FED Watching Goes Public

Reading about America's fiscal policy used to put most people to sleep. After the recession, economic meltdown and the corresponding personal financial hardships of massive unemployment, home foreclosures and lost wealth, watching the antics of the Federal Reserve system (affectionately referred to as "The FED") has become as popular as reality TV.

People now consider the Chairman of the Federal Reserve akin to a rock star, hanging on every pronouncement with great anticipation and trepidation because of the potential impact on every one's economic condition.

Not surprisingly, recent books about FED chairmen past and present have been best sellers. They provide an insightful glimpse behind the closed-doors of the Federal Reserve and its critical functions and personalities. Most notable was "Maestro" (published by Simon & Schuster in 2000). The book was written by journalistic superstar Bob Woodward of Watergate fame. It traces the positive influence of FED Chairman Alan Greenspan on the American Boom of the late 1990s, which produced the largest budget surplus in the history of the nation.

Greenspan was credited with setting the course for economic expansion with a light hand on the monetary tiller. Now, in hindsight, his orchestration of fiscal policy was perhaps too light-handed and many believe his FED should have anticipated the coming slide of the financial system. In any event, "Maestro" makes for fascinating reading of a better time in America's recent economic history. "Maestro" is available from bookbrokerbob, my altar ego at Amazon.com, at a very reasonable price, as are many other titles from my personal library.

Check it out...