Rating: 
Summary: Good book with some small limitations...
Review: This book gives a view of monetary policy and financial regulation from Greenspan's perspective as close as is physically possible without employing the chairman himself as author. The biography seeks to reveal how Greenspan and the Fed operate. The author views the Federal Reserve as a very important American economic institution and Greenspan as a one of a kind Chairman of the Board of Governors. I think the author recognizes that sometimes Americans and foreigners give Greenspan too much credit for the economy. He breaks down this social phenomenon for the readers in the epilogue. "The fascination with Greenspan has become one of the ways which the country expresses confidence in itself and in its future" (228). The reader gets to listen to the Fed's internal debates and learns about Greenspan's life. The book explores how the Fed controls monetary policy and details the actions of the Fed in the Greenspan era, 1987 to 2000. The book also touches on several financial crises of the Greenspan era including: the 1987 stock market crash, the S&L crisis, the commercial banks' loan problems in the early 1990's stemming from real estate and Latin America, the Mexican Crisis, Russia currency devaluation, Long Term Capital Management (LTCM) and the stock market "bubble." These events are only briefly addressed, with the focus being how they relate to the Chairman of the Board of Governors, Alan Greenspan. The book briefly addresses current economic debates. The author was particularly interested in the high growth, record employment, low inflation and high stock market in the late 1990's that seems to defy economic theory. The book explores some academic debates, but overall the book is not an academic work. The author does not point this out, but it is clear from the author's background in journalism and the structure of the book. The backbone of the book, its pacing, come from headlines from The Washington Post and The Wall Street Journal. The headlines act as sign posts of the political and stock market perception of the FOMC's stance and future actions. In regard to references, while there are "notes" in the back of the book that give further detail and some sources, other sources are not revealed. For example, in the prologue four primary sources go unnamed. While this may allow greater access for the reader, it limited my ability to appreciate the book. It is very odd how some dialogues between prominent figures are not in quotes. What is the source for this information? Is it made up dialogue? In another case, after the Sept. 4, 1987 increase of interest rates by 1/2 to 6%, the author has a long paragraph of how Greenspan felt. Woodward describes Greenspan's emotional state, "he felt almost as if an earthquake were occurring and the building were rattling" (33). Firstly, how does Woodward know how Greenspan was feeling. Even if Woodward has some special source, statements like this make me uncomfortable. Readers should be aware of this, but it should be noted that Bob Woodward's reputation is top notch, and he is known for his investigative Washington reporting. Bob Woodward is best known for breaking the Watergate story. Woodward is assistant managing editor of The Washington Post and has been a newspaper reporter and editor for thirty years. While lack of sources and unquoted dialogue are distracting and hurt the book, Woodward gives amazing descriptions of Greenspan that seem cut straight to the essence of his persona. "Greenspan radiated gloom. He spoke in a gravelly monotone, often cloaking his thoughts in indirect constructions... It was almost as if his words were scouting parties, sent out less to convey than to probe and explore" (30). I would highly recommend this book. The behind-the-scenes descriptions of the 1987 stock market crash are worth the price of the book. Like the rest of the book, the writing gives the feeling of actually being there and the debate lets readers know the importance of the decisions being made. Greenspan once said, "If you're not nervous, you shouldn't be here" (Greenspan qtd in Woodward).
Rating:
Summary: Very readable economic history spanning 14 years.
Review: I really enjoyed this book because I generally love reading about politics, public affairs, and biography. If you want to get a pretty good series of snapshots of the U.S. economy and of U.S. economic policy, then this is definitely a good start. Woodward explains how the U.S. government, especially the Clinton Administration, has made a big transition toward monetary policy rather than fiscal policy to influence the economy. Hence, the Fed has taken center stage in U.S. economic policy, and the Fed's front-man, Alan Greenspan has been referred to by many people as the most powerful man in the world. I think that this book would be an outstanding accompanyment to an introductory macroeconomics class as an example of how monetary policy works. Woodward's writing is a pleasure to read and the biography format keeps things moving very nicely. Readers with PhD's in Economics will probably not learn much, or take issue with many of the gaps in the text, but by and large, this is a very informative, readable book.
Rating: 
Summary: Far too superficial for its topic
Review: Bob Woodward will probably go down in history as one of America's most influential journalists. In collaboration with Carl Bernstein, Woodward publicized the Watergate scandal and helped to bring down the Nixon presidency. His efforts to reveal the truth may have single-handedly changed the relationship between the media and politics. Woodward has already been blessed with his 15 minutes of fame. His latest work, "Maestro: Greenspan's Fed and the American Boom," represents neither earth-shattering importance nor an erudite treatment of his subject, Alan Greenspan and his reign over the Federal Reserve. To its merit, "Maestro" does shed a surprising amount of light on a once mysterious and self-consciously secretive organization. The inner-workings of the Fed and its policy-making are depicted with excellent detail, as Woodward takes the reader through the bumpy rides of setting interest rates from 1987-2000. And for non-economic types, Woodward does a pretty decent job explaining how monetary policy works and what the implications are for increasing interest rates or expanding the money supply. Yet it is a shame Woodward is not an economist himself because his book suffers from a lack of depth on certain issues. The work's treatment of developments over the last decade, including the savings and loan scandals of the late '80s and the Asian financial crises of the '90s, is rather superficial. What is most bothersome about Woodward's work is its failure to point out many of the negative conclusions the details of the work might necessitate. The author's editorial on his subject is one of pure praise, as he attempts to elevate the status of Greenspan to that of a modern hero. The truth is far more complicated than the rose-colored picture Woodward would like to paint. One of the scariest points Woodward's book fails to make is that the position of chairman of the Federal Open Market Committee is perhaps the most powerful seat of economic policymaking in the United States. Many students of the Fed's operations grow up believing that interest rates are set by the democratic vote of a committee of economists. In reality, the monetary power of the last 13 years has rested in the judgement of one man. Greenspan's career epitomized the struggle to push the envelope on limitations to power. The chairman was the master of the FOMC, and before each meeting, he polled and called every member to figure out each one's stance on whether to raise or lower interest rates. Since the chairman always speaks last at an FOMC meeting, Greenspan often could plea for the universal support of his decisions, and his careful rhetoric frequently was enough to achieve the policy outcomes he desired. There were even times from 1988-1999, when the committee voted to allow Greenspan to make minor adjustments in the Fed Funds rate between meetings, giving him complete monetary control. We are all lucky that Greenspan has handled the responsibility of his power with such sobriety. What if Greenspan had not been so judicious? An America where the sovereign economic policymaker was a bumbling idiot would resemble the despair of 1929, when interest rates were raised even after the stock markets crashed. The very idea that determining the Fed Funds rate could rest in the hands of a moron is a scary thought. Another frightening notion Woodward doesn't elucidate is the number of problems with the way our system allocates its human capital. Many of those on the FOMC were there simply because they had political ties and connections. If Greenspan were to resign tomorrow, party friendships and political allies could influence the new appointment. Often when economic policymaking is submerged in politics, short-run prosperity is prioritized, and little thought is given to where things will head five or 10 years down the road. If we had a Fed chairman who - because he was a pawn of politics - strove for break-neck growth without regard to price stability, disaster could occur. Woodward strives to make the point that Greenspan always has tried to put his job above factionalism, but Woodward fails to recognize that future Fed chairmen may not behave the same way. Overall, Woodward's "Maestro" gives a decent overview of the history of economic developments and monetary policy in the last decade. The book's flaws lie not in the display of facts but rather in its pure, unquestioning praise of its central figure, Alan Greenspan. I would not disagree with statements that Greenspan has done his job especially well. He, however, has been fortunate, as circumstances beyond his control contributed to the record expansion of our economy and our subsequent prosperity. Greenspan's ability as Fed chairman surely will be tested as our economy slows, and whether we continue to prosper will determine if he really has, as Woodward says, a "mastery of process."
Rating:
Summary: Greenspan Primer
Review: This book has taken a lot of heat for, among other things, Greenspan worship, bad economics, and more. Concededly, you won't get a deep understanding of what the Fed is or does from this book. If want a good intro to the Fed and it's role as chief manipulator of our monetary plumbing, then I would suggest "Secrets of the Temple" by William Greider. On the other hand, if you're curious about the politics within and without the Fed, then this book is a good source. Though written when Clinton was still President, you can get a feel of what kind of internal debates must be raging right now as the equity markets head into the tank and people clamor for further rate cuts. Although Greenspan's tenure could be characterized by an "American Boom", this book reminds us that it began with the 1987 crash and was punctuated by the Mexico crisis in '94, LTCM in '98. Greenspan deserves a lot of credit, but I have to ask the question: Where have you gone Bob Rubin?
Rating:
Summary: Engaging, Surprising, and Informative
Review: I read this book wanting to be better informed about how The Fed and Greenspan operate, and wound up being thoroughly educated and entertained understanding how banks, the White House and Washington DC political appointments work. I never thought I would ever use the phrase "hard-to-put-down" in connection with an economics/banking book but this one did it. It was a real page turner and definitely one of Bob Woodward's most underrated and under-discussed books. (No caller mentioned this work during his 3-hour C-Span interview a few months back.) Get your hands on a copy of this book and prepare for an interesting and enjoyable ride. My one complaint: I wish it were longer. Although this book answered all my "Fed" questions, I wished its time track would continue to the present, or perhaps delve a little deeper into the past. But this complaint notwithstanding, the book was still an excellent and engaging read.
Rating:
Summary: Maestro, Greenspan's "Biography"
Review: This book was basically a miniature biography on the life of Alan Greenspan. Except this book does not really go into Greenspan's personal life, the only feature of this book that is not included about Alan Greenspan is his personal life. Although once or twice Greenspan's girlfriend, Andrea Mitchel was mentioned. For the most part this entire book solely focusses on Greenspan's work as an economist for the United States government. In my personal opinion Bob Woodward basically just stated facts and had no criticism whatsoever throughout this entire book this is the only part that bugged me. Woodward basically just wrote straight facts and tried a little too hard to make Greenspan look incredibly good in the end.
Rating: 
Summary: Clinton worship
Review: The book is ostensibly a look at the inner workings of Greenspan's Fed, and it does provide an interesting perspective. However, it quickly turns into a paean to Bill Clinton, the economic genius. Woodward doesn't miss an opportunity to celebrate Clinton, skewer Republicans, or praise tax increases. His obvious bias makes it difficult to take the book seriously.
Rating:
Summary: Woodward fails to deliver
Review: I had a lot of respect for Woodward and have read most of his books. In an interview Woodward admitted he used a coauthor on this one. The story about Greenspan is glib and shallow. The book doesn't really describe who Greenspan is or his exact role in the boom (and subsequent bust). I was disappointed in this book and can't say I learned anything from it.
Rating: 
Summary: great book
Review: Woodward made a dry subject interesting - a good read and you may learn a little econ along the way.
Rating:
Summary: Nice book!
Review: I liked this book--gives us an insight into the thinking and views of one of the key decision makers of our country!
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