In eight Tuesdays each year, Federal Reserve chairman Alan Greenspan convenes a small committee to set the short-term interest rate that can move through the American and world economies like an electric jolt. As much as any, the committee's actions determine the economic well-being of every American. The availability of money for business or consumer loans, mortgages, job creation and overall national economic growth flows from those decisions. Perhaps the last Washington secret is how the Federal Reserve and its enigmatic chairman, Alan Greenspan, operate. In Maestro, Bob Woodward takes you inside the Fed and Greenspan's thinking. We listen to the Fed's internal debates as the American economy is pushed into a historic 10-year expansion while the world economy lurches from financial crisis to financial crisis. Greenspan plays a sometimes subtle, sometimes blunt behind-the-scenes role. He appears in Maestro up close as never before -- alternately nervous and calm, plunging into mathematics one moment and politics the next, skeptical, dispassionate, always struggling -- often alone. Maestro traces a fascinating intellectual journey as Greenspan, an old-school anti-inflation hawk of the traditional economy, is among the first to realize the potential in the modern, high-productivity new economy -- the foundation of the current American boom. Woodward's account of the Greenspan years is a remarkable portrait of a man who has become the symbol of American economic preeminence.
Bob Woodward is an associate editor at The Washington Post where he has worked for 50 years. He has shared in two Pulitzer Prizes, one for his Watergate coverage and the other for coverage of the 9/11 terrorist attacks. He has authored 20 national bestselling books, 14 of which have been #1 New York Times bestsellers.
"Woodward has established himself as the best reporter of our time. He may be the best reporter of all time." -- Bob Schieffer, CBS News Face the Nation
"Scrupulous and illuminating...Woodward lucidly explains the axes of intellectual and political disagreement over monetary policy...shedding new light on major conflicts of the Greenspan era." -- The New York Times Book Review
"A gripping ride through the oddly fragile and insecure world of big money and the curious mind of Greenspan." -- San Francisco Chronicle
"Fascinating, intimate...the best inside job on the subject yet to appear." -- The Dallas Morning News
"Admirably accomplishes what it sets out to do: demystify a Washington institution that is dimly understood by most Americans." -- USA Today
"Replete with the sort of fly-on-the-wall reporting for which Woodward is famous. What comes across most clearly is Greenspan's skill at the political power games that determine who survives in the cutthroat world of Washington." -- BusinessWeek