Popping the bubble
I have a review of Peter Hartcher’s Bubble Man: Alan Greenspan and the Missing $7 Trillion in today’s Washington Post. The opening and closing: The subtitle of Bubble Man symbolizes the many flaws in Peter Hartcher’s jeremiad against Alan Greenspan and the dot-com hysteria that the former Federal Reserve chairman allegedly abetted. The “Missing 7 ...
I have a review of Peter Hartcher's Bubble Man: Alan Greenspan and the Missing $7 Trillion in today's Washington Post. The opening and closing: The subtitle of Bubble Man symbolizes the many flaws in Peter Hartcher's jeremiad against Alan Greenspan and the dot-com hysteria that the former Federal Reserve chairman allegedly abetted. The "Missing 7 Trillion Dollars" refers to the losses that stockholders incurred in the three years after the late-1990s stock market bubble collapsed. Throughout the book, Hartcher argues that Greenspan is to blame for those losses -- until the epilogue, in which Hartcher acknowledges that in the three years after those three years, a market upswing recovered "nine dollars out of every ten lost." As Gilda Radner's Emily Litella famously put it, "Never mind.".... By the end of the book, Hartcher seems determined to throw as much mud at Greenspan as possible. Some of this is amusing (Greenspan was a recipient of the Enron Award for Public Service), but most of the time he overreaches. After all, blaming Greenspan for all day traders is like blaming Bill Clinton for all adulterers. A central irony of Bubble Man is that it is Greenspan's aura as the master of markets that gives Hartcher's accusations any resonance at all. Greenspan was so adroit at handling so many aspects of his job that it seems plausible that he should have handled the dot-com hysteria as well. Greenspan is not perfect, but he's no bubble man. It was difficult, in the space alloted, to list all the reasons I thought this book sucked eggs. For those who really care, do check out Steven Mufson's lengthier critique in The Washington Monthly.
I have a review of Peter Hartcher’s Bubble Man: Alan Greenspan and the Missing $7 Trillion in today’s Washington Post. The opening and closing:
The subtitle of Bubble Man symbolizes the many flaws in Peter Hartcher’s jeremiad against Alan Greenspan and the dot-com hysteria that the former Federal Reserve chairman allegedly abetted. The “Missing 7 Trillion Dollars” refers to the losses that stockholders incurred in the three years after the late-1990s stock market bubble collapsed. Throughout the book, Hartcher argues that Greenspan is to blame for those losses — until the epilogue, in which Hartcher acknowledges that in the three years after those three years, a market upswing recovered “nine dollars out of every ten lost.” As Gilda Radner’s Emily Litella famously put it, “Never mind.”…. By the end of the book, Hartcher seems determined to throw as much mud at Greenspan as possible. Some of this is amusing (Greenspan was a recipient of the Enron Award for Public Service), but most of the time he overreaches. After all, blaming Greenspan for all day traders is like blaming Bill Clinton for all adulterers. A central irony of Bubble Man is that it is Greenspan’s aura as the master of markets that gives Hartcher’s accusations any resonance at all. Greenspan was so adroit at handling so many aspects of his job that it seems plausible that he should have handled the dot-com hysteria as well. Greenspan is not perfect, but he’s no bubble man.
It was difficult, in the space alloted, to list all the reasons I thought this book sucked eggs. For those who really care, do check out Steven Mufson’s lengthier critique in The Washington Monthly.
Daniel W. Drezner is a professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University and co-host of the Space the Nation podcast. Twitter: @dandrezner
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