Greenspan begins 'Turbulence' tour

Former Federal Reseve chairman Alan Greenspan from cover of his memoir, "Age of Turbulence"

TEXT OF STORY

Scott Jagow: As Fed Chairman Ben Bernanke faces a tough call on interest rates, his predecessor is going on a book tour. Alan Greenspan's memoir comes out today. Here's Jill Barshay.


Jill Barshay: Alan Greenspan's book describes how the Fed chairman steered the U.S. economy around crises for 18 years. He's calling it "The Age of Turbulence."

Tom Schlesinger: The conventional wisdom was that Alan Greenspan walked on water, and was the chairman of the committee to save the world.

Tom Schlesinger of the Financial Markets Center calls Greenspan the "Man of Turbulence." He's one of a number of economists who say Greenspan's policies are part of the reason Wall Street's had such a bumpy ride.

Schlesinger: Certainly the bursting of the housing bubble and the locking-up of credit markets, it became legitimate to wonder how we got in this mess. It can't just be laid at Ben Bernanke's doorstep.

Last night, Greenspan told 60 Minutes he didn't realize how bad the subprime problem was.

Still, Greenspan's showing he hasn't lost his knack for market timing. Thanks to the financial turmoil, the public's more likely to buy his book.

In New York, I'm Jill Barshay for Marketplace.

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