On Money and Markets: A Wall Street Memoir

Amazon.com

A giant among pundits, Henry Kaufman is the Wall Street legend who founded the science of Federal Reserve watching, now a popular spectator sport. In a career that spans the last 50 years, his views and forecasts have grown increasingly influential, and his pronouncements often move markets, earning him the sobriquet "Dr. Doom" because of his oft-expressed concern about financial excesses and the failure of regulators to take steps to prevent them from occurring. "Policy can not be predicated on the assumption that reasonable financial behavior is the norm," he writes. On Money and Markets is both a personal memoir and a historical retrospective in which he elaborates on these concerns and prescribes a reorganization of the IMF and the World Bank and the creation of a new international entity with oversight of major financial institutions and markets.

Kaufman believes himself "more sensitized than many native-born Americans to economic developments that might endanger the country--a concern that dates back to my formative years, when I listened to my grandfather's recitation of the German hyperinflation of the 1920s--how it contributed to the rise of Nazism and thus forced us to flee Germany." Starting as a $45-a-week bank credit analyst in 1949, Kaufman joined Salomon Brothers in 1962 to build a world-class research department, later becoming a senior partner and vice chairman. He was the first person at Salomon to hold a doctoral degree, beginning a trend in the financial community toward greater analytical sophistication, one that would broaden and deepen in later decades. When he began interest-rate analysis and forecasting, information on the Federal Reserve was rare, and his observations quickly gained a large audience of investors, fund managers, economists, and policymakers. He writes, "In spite of its imperfections, the Federal Reserve comes closer to being an independent and objective arbiter and policy body than any other institution in our economic democracy."

He concludes the book by looking backward a century for a sense of perspective on the role of finance in the modern world. Former Fed chairman Paul Volcker, Kaufman's contemporary, rightly suggests in the foreword that this book "should be prescribed reading for all whose future and fortunes are tied to the performance of our financial system." --Scott Harrison

Book Description

A leader's provocative look at 20th century financial markets

Henry Kaufman, former vice Chairman of Salomon Brothers, was a key Wall Street figure in the 70s and 80s. His projections about interest rates, bond performance, unemployment, and government debt impacted monetary policy in more than one presidential administration, and prompted swings in the markets. You'll find On Money and Markets --Dr. Kaufman's look back at the financial and economic arenas he helped shape for half a century -- both fascinating and valuable. His memoir gives you insight into such questions as why the Federal Reserve has gained so much power, and what it means for investors....and what patterns we can see in the credit crunches and other financial crises that have rocked Wall Street and world markets. The dozen or so questions he explores are of serious concern to today's investors. And few other experts have Dr. Kaufman's perspective and experience to answer them.

Download Description

In On Money and Markets, Kaufman's long awaited memoir, the celebrated economist provides his views on a wide range of world economic issues, from the future of the Euro to the unseen perils within today's U.S. stock market.

Customer Reviews:

interesting overview of the financial markets..........2002-03-17

but with all due respect to the author, whom I hold in the highest esteem, this book is NOT for those looking for insights in to investment strategies. the man is a legend, and has a well deserved stellar reputation. this book is a great overview of the financial markets, but will not help you make money. am I too bottom line focused? perhaps, but be aware of the limitations of this book before purchasing it.

Memoir with real insight.......2001-08-07

I am grateful that Dr. Kaufman took the time to write this book. What makes it particularly worthwhile is the way he gives us enough biography to give us a good context for his views and insights into aspects of the way our economy functions - particularly how Wall Street and Washington D.C. function.

It isn't a breezy memoir of anecdote and scandal. Instead we get honest consideration, real wit, and prodigious experience. I think it is a book that deserves careful reading and discussion.

You may not agree with every conclusion he draws, but since it IS Henry Kaufman they certainly deserve careful consideration and re-consideration. Those interested in finance, especially MBA students, will find that his careful telling of how Wall Street has developed from partnerships to corporations and the rise of derivatives and securitization particularly valuable.

If you are insterested in realities about Wall Street and Washington you will find this book engrossing and valuable. You won't be lead astray with glib talk or silly notions designed simply to sell books to the unwary. This is the real stuff.

Highly Recommended!.......2001-04-24

Over the last decade we have seen many self-serving autobiographies and memoirs, but Henry Kaufman's On Money and Markets certainly is not one of them. Kaufman is an investment banker, but he is also a scholar and a gentleman. These memoirs capture the mettle of the man from his start in the banking business, through his years at Salomon Brothers and eventually to his own consulting business. The period covered, from pre-world War II to the end of the 20th century, is the most dynamic time in the history of the financial markets. It is Kaufman's insights into these revolutionary years on Wall Street that make this a gripping tale. We [...] recommend this book to all executives and investors, many of whom would benefit greatly from a refresher course in Wall Street history.

economic history of the post WWII world........2000-09-27

How many individuals can look back on their careers and survey the influence that they have had on their industry with the intelligence and objectivity of Dr. Kaufman as evidenced in this well written memoir. To be sure, his explanations of the monetary and fiscal environments and the economic consequences over the past 40 years are at times dry. The sections dealing with his experiences and the evolution of the financial services industry are absolutely fascinating. Recommended to anyone interested in macroeconomics and particularly to economic students.This should become required reading in Macro 101 courses.

Biography, History of Financial Markets, and Prescriptions.......2000-09-11

Henry Kaufman is one of the most important figures in the development of world credit markets in the last 40 years. This book is part biography, part history of the post World War II period in the financial markets, and part prescription for the financial markets in the next two decades. The book is written in a lucid, qualitative, approachable way that makes it accessible and interesting to almost any reader. In a foreword by Paul Volcker, the highly regarded former chairman of the Federal Reserve, you will learn that the on-going, difficult financial problems of the current age mean that "On Money and Markets should be prescribed reading for all those whose future and fortunes are tied to the performance of our financial systems."

Dr. Kaufman's influence has evolved through his studies of the credit markets, role in developing them as head of research at Solomon Brothers, commentator on the credit markets and Federal Reserve policy, and forecaster of financial market trends. He is well respected, even by those who do not agree with him. Perhaps his most influential moment came on August 17, 1982 when he called the turn in the interest rate environment that kicked in the bond and stock market boom in the United States that has lasted ever since.

Let me briefly describe each part of the book. The first nine chapters are primarily a biography of Dr. Kaufman. Despite the fact that I have been following his thinking closely for over 20 years, much of this was new to me. He is modest in speaking about his accomplishments, which makes the story more appealing. The story of how Dr. Kaufman became "the" Henry Kaufman is well worth your time. Born in a small rural town in Germany, violence against Jews in his own town caused his family to emigrate to the United States in the 1930s. During the time in Germany, he suffered from polio, and had two operations as a result. Speaking almost no English when he arrived in New York, he was back to grade level performance within a year . . . after the humiliation of being put back into the first grade. You will get many interesting glimpses of how important mentors and families are to the accomplishments of any one.

Chapters three through fifteen also serve as a partial history of the world (and especially the U.S.) financial markets. The length of the period covered and the breadth of view make his perspective very valuable for the casual observer of the subject. Most will be surprised by how great the changes have been in the last two decades, for example.

But, to me, the most valuable parts of this book were the prescriptive elements of what needs to be done now that build from material in chapters eleven through eighteen. I agree with him that regulation is falling behind the shifts in the financial markets. For example, new types of financial institutions are being created that have essentially no regulation, yet contain great risks for the whole society. CitiGroup is an example. The banking part is regulated by the Federal Reserve but the Travelers insurance portions are regulated by the states. The investment banking part of the company is primarily regulated by the SEC.

He also warns against the excessive use of derivatives, financial leverage, and decreased care in overseeing these practices compared to their size and importance. In good economic times, this works well. How well will they work in bad economic times? Probably not very well. The near collapse of the bond market during the Russian debt crisis in 1998 is an important warning here.

More significantly, although the Federal Reserve knows that there is a stock and real estate speculative bubble in the United States, it is at a loss to know how to handle that bubble. Dr. Kaufman predicts tough times and greater volatility in the markets ahead that will make the one-day fall in October 1987 look like a walk in the park. The collapse will be abetted by the low savings rate, the growing importance of other strong currencies, high debt levels, incomplete regulation of speculation, and greater growth abroad while the Fed fights back by only being able to lower interest rates.

These are sobering words and thoughts, and I hope that policy-makers, policy-influencers, as well as ordinary citizens will take them seriously. The time to fix the dike is before it breaks.

If Dr. Kaufman is right, how will you protect the financial security of your organization, business, career, and family? Without knowing what the risks are, you won't know what to prepare for. I suggest you read this book as part of your preparation.

The only people who will be disappointed in this book are those who would like a more detailed and technical explanation of these points. Dr. Kaufman is clearly capable of providing more, but did not want to limit his audience. Despite its general nature, I found the chapter on forecasting to be quite interesting and valuable.

After you have read this book, also ask yourself if you have taken full advantage of your opportunities in life as Dr. Kaufman has. If you have not, ask yourself what you could learn from his example. I suspect that you will start asking for and getting more advice from outstanding people as a result.

Live long and prosper!

Book Description

This digital document is an article from Finance & Development, published by International Monetary Fund on September 1, 2000. The length of the article is 853 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: On Money and Markets.(Review) (book review)
Author: Kristin Roesser
Publication: Finance & Development (Magazine/Journal)
Date: September 1, 2000
Publisher: International Monetary Fund
Volume: 37 Issue: 3 Page: 61

Article Type: Book Review

Distributed by Thomson Gale

On Money and Markets: A Wall Street Memoir

Average customer rating:

On Money and Markets: A Wall Street Memoir
Henry Kaufman
Manufacturer: McGraw-Hill Companies
ProductGroup: Book
Binding: Paperback
ASIN: B000OG3P66

Customer Reviews:

a fascinating insider view of F1.......2002-04-05

Since Damon Hill retired from the grand prix circuit and writes for a certain very popular English motorsport magazine we know that the guy can write. What we learn from this book is that he already had that gift when he was still driving! The book was made in 1998 when Damon was on his last F1 stint with the Jordan team, during that emotional year when Jordan scored a historic 1-2 in Spa. The F1-educated reader who knows what happened in '99 (Damon fired by Eddie Jordan because he was consistently outperformed by team-mate Heinz-Harald Frentzen) will find his remarks on the team a poignant read.
The book touches all the major aspects of Formula One motorsport: technology, image, media pressure, professional rivalry, the fear, money and fame. Damon also talks about his famous father Graham Hill and "his" race: Monte Carlo (GH won Monte Carlo 5 times and was only fairly recently surpassed by Ayrton Senna and Michael Schumacher in this feat). Damon explores how having a famous race driver as a father influenced his own career path and attitude towards the sport.
The book is overall very well crafted. Damon's text is supported and enhanced by the superb photography of Keith Sutton, England's premier F1 photographer. Overall a very good read and a pleasure to the eye, certainly a must-have for every serious F1-fan, even you Schumacher fans: Damon has some very interesting things to say about his famous rivalry with Michael!

Damon Hill - like his father before him..........2001-11-18

Damon Hill is seen by many fans as the "loser" champion, the champion who had it, he had the drive, he had the car, he had the intelligence, he had the motivation and dedication, but there was Schumacher in the way, as there was Clark that came Graham's way. It must be said that, even if the 1995 season, climax of the 90's, is most remembered and pictures Damon's defeat, Damon's 96 title is thorougly deserved and well acomplished. Damon deserves much respect for his acomplishmnet in the sport; even during his last and terrible f1 season, 1999, where he was outshined by his very fast team-mate Heinz Harald Frentzen, Damon was not to be looked pathetic next to him - instead he was to be held tremendous respect and would not receive any contempt from any TRUE F1 fan. Damon was not the fastest driver ever, but he holds his place among the other World Champions and stands as one of the Lords of this sport.

Damon Hill - like his father before him..........2001-11-18

So what does a F1 Driver think? Well, here you go!.......1999-06-26

From the moment I recieved this book, I could tell a lot of time and energy (money) went into making it. The cover is made of a nice, almost sliky paper material, which just makes you feel like it is worth the price. However, the real treat is inside. Damon Hill is a very eloquent writer, and makes some very personal revelations. If you ever wanted to know what makes an F1 World Champion tick, here's your chance. His gives his feelings about his early years driving with legends such as Aryton Senna, and Alain Prost, as well as his current on-going rivaly with M. Schumacher. Also, the photographs taken by Keith Sutton are an added bonus. As Damon said in his book, "So here it is. A book about all that (F1 life). But you can just look at the pictures if you prefer..." Yes! You really can; the pictures are fabulous. It's a shame about his retirement, and i actually would have felt that this book would have been better off, if he retired first and then published it, so that his writing wouldn't be so restrained. Even so, it gives the most comprehensive first-person's view of the things that transpire in the world of F1. Personally, I am a Damon Hill fan, so I can recommend this book to all those who also follow this "gentlemen's racer."

F1 THROUGH THE EYES OF DAMON HILL : INSIDE THE WORLD OF FORMULA ONE.

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F1 THROUGH THE EYES OF DAMON HILL : INSIDE THE WORLD OF FORMULA ONE.
Damon. Hill
Manufacturer: Little Brown and Company
ProductGroup: Book
Binding: Paperback
ASIN: B000OUFZYW

Amazon.com

One of the most creative and original screenwriters of the '90s, Michael Tolkin treats radically different themes with each new film. But whether his subject is Hollywood, Christian fundamentalism or the malaise of the married swinger, Tolkin's world is always brutally comic, laced with stinging irony and wild satire. The Player, which was directed by Robert Altman, is the most famous of these three, but the other two films, which Tolkin directed himself, are worth checking out. All of them work at such a high level of wit and erudition that the screenplays make just as good reading as the films do viewing.

Customer Reviews:

I haven't read it...or even bought it...but..........1999-02-05

I'm a nineteen year-old youth with a minimal interest in books and movies. I'm not sure why, but Michael Tolkin's movies (esp. "The Rapture") really have an effect on me. I think "The Rapture" was a really misunderstood movie, I know it took me a total of three times seeing it before I really understood the character's motivations for her actions at the end of it. I don't know why I'm writing this. I guess I just want somebody to tell me when he's making another movie or writing another book. Please email me with any info, I'd appreciate it. Thanks a lot.

Book Description

The first full-scale sociological survey of the assimilation of minorities in America, this classic work presents significant conclusions about the problems of prejudice and discrimination in America and offers positive suggestions for the achievement of a healthy balance among societal, subgroup, and individual needs.

Assimilation in American Life: The Role of Race, Religion, and National Origins-

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Assimilation in American Life: The Role of Race, Religion, and National Origins-
Milton M. Gordon-
Manufacturer: Oxford University Press-
ProductGroup: Book
Binding: Paperback
ASIN: B000NPHCGC

Average customer rating:

ASSIMILATION IN AMERICAN LIFE THE ROLE OF RACE RELIGION AND NATIONAL ORIGINS
Milton M. Gordon
Manufacturer: Oxford University Press
ProductGroup: Book
Binding: Paperback
ASIN: B000I0WERY

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ASSIMILATION IN AMERICAN LIFE: THE ROLE OF RACE, RELIGION AND NATIONAL ORIGINS

Manufacturer: Oxford University Press
ProductGroup: Book
Binding: Paperback
ASIN: B000GXZA92

Average customer rating:

Nothing Earth Shattering (heh...)

Great Book! bring it back!

Star Wars: Death Star Technical Companion

Manufacturer: West End Games
ProductGroup: Book
Binding: Paperback

General | Puzzles & Games | Entertainment | Subjects | Books
Similar Items:

Planets of the Galaxy: Volume 2 (Star Wars: The New Republic)

Truce at Bakura Sourcebook (Star Wars RPG)

Imperial Double-Cross (Star Wars: The Roleplaying Game)

The Star Wars Rebel Alliance Sourcebook

Cracken's Rebel Operatives (Star Wars RPG)

ASIN: 0874311209

Customer Reviews:

Nothing Earth Shattering (heh...).......2007-09-09

This book is overall what you'd expect it to be. Frankly, it's a little boring, but not as bad as you might think, if you're a true diehard.

What I don't get is why this book is so common. The market value of this book is actually pretty low compared to other out-of-print WEG Star Wars books, indicating that lots of people bought it back in the day.

It's vaguely interesting but you probably won't use the information in an adventure.

Oh, and WEG can't just "reprint" this book, because the license they held from Lucasfilm to produce and write Star Wars game material expired almost 10 years ago. Wizards of the Coast bought it up, sadly.

Great Book! bring it back!.......1999-12-29

This was a great book for Star Wars fans and it is a shame that it is out of print. The publisher should be asked to reprint it. That and the Imperial Sourcebook, they rocked!

Average customer rating:

Running Effective Meetings is Deceptively Easy

Written with the Audience In Mind!

OK book

Meeting Management First Aid Kit

This is a great business meeting primer!

Running a Meeting That Works (Barron's Business Success Series)
Robert F. Miller , and Marilyn Pincus
Manufacturer: Barron's Educational Series
ProductGroup: Book
Binding: Paperback

General | Popular Economics | Business & Investing | Subjects | Books
General | Business & Investing | Subjects | Books
Leadership | Management & Leadership | Business & Investing | Subjects | Books
Management | Management & Leadership | Business & Investing | Subjects | Books
Running Meetings & Presentations | Skills | Business & Investing | Subjects | Books
Similar Items:

The Manager's Guide to Effective Meetings

How to Make Meetings Work!

how to hold successful meetings (30-Minute Solutions Series)

Great Meetings! Great Results

Meeting Excellence: 33 Tools to Lead Meetings That Get Results

ASIN: 0764124501
Release Date: 2003-12-04

Book Description

A well-organized and efficiently run business meeting helps employees share common aims and focus on goals. This book's advice includes ways to encourage group participation and teamwork, making best use of audiovisual tools, dealing with disruptive personalities at the meeting place, and wrapping up a meeting with a sense of shared purpose.

Customer Reviews:

Running Effective Meetings is Deceptively Easy.......2005-09-22

Some potential readers believe that they consistently run effective meetings. Therefore, these readers will conclude that a book about running efficient meetings is of no use to them. If these readers take the plunge and read "Running a Meeting That Works" by Robert Miller and Marilyn Pincus, they will most likely consider things they should have done differently. With much pragmatism, Miller and Pincus explore possible pitfalls that can occur throughout the meeting's lifecycle.

Written with the Audience In Mind!.......2001-10-26

If you're looking for a lengthy academic, tome on the subject of business meetings, this book is NOT for you. However, if you're a busy professional that hardly has enough time for pleasure reading, this is definitely the book for you.

The authors of "Running a Meeting That Works" have produced a practical, "to the point" guide for those required to run meetings. Recently appointed to the chairmainship of a committee, I realized that I needed to improve my ability to conduct business meetings. Only looking for this book out of a sense of urgent need (several meetings are on the immediate horizon), I was looking for a book that would be a quick and easy read and would provide practical advice that could be implemented immediately. This book clearly fulfills these requirements.

The book consists of 14 succinct chapters that are organized for the most part around bulleted or numbered lists. I have found that these lists can be easily reviewed and re-reviewed in order to recall key points. Additionally, the main ideas in the lists (generally the first sentence) are bolded or set off in different color font than surrounding text focusing the reader's attention on the main idea or concept.

In addition to being well written and organized, it is clear that the author / publisher / designer paid careful attention to the needs of the audience. Great job! Highly recommended!

OK book.......2001-09-10

This is an OK book for reference. But it's not a "must buy".

Meeting Management First Aid Kit.......2000-07-05

A few years ago, Industry Week estimated that poorly-led meetings cost American businesses over 37 billion dollars annually. The current number is undoubtedly higher.

This book is for all those who aren't getting the results they want from the meetings they lead. Since that is almost everyone, you're in good company.

Designed for those with limited training and expertise in this area, you may at first think the authors have overdone a good thing. I can testify from personal experience that the most successful meetings I chair follow each of the pieces of advice in this book. Obviously, if the subject isn't worth that much effort, you probably shouldn't be holding a meeting anyway. There's probably a better way to go. In fact, that's one of the suggestions that authors make: Only hold meetings when no alternative will do.

To get a sense of the book, here are the chapter titles: (1) Know your purpose (2) Why have a meeting? (3) Prepare what, who, when, here, and for how long (4) Prepare yourself (5) Prepare others (6) Who's in charge? Do's and Don'ts of Leading (7) Encourage participation (8) Dealing with difficult situations (9) Collaterial materials (10) Audio visual Assistance (11) Guest speakers are welcome (12) Wrapping up (13) Assess the meeting (14) Report results.

Each chapter begins with a quote from Alice in Wonderland (where many totally useless meetings occurred) to establish the problem. The chapters then go into the theory of why the step is important, the choices about how to take the step, and provides a useful framework to guide you through the process.

The only thing that I found missing from the book was some direction on how to get advice about how to make the meeting more successful while you are in the planning stages. Early input often can help you avoid big problems later.

With better-led meetings, you can have shorter and fewer meetings. This can provide the opportunity to have more time for being with those you care about. What an opportunity!

Get to the point!

This is a great business meeting primer!.......1998-10-21

Miller and Pincus hit just the right tone with "Running A Meeting That Works". The mood is light and concise. The reader is led through the meeting process in a "how to" format that is very easy to follow. It can be adapted to just about any type of private or public business. The standard format is presented on pre-planning, agenda making, dealing with conditions, topics and different types of audiences. I would have liked to have had more information on how to deal with difficult people, but I guess that's a different book! If you're looking for ideas on how to run a successful meeting, this book should do it for you. If you require more technical help on delegating, directing or team building, you will need to look elsewhere.

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