CONTENTS -- A PERSONAL NOTE -- ONWARD -- 1 GREENSPAN AND THE MYTH OF HIS PURITY -- Young Greenspan: The Musician and Keynesian -- Greenspan's Randy Past -- Greenspan Joins the Radical Right Collective -- The Short Distances from Rand to Wall Street to Washington, D.C. -- 2 ADAM SMITH, FREE MARKETS AND THE GREENSPAN STANDARD -- The Inflation Hawk and the Greenspan Standard -- The Efficient Market and God -- Adam Smith, Alan Greenspan and Say's Law -- The Rejected Keynesian Perspective -- 3 WHEN MARKETS HAVE FAILED, GREENSPAN HAS BEEN ON THE SCENE -- When God Crashes -- The Crash of Milken's Junk Bond Market -- Alan Greenspan and Junk Bonds Contribute to the Savings & Loan Failures -- The Stock Market Crash of 1987 -- Ending George H.W. Bush's Political Career -- Bailing Out Citibank and the Global Financial System -- A Legend is Born Amidst the Chaos -- 4 THE INDEPENDENCE OF ALAN GREENSPAN AND THE FEDERAL RESERVE SYSTEM -- The Misplaced Populist's Origins of the Fed -- The Early and Massive Mistakes by the Fed -- A Centralized Fed Turns Its Guns on Real and Imaginary Inflation -- The Pursuit of Unemployment -- 5 FEDSPEAK AND THE INNOCENT HYPOCRISY OF INDEPENDENCE -- The Institutional Hypocrisy -- Greenspan: The Master of Fedspeak -- Wealth as a Fountainhead of Independence -- Wall Street's Protection -- 6 WHITE HOUSE DEPENDENCE AND THE HYPOCRISY OF PERSONAL INTERFERENCE -- Greenspan Presents His Offer Behind Closed Doors -- An Offer the White House Can't Refuse -- Fed Independence Remains a One-Way Street -- 7 GREENSPANMAIL REDEFINES THE NEW DEMOCRATS -- Robert Rubin: From Wall Street to Bill to Alan -- Greenspan Breaks His Promise -- Greenspan, Keynes and the Role of Savings -- The Conversion of the New Democrats -- The Fate of Clinton's Second-Term Economic Policy is Sealed -- Greenspan's Edge over the Democrats.

8 FED AND WHITE HOUSE DEPENDENCE ON WALL STREET INVESTMENT BANKERS -- What Wall Street Investment Bankers Do -- Investment Bankers' Ties to Monetary Policy -- The Investment Bankers Move into Clinton's White House and Implement Greenspan's Proposed White House Budgets -- Greenspan Eclipses Clinton's Legacy -- The Dependence Continues to This Day -- 9 THE FABLE OF THE GOLDILOCKS ECONOMY -- The Financial Good News -- Our Deeply Felt Concerns for Bond Holders and Investment Bankers -- What About the Rest of the Animal Kingdom? -- 10 THE WOLF AT THE DOOR OF ORDINARY WORKERS -- "Good News" Turns Bearish for Ordinary Workers -- It is Bad News That "Trickles Down," Not the Savings of the Rich -- Otherwise, It's All About Wealth (Net Worth) -- The Continuing Problem with Wall Street and Greenspan's Financial Markets Strategy -- 11 GLOBAL MARKET FAILURES -- The Asian Crises, 1997-1998 -- Market Failure at Long-Term Capital Management Turns Global -- Greenspan Arranges a Bailout of LTCM's Lenders to "Save" the Global Financial System -- The U.S. International Deficit: It Just Keeps Getting Bigger and Bigger -- Blowing Bubbles -- 12 THE COLLAPSE OF THE GREAT AMERICAN STOCK MARKET BUBBLE -- Goldilocks: Prelude to Irrational Exuberance -- The Coming of Irrational Exuberance -- Behind the Curtain -- Bubble Fears at the Fed -- The Great End-of-Millennium Market Failures Compound the Errors -- The Internet: The Bubble in the Bubble -- A Bedeviling Aftermath -- 13 DERIVATIVES: THROWING IN THE CHIPS -- Deregulation: The All-intrusive Greenspan Becomes the Financial Czar -- Why Do Commercial Bankers Swap Interest Rates Instead of Spouses? -- Greenspan Places His Trust in the Markets for Financial Derivatives -- 14 FED DEPENDENCE ON HEDGE FUNDS? -- The Insides of a Hedge Fund -- Fast Forward to 2005: Hedge Funds Hit Main Street -- Hedge Funds Get in Trouble in 2005.

Hedge Funds Take on Bankers' Roles -- Hedge Funds, Treasuries and the Federal Reserve -- 15 GREENSPAN TAKES US FROM GOLDILOCKS TO THE SOFT PATCH AND BACK AGAIN -- The Anatomy of Greenspan's Policies after the Bursting of the Great American Stock Market Bubble -- A Brief Goldilocks Interlude -- Memories of Stagflation -- Somewhere Between a Soft Patch and the Briar Patch -- Goldilocks in Springtime -- Truth and Consequences -- 16 THE HOUSING BUBBLE CONUMDRUM -- How the Fed Can Stimulate Housing Construction and Demand -- Asset Inflation in Housing -- Spotting a Housing Bubble -- Greenspan Gets Smarter as the Bubble Gets Bigger -- Greenspan's Innocent Hypocrisy in His Attack on Fannie and Freddie -- Summing-up -- 17 SOCIAL SECURITY: ON THE CUTTING EDGE OF FEDERAL BUDGET DEFICITS -- Greenspan Meddles in Fiscal Affairs -- Tax Cuts for the Rich Have Unintended Consequences -- Greenspan and Retirement Benefits-His and Ours -- Greenspan Chairs Reagan's Presidential Commission and "Reforms" Social Security -- Greenspan and George W. Demand Still More Benefit Cuts and Tax Increases for Social Security c. 2005 -- 18 GETTING PERSONAL WITH SAVINGS, AT HOME AND ABROAD -- The Keynesian Paradox of Thrift -- The World: A Glutton for Savings? -- The "Angels' Share" of Savings and Wall Street's Heavenly Returns -- Savings or Saving: Which Is It and Why Does It Matter? -- Business Savings and the Angels' Share Derived From Corporations -- A Summation: The Hypocrisy of Financial Market Efficiency -- 19 KING ALAN II -- 20 PROSPECTS FOR REFORM -- Pursuit of Reform at the Federal Reserve -- Cooling the Ardor of Speculators -- A Restoration (Somehow) of Fiscal Policy: The Role of Interest-Free Loans for Infrastructure -- Progressive Taxes and the Business Cycle -- An Incomes Policy: Beyond Ideological Blindness -- A Final Word or Two -- NOTES -- Note for page x.

Notes for pages 6-7 -- Notes for pages 10-15 -- Notes for pages 18-25 -- Notes for pages 30-34 -- Notes for pages 37-42 -- Notes for pages 47-50 -- Notes for pages 53-60 -- Note for page 65 -- Notes for pages 70-72 -- Notes for pages 78-79 -- Notes for pages 84-89 -- Notes for pages 94-98 -- Notes for pages 104-107 -- Notes for pages 114-116 -- Notes for pages 128-134 -- Notes for pages 136-142 -- Notes for pages 150-154 -- Notes for pages 157-158 -- Notes for pages 160-167 -- INDEX.