspects and molecular results are presented for eight orphan crops of high agroeconomic importance, including mungbean, lentil, chickpea, lathyrus, pigeonpea, sweet potato, cassava and yam. Additionally, works on quinoa and Bambara groundnut are reviewed for the first time.
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Tropical Root and Tuber Crops: Production, Perspectives, and Future Prospects (Fao Soils Bulletin,)
I. Chukuma Onwueme
Manufacturer: Food & Agriculture Organization of the UN (FA
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Binding: Hardcover
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ASIN: 9251034613 |
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Tropical Tuber Crops
I.C. Onwueme
Manufacturer: John Wiley and Sons Ltd
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ASIN: 0471996084 |
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