Greenspan: The Man Behind Money

by Justin Martin

Alan Greenspan is one of the most powerful and enigmatic men in the world. Although endlessly pursued by the press and ceaselessly present in the public spotlight, very little about his private life has ever been revealed. The Man Behind Money presents the celebrated Fed Chairman as few know him. It spans his hardscrabble childhood in Depression-era New York City, his fascinating decades-long friendship with controversial author Ayn Rand, his Juilliard education and days spent touring with Henry Jerome's jazz band, as well as his two marriages, dynamic D.C. social life, and service to five U.S. presidents. Artfully crafted, this biography paints an astonishing and enthralling portrait. Based on unprecedented access to Greenspan's family members and to such peers as Henry Kissinger, Gerald Ford, and Milton Friedman, The Man Behind Money makes news and breaks new ground. It also provides fresh insight into Greenspan's reign at the Fed -- from the stomach-churning crash of 1987 to today's rollicking markets -- and a glimpse at what's next for the famous Chairman.

Genres: Biography, Economics, Nonfiction, Politics, Business

304 pages, Paperback

First published October 15, 2000

About the author

My latest is A Fierce Glory, out in September (Da Capo Press). It's a group biography treatment of Antietam, the Civil War's pivotal battle, still America's single bloodiest day. The rich cast includes: Robert E. Lee, pioneering war photographer Alexander Gardner, and Jonathan Letterman, the father of battlefield medicine. Lincoln and the Emancipation Proclamation are woven into my account far more than in a typical military history of Antietam.

My specialty is American history, meticulously researched, but delivered in a narrative style that’s akin to fiction. My previous book was Rebel Souls: Walt Whitman and America’s First Bohemians (Da Capo, 2014) about a decadent and incredibly influential artists’ circle that hung out at Pfaff’s saloon in NYC during the 1850s. Among its members: a young Walt Whitman; Artemus Ward, America’s first standup comic; psychedelic drug pioneer Fitz Hugh Ludlow; and Adah Isaacs Menken, an actress notorious for her “"Naked Lady" act. Rebel Souls, chosen as the outstanding biography of 2014 by the Victoria Society, New York, and as a finalist for the Marfield Prize, was also picked as one of the best books of that year by both the Kansas City Star and Choice magazine.

Before that, I wrote Genius of Place: The Life of Frederick Law Olmsted (Da Capo, 2011). Genius tells the story of one of the most important figures in the history of America. Olmsted was a fervent abolitionist, noted journalist, Civil War hero, early environmentalist, and the landscape architect behind New York's Central Park, Boston's Emerald Necklace, Stanford University, the Biltmore Estate and dozens of other green spaces around the U.S.

Other subjects have included Alan Greenspan and Ralph Nader. My Greenspan bio was selected as a notable book for 2001 by the New York Times Book Review. My Nader bio was a primary source for An Unreasonable Man, an Academy Award nominated documentary. I have also written a number of children's books for use in the classroom, everything from biographies to fractured fairy tales to titles designed to help young readers learn parts of speech. I'm a generalist. I love to write on varied subjects for both kids and adults.

I'm a 1987 graduate of Rice University in Houston, TX. I live with my wife and twin sons in Forest Hills Gardens, NY, a neighborhood designed by Frederick Law Olmsted Jr.

Reviews

[Douglas White · Rating 1 out of 5]

An extremely shallow book that offers no insight how Greenspan thinks or makes his decisions. The reason Greenspan is such an interesting character is how he has managed to constantly adapt to changing market conditions. The real story would be why and how he came to the decisions he did, but this book just reports his actions. There is almost no economic analysis or justification. Anyone looking to gain some understanding of Greenspan's thought process will be left wanting and extremely disappointed with this book.

[Davy Bennett · Rating 4 out of 5]

I read this and liked it. Interesting stuff about his times with Ayn Rand, his time as a jazz musician, etc..

I don’t remember getting much insight into him on the job. Honestly, even with a BS in Economics and some spot reading over the years, I don’t have much nuance or detail in my ideas about macroeconomics. If you are not in that game, it is very difficult to come to terms with such a complex subject.
I had an easier time staying with this book, it was not dry and boring, like so many econ books are.

The near-crash happened in 2008, his reign ended in 2006. Do you think his long term as Chairman set the stage for this, or did his succesors botch things, or other.

[John Curtice · Rating 3 out of 5]

Man behind the bubbles - nothing unique here

[Monica Willyard Moen · Rating 4 out of 5]

I expected this book to be dry, and I put off reading it for over a year. I was wrong. The author has managed to make this a riveting story that I wanted to finish.

It tells the story of Greenspan, from his childhood in a single parent home to his life in a jazz swing band, his friendship with Rand, and his rise to chairman of the Federal Reserve. Balancing humanity and an explanation of Greenspan's views on economics, the author makes the Federal Reserve understandable. Now I know why it matters when the Fed changes interest rates. Now I know what happens when our government prints new money or takes money out of circulation. And now I know that I'm not the only one who thinks it's worthwhile to get my PHD, even though I'll be doing it when I'm 50.

I feel strengthened and encouraged by this book. It has made me feel curious enough to work to understand more about economics. I'm glad I decided to read it.

[Brian · Rating 3 out of 5]

Greenspan: the Man Behind the Money by Justin Martin is an interesting look at Greenspan's life and the influences that drove him in his various positions. There are two drawbacks to the book. One is the lack of direct access to Greenspan. This is a biography written from second hand sources as far as interviews are concerned and interpretations of his testimony in addition to news articles. With that in mind it is still an interesting story and looks at many of the experiences from his time on Wall Street as a consultant to his various government posts that led up to his time at the fed. The second problem with this book is that it is older and was written pre stock market bubble (a short afterword is added but really addresses nothing) and obviously if pre-internet bubble it is also pre 9/11. Overall this is a good introduction of Greenspan's life but it should be taken with either Woodward's book or better yet contrasted against Greenspan's auto-biography.

[Chris Elkjar · Rating 2 out of 5]

This book is written in a way that is utterly confusing to me. I assumed that the book would feature more detailed analysis of Greenspan's policy decisions and thought processes but instead found a book outlining most of his social relationships. Nonetheless it's a rather interesting read that ends on a hilariously uplifting note for looking forward to "the future" for a man who would end up doing more arguably more damage to the world economy than anyone before him.

Didn't know that he was a touring jazz musician though. That's kinda neat.

[Joyce F · Rating 4 out of 5]

Before reading this biography, I had no idea how interesting and complex is "the man behind money." He rubbed elbows with the likes of Ayn Rand and her gang, and played sax in Tommy Dorsey's band. There is more to Mr. Greenspan than you might imagine.

[Michael Harris · Rating 4 out of 5]

A well written biography about an a smart guy who understood the numbers and plotted a good monetary policy based on the data. Ultimately he was derailed by the variable MAN, who was not honest and fudged the data. Oops!

[robert · Rating 2 out of 5]

Ayn Rand. Greenspan. Flowing Verbal Prose. It doesn't really explain it and it isn't definitive but it works as a mediocre biography.

[Stephen]

Great book about the influence of Greenspan and his power over the market.

[Vincent · Rating 4 out of 5]

Quite a good book with nice insights about Greenspan