secrets of the temple : a book review

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Page 1: Secrets of the temple : A book review

Secrets of the Temple by William 1987) is a 600-page study of the investigative journalism. Greider is The Education of David Stockman oranda and the like from Fed, Congressional an dministration officials. It focuses on the 1978-1986 period. rivalries and ambitions of the swells running the Great Washington

achine but also the suffering and fear of the ordinary folks affected by their ecisions- Greider repeatedly s ts that the front pews of Temple on

Constitution Avenue are reserve r big bankers and pohticia Not merely a didactic pean to populism, Secrets brims with secrets.. . private

interviews and confidential memoranda that fatally expose the myth of a politically neutral Federal Reserve System and tarnish the perennial Legend of

oney Chairman. For example, it delivers first-hand accounts of ’ strategem of going easy on both the money supply and the

criticism (of Jimmy Carter) in order to win reappointment as Board Chairman. As another example, it explains how the Reagan plan to control the Federal Reserve in 1981-1982 was so successful that, according to former Office of

udget boss Lawrence Kudlow, ‘it’s almost like Voleker g an opinion poll of what the 4dministration wanted’ (p.

same time the Fed is portrayed as cccasionally standing up to pressure. As an example, in t

3.50@ 1988, sevier Science Publishers B.V. (North-Holid)

Page 2: Secrets of the temple : A book review

T. Havrilesky, Secrets of the temple

e these fantasies

ests that, rather than being cosmically ordained, uct of the growing incentives for risk-

Page 3: Secrets of the temple : A book review

d