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The 1990s was one of the most productive, prosperous decades in American history. The US economy, buoyed by technological advancement, hummed with efficiency. It did not run too hot to create inflation, nor too cool to hinder growth. It was called the Goldilocks Economy, because it was “just right.” Then, seemingly without reason, it ground to a halt. Businesses were devastated, and millions of hard working Americans lost their jobs, homes, and savings. Their lives were changed forever. In this compelling examination, William D. Rutherford shows in lucid detail why the most flourishing economy in history faltered and who was responsible — and his conclusions may surprise you. “Who Shot Goldilocks?” is necessary reading for anyone concerned about America’s place in the global economy now and in the future.
“A model of clarity and fun to read!”
“William D. Rutherford’s “Who Shot Goldilocks?: How Alan Greenspan Did in Our Jobs, Savings, and Retirement Plans” is an intelligent and well-researched analysis of the economy of the United States.
The United States economy in the nineteen nineties was efficient and productive, and economists said it was ideal. The public and governments from all over the world looked up to the U.S. economy with admiration mingled with envy. The U.S. economy did not encourage inflation, as the growth was steady. At the same time because of the stable state of affairs, it created a congenial atmosphere for production. In other words, the economy was “just right!” and hence was called the Goldilocks economy.
However, by the end of the decade, the economy faltered and stopped growing. The stock market crashed. Some businesses were closed down. Many people lost their jobs and savings. There was no hint or warning that this type of crash could happen to the economy, and the economists and government were caught unawares. They did not even realize what had happened, and hence were not in a position to try and set it right.
Rutherford explores the downturn of the economy, searching for who is responsible for the current state of the economy. He then scathingly criticizes the responsible parties for their role in the economic downswing. He also demonstrates that the implosion of the economy could have been prevented.
Despite the focus of the book being what went wrong in the economy, he ends on a note of hope, saying that the American economy will still prosper due to the efforts of industrialists who are innovative risk takers. Rutherford concludes that the world economy could be better. However, he also feels that the economy of Europe will falter because of European industries’ lack of insight into the intricacies of the economy. Rutherford presents the difficult topic, the U.S. economy, in a simple manner, explaining how economies function. His simple language allows him to present his ideas lucidly to laymen. An engrossing read, Who Shot Goldilocks?: How Alan Greenspan Did in Our Jobs, Savings, and Retirement Plans will surely be appreciated by economists and anyone who wants to know the reason why the U.S. economy faltered.”
Philip Friedman ~ New York Times bestselling author of Reasonable Doubt
“This book illuminates numerous instances of misguided policy and suggests needed structural changes for improving the Fed’s role. A worthwhile read for anyone concerned with the global economy.”
Scott Dawson ~ Dean , School of Business, Portland State University
“This fascinating account of the Federal Reserve and its current Chairman should be required reading for everyone concerned about the state of our economy.”
L.J. Rittenhouse ~ author of Do Business with People You Can Tru$t
“An insightful book that should appeal to anyone who takes investing or retirement seriously.”
Stefan Stosik ~ Fund Manager, Haverton Investments, Hong Kong
“This book should be required reading for the Federal Reserve Board, the Secretary of the Treasury, and any thoughtful citizen who wonders what the Fed really does, and how it relates to the citizens, workers and shareholders of the country.”
Gordon Baty, Ph.D. ~ MIT, partner, Zero Stage Capital
What Readers Are Saying
The other side of the coin
“It is about time that someone had the courage to criticize rather than canonize Mr. Greenspan. Mr Rutherford has illuminated an extremely and troubling dark corner of regulatory excess. Bravo!”
Simon Chabon ~ Milford, Delaware
Porridge is just right
“This book is very well written and easily understood. For someone like me who is not a well versed on the matters of the various factors affecting the financial markets, it provided a number of new insights. I do not profess to offer an opinion on the matter of Greenspan’s success or failure, but this book does offer a different perspective from what is generally portrayed in the media. Worth reading.”
G. Roupe ~ Saratoga, CA
Who Shot Goldilocks
“Dear Rutherford, As somebody like you associated with US stock markets, global economy, liquidity and US monetary policy I tend to agree with your views that i)Fed interest rate cuts came too late and too little to generate economic recovery ii)Interest raise hikes were wrong medicine for asset price inflation. stock market could have addressed by raising margins and real price inflation could have been left to be resolved by market mechanism.This way the healthy movement of real economic indicators would not have been scuttled by wrong hikes in interest rates and that’s what the monetary policy is supposed to do. iii)past economic data are not always good guide for future action, proactive approach is more positive,constructive and hence rewarding. You give very good example of steering the car from the rear view mirror.”
Satyendra Nayak ~ New York, NY
Who Shot Goldilocks
“I haven’t read the book, but will. Mr. Greenspan ought to go fishing and keep his mouth shut. He get’s paid big bucks for speaking at events. He need to keep his thoughts to himself, so he does wreck the markets.”
Tom ~ Washington, DC
Who Shot Goldilocks…
“Alan Greenspan and the Wall Street / Republican establishment have screwed up the US economy,big time..And they CANNOT and will not ADMIT their complicity and , in certain cases,ILLEGAL ,AMORAL responsibility in doing so…Alan Greenspan let loose a torrent of cheap,easy,practically free,loose money into the US economy,supposedly to “stimulate” the US economy after the high tech “bubble” deflated,which bled into the post-911 contraction.These combined events are the cause of the economic morass the US is experiencing in 2008. Greenspan and the Wall Street crooks need to be tried and convicted for economic terrorism criminal activity!!!”
Edward ~ Houston, Texas
“Dear Mr. Rutherford, I recently read, “Who Shot Goldilocks?…” and found it arresting. Your observations helped me to see how our oil-based economy has evolved from a unique strength into a serious liability as the world has changed since the early 20th century. You have helped me see the urgency in the quest for renewable energy sources. Your work also helped me see the need for reform in the Federal Reserve, which, like our economy, has failed to evolve as rapidly as the global economy. The resources, policies, and tools needed to manage the US economy today are more sophisticated than the current Fed is using. Thank you for your excellent book. Warm Regards, Bob”