Greenspan`s Age of Turbulence and how it relates to the term, the american dream and the issue of capitalism

Running head : AGE OF TURBULENCE

Greenspan 's Age of Turbulence

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Greenspan 's Age of Turbulence

As Chairman of the Federal Reserve Board during the September 11 attacks , Alan Greenspan lived in interesting times . Unknown to many , he holds one of the most important role in our country . Having to decide for our country 's economy is no easy feat but he has done such 36 times over and during those times he made the right decisions p

For nearly 20 years he headed the America 's Central Bank and called the shots to lower or raise the interest rates . This job is crucial because by lowering the interest rates we make the future more valuable than the present . This gives people the chance to focus on constructing houses building factories , invest in scientific researches and other infrastructures that serves as an investment for the future . In raising interest rates we simply redirect our focus to the present and spent money that has no effect on the future

This decision is important to the market economy that we have because even though we give the populace and capitalist the freedom to raise the interest rates , we still need a central planner to direct our economy Times of fear and chaos such as the September 11 attack results to high unemployment . This puts the economy at risk and destabilizing inflation occurs . Perhaps the most daunting times of terror in America would be that of the September 11 attacks . After the bombing the entire country was enveloped in fear and the stock market . It was expected that the economy would plunge down and the dollar will be devaluated immensely Economists have calculated the cost of the attacks to be detrimental to the economy but Greenspan did a wonderful job to make it look like nothing happened . No economic downfall , no extreme devaluation of dollar and no stock market crash . To minimize the effect of terror to the country is pretty much what he does and this part he did extraordinarily . That part of his life is written in his book The Age of Turbulence

The first part of his book was his autobiography where one man tells his life from the introvert clarinetist to the economist that he has become He was a talented young man in search for his American dream but happened to have come face to face with trials such as the divorce of his parents and his very own divorce with his wife . His talent in mathematics landed him the top spot of the FED . He also relates his views on the economy and the world of the technocrats with its complicated functions and structure . However that part of the book is rather hard to digest for lay people . Having to take a peep at the brain of a genius is rather difficult . But this part of the book revealed why the Americans are struggling to...