and stock market, 217
as treasury secretary, 220, 221, 224
Sununu, John, 81–82
superregulators, 194–95
“Survey of Current Business,” 112
Syron, Dick, 76
Taylor, William, 47
technology:
business investment in, 111–12, 137, 160, 168, 195, 223
dissemination of, 223
dot.com stocks, 224–25
economic growth and, 195, 196
global economy and, 139, 190
job insecurity and, 169
productivity and, 223
terms, definitions of, 245–49
Thailand, economic crisis in, 188–89 This Week with David Brinkley, 227
Thomas, Helen, 224
thrifts (S&Ls), 36, 65
tightening credit, defined, 249 Time, on global economy, 214
Townsend, William, 30
Townsend-Greenspan, 30, 34, 57, 65, 152–53
Treasury Department, U.S., 45, 54, 125
group decision making in, 140
Korean crisis and, 189–92
LTCM and, 200–201
Mexican crisis and, 139–41
Thai crisis and, 189
Triumph of Politics, The (Stockman), 58
Truman, Ted, 139, 141, 188
Tyson, Laura, 150, 151, 155–56, 159, 161–62, 163, 166, 181
unemployment:
deficit reduction and, 96
economic growth and, 222
full employment concept and, 122–23
Humphrey-Hawkins Act and, 132
inflation and, 51, 122, 129, 132, 160, 168–69, 170, 176, 177, 183, 185, 186, 216, 217
interest rates and, 92
job insecurity and, 169, 176
NAIRU and, 122–23, 168, 183, 185, 248
United Nations central bank, 212
United States, sovereign credit of, 42
U.S. News & World Report, 123–24
Fed trading in, 27–28, 38, 231, 249
interest rate spread and, 202
risk reduction and, 206
velocity, measurement of, 88
Vietnam War, cost of, 102
Volcker, Barbara, 24
Volcker, Paul, 15–20, 38, 46
appointment as chairman, 16, 17
chairmanship transformed by, 22, 25
on deficit reduction, 100
end of era of, 24, 33
independence of, 16, 17, 19, 24
inflation and, 126, 147
reappointment and, 20, 21–24
resignation of, 18–19
Vietnam War and, 102
wage and price controls, 35
wages:
inflation and, 51, 168, 185, 196
job insecurity and, 168, 169, 176
in labor costs, 172–73
theory of efficiency and, 169
Wall Street Journal: on FOMC dissent, 77–78
on Greenspan's reappointment, 82
on Greenspan successor, 133
on interest rate decisions, 87, 92, 108, 110, 184, 216
on Meyer's views, 186–87
on Rohatyn at Fed, 157–58, 163
on stock market crash (1987), 48
Walters, Barbara, 181
Warner, John, 181
Washington, D.C.:
A, B and C lists in, 126, 164
financial health of, 215
political inside game of, 133, 152, 155, 157, 227
Washington Post, The:
contradicts New York Times, 147, 148
on dissent in FOMC, 78, 81
on economic tranquility, 180
on interest rate decisions, 86–87, 177, 184, 215
leaks to, 64
on Lincoln S&L, 66
on productivity, 109–10
on Rohatyn appointment, 162
on White House pressure, 50
Watergate, 21, 110
Waters, Maxine, 193–94
wealth, distribution of, 208–9, 216–17
Welch, Jack, 61
White House:
financial system and, 45
frustration of working in, 164
interest rates and, see interest rates
public statements from, 54
see also specific administrations
Wizard of Oz, The (film), 228
Woodruff, Judy, 181
Yellen, Janet:
board appointment of, 129
and Clinton administration, 129, 131, 217
and interest rate decisions, 131, 134–36, 145, 149, 153, 176–77
and staff forecasts, 134, 168–69
and unemployment data, 129, 169, 170, 217
Zuckerman, Mortimer B., 123–24
PHOTO CREDITS
1. Frank Johnston/The Washington Post
2. Associated Press
3. Associated Press
4. Associated Press
5. James K. W. Atherton/The Washington Post
6. F. Harlan Hambright & Associates/Federal Reserve Photo
7. Federal Reserve Bank of New York/Federal Reserve Photo
8. Brooks Photographers/Federal Reserve Photo
9. Associated Press
10. James M. Thresher/The Washington Post
11. Brooks Photographers/Federal Reserve Photo
12. Brooks Photographers/Federal Reserve Photo
13. John C. Rinaldi, Corporate Photographers Inc./Federal Reserve Photo
14. Ray Lustig/The Washington Post
15. Ray Lustig/The Washington Post
16. Brooks/Glogau Studio/Federal Reserve Photo
17. Brooks/Glogau Studio/Federal Reserve Photo
18. Personal photograph
19. Ray Lustig/The Washington Post
21. Brooks/Glogau Studio/Federal Reserve Photo
22. Federal Reserve Photo
23. The Washington Post
24. Harry Naltchayan/The Washington Post
25. Diana Walker/TimePix
26. Britt Leckman/Federal Reserve Photo
27. Federal Reserve Photo
28–33. The Washington Post
34. Federal Reserve Photo
35. Ray Lustig/The Washington Post
GRAPHS CREDIT
Source: Federal Reserve
Designed by Jackson Dykman
TOUCHSTONE
Rockefeller Center
1230 Avenue of the Americas
New York, NY 10020
www.SimonandSchuster.com
Copyright © 2000 by Bob Woodward
All rights reserved, including the right of reproduction in whole or in part in any form.
First Touchstone Edition 2001
TOUCHSTONE and colophon are registered trademarks of Simon & Schuster, Inc.
For information about special discounts for bulk purchases, please contact Simon & Schuster Special Sales: 1-800-456-6798 or business@simonandschuster.com
Designed by Brooke Zimmer Koven/Edith Fowler
The Library of Congress has cataloged the Simon & Schuster edition as follows:
Woodward, Bob.
Maestro : Greenspan’s Fed and the American boom / Bob Woodward.
p. cm.
Includes bibliographical references and index.
1. Board of Governors of the Federal Reserve System (U.S.) 2. Monetary policy—United States—History—20th century. 3. Greenspan, Alan, date.
I. Title.
HG2565.W654 2000
331.1'12'0973—dc21
00-052627
ISBN 0-7432-0412-3
0-7432-0562-6 (Pbk)
ISBN-13: 978-0-7432-1537-4 (eBook)
grayscale(100%); -o-filter: grayscale(100%); -ms-filter: grayscale(100%); filter: grayscale(100%); " class="sharethis-inline-share-buttons">share</div>