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The Age of Turbulence



I know there might be plenty of Greenspan/Fed haters here. But this book is quite interesting.
Two memorable parts,
One Treasury Secretary under Clinton once told Greenspan not to comment on the financial markets. "Because if you're wrong, people will realize you don't know what's gonna happen- just like them"(paraphrased)
He also mentions how that although he and other policymakers might have had a hand in the economic prosperity of the 1990s, but he acknowledges that the fall of the Berlin Wall(a significant geopolitcal event) and other macroeconomic/global trends probably was the main influencing factor. The Fed could only follow the trend, so to speak.
Plenty of other interesting tidbits, i.e. "Refineries are 30 year investments" etc.
And he also mentioned how tightening in 1996 was only effective for a while in stopping the stock market's rise. Once he stopped tightening, the stock market would resume its rise, which would actually be reinforcing the confidence of the market participants. Reminds me of the Chinese stock market...

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