Mobs, Messiahs, and Markets

Notes

¹“In Greenspan We Trust,” Fortune, March 18, 1996, cover.

²It was Bob Woodward who called him the “Maestro.” See Bob Woodward, Maestro: Greenspan's Fed and the American Boom (New York: Simon & Schuster, 2000).

³Federal Funds Effective Rate, http://www.federalreserve.gov/releases/h15/data/Daily/H15_FF_O.txt.

⁴30‐Year Conventional Mortgage Rates, http://www.federalreserve.gov/releases/h15/data/Monthly/H15_MORTG_NA.txt.

⁵Hamish Risk, “Derivative Trading Soars to $370 Trillion, BIS Says,” Bloomberg.com, November 17, 2006, citing the Bank for International Settlements.

⁶Interview with Scott Cleland conducted by Hedrick Smith, “The Wall Street Fix,” PBS Frontline, January 21, 2003.

⁷Joshua Cooper Ramo, “The Three Musketeers,” Time, February 15, 1999.

⁸In Japan, credit jumped 130 percent, while disposable income rose just 27 percent. See William Bonner with Addison Wiggin, Financial Reckoning Day (Hoboken, NJ: John Wiley & Sons, 2003), 104–105.

⁹Alan Greenspan, “Gold and Economic Freedom,” in Capitalism: The Unknown Ideal, Ayn Rand, ed. (New York: Signet, 1967), 96–101 (reprinted from The Objectivist, 1966).

¹⁰“Greenspan Joins a Distinguished Club,” CNN, August 7, 2002. See also Alan Greenspan, Source Watch, Project of the Center for Media and Democracy, www.sourcewatch.org/index.php?title=Alan_Greenspan.

¹¹“Zimbabwe's Inflation Tops 1200%,” BBC, September 15, 2006.

¹²Niall Ferguson, “Debt Nation: Reason to Worry,” New York Times Magazine, June 11, 2006.

¹³Gross Domestic Product, ...