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.
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.