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The Man Who Knew: The Life and Times of Alan Greenspan by Sebastian Mallaby (Bloomsbury, £30)

In retrospect, it is easy to see what happened. The 2008 crisis was triggered by the mother of all bank runs: a panicky loss of confidence in the financial system, which had loaded up on lousy mortgages that remained unsafe even though they were wrapped up in new and exotic ways. Financial institutions had made too many loss-making investments, but the bubble they had inflated delayed the day of reckoning—until it didn’t.

The surprising thing is not what happened, but that so few people saw it coming. And even that is not quite right. Many did see enough to know the risks. Some of them were even in a position to do something about it. If they did not do so, it was because either they wilfully ignored the dangers or found the potential remedies worse than the disease. In short, they thought the boom was worth having.

Eight years after the crisis—in the wake of a US election campaign fuelled by the political fallout of economic tough times, and with a previously unthinkable President-el

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CHAPTER ONE

Greenspan
The Man Behind Money
By JUSTIN MARTIN
Perseus Publishing

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WASHINGTON HEIGHTS

A few years prior to the great stock market crash of 1929, Alan Greenspan's parents moved into an apartment in the Washington Heights section of Manhattan. The area is so named because it offers the highest natural elevation on the island, and as a consequence, General George Washington chose it as the site of his headquarters during some key Revolutionary War battles. For decades thereafter, Washington Heights remained a surprisingly rural part of New York City, containing only a handful of large country estates, including one that belonged to the naturalist John James Audubon.

The colonization of Washington Heights began in earnest in 1906 with the completion of a subway line. Soon after, people intent on escaping the teeming slums of Manhattan's Lower East Side began moving uptown in search of larger apartments and better living conditions. Then in the 1920s, when flush times sparked a boom in housing and construction in

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Alan Greenspan

American economist and financial advisor (born 1926)

Alan Greenspan

In office August 11, 1987 – January 31, 2006
President
Deputy
Preceded by	Paul Volcker
Succeeded by	Ben Bernanke
In office August 11, 1987 – January 31, 2006
President	Ronald Reagan George H. W. Bush Bill Clinton George W. Bush
Preceded by	Paul Volcker
Succeeded by	Ben Bernanke
In office September 4, 1974 – January 20, 1977
President	Gerald Ford
Preceded by	Herbert Stein
Succeeded by	Charles Schultze
Born	(1926-03-06) March 6, 1926 (age 98) New York City, U.S.
Political party	Republican
Spouses	Joan Mitchell Blumenthal (m. 1952; ann. 1953)
Education

Alan Greenspan (born March 6, 1926) is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. He worked as a private adviser and provided consulting for firms through his company, Greenspan Associates LLC.

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