Dr. Batra rightly predicts and analyzes the economic situations. When recently Mr. Greenspan admits that he was mistaken in the subprime mess, it was like one more of Dr. Batra's predictions come true. This book was written a few years back but it rightly analyzed the mistakes or we should rather say blunders committed by Mr. Greenspan

I have been a fan of Dr. Batra's work for many years, since the Dow-Jones meltdown in 1987. By following his advice and considering his economic arguments carefully, I have managed to avoid all of the financial pitfalls that have wrecked havoc with the nest eggs of many of my fellow Americans. Dr. Batra carefully and clearly deconstructs the myths of supply-side economics to show why it doesn't work and always leads to economic meltdowns. Dr. Batra is able to make accurate predictions about future economic, social and political events because he views economic cycles in conjunction with historical cycles. In Greenspan's Fraud, Dr. Batra discusses Alan Greenspan's family and educational background and delves into his relationship with Ayn Rand, who had a profound effect on him. He also discusses Greenspan's relationship with Milton Friedman , founder of the Chicago School of Economics, who was instrumental in shaping Greenspan's world view. The book, simply put, punctures the image of Greenspan as the Oracle, or the Maestro, to show him for what he really is--a self-serving opportunist.

This is probably the best book I have read on economics. The authors really simplifies macroeconomics in laymen's terms. I would recommend this to everyone who want to understand why american economy is so weak and will continue to be so unless fundamental changes happen.

Factual and detailed, this book helps people understand just what happened to cause the present downfall of our once great country. I highly recommend this book to all. I also recommend Kotlikoff's book The Generational Storm...another winner with some solid investment advice.

Batra correctly points out that Greenspan is responsible for mishandling monetary policy by continually bailing out the Wall Street investment banking houses,as well as their all to willing commercial bank accomplices following the 1999 repeal of the Glass -Steagall Act, that have been primarily responsible for converting America from an entrepreneurial-enterprise-investment economy to a speculator economy based on manipulating the financial assets and balance sheets of American corporations in order to generate paper profits without production .The result has been that 3 stock market bubbles have been created-one in the 1980's,one in the 1990's,and one in the 2000's.This last bubble is potentially the most dangerous.It has significant similarities with the Great Depression of the 1930's and the Japanese Depression of 1994-2003.

The real question then becomes how responsible was Greenspan ? Batra glosses over the fact that there are three other regulatory players involved besides the Federal Reserve System's Federal Open Market Committee(FOMC),a quasi private,quasi public agency that controls monetary policy.The other 3 regulatory agencies are the Comptroller of the Currency,the Securities and Exchange Commission(SEC),and the Federal Deposit Insurance Corporation(Federal Savings and Loans Insurance Corporation).All of these agencies have failed to enforce basic loan and creditworthiness standards and requirements.Probably the greatest blame can be assigned to the various chairmen of the SEC after Bill Casey.They have all failed egregiously by failing to protect Main Street from the Wall Street bubble makers.None of these bubbles would have had a chance to get going if Casey were still running the SEC.Greenspan can be assigned no more than 25% of the blame. Batra's other criticisms,such as Greenspan's statements on Social Security and its future prospects as the Baby Boomers retire,is not really relevant since Greenspan had no explicit policy making power in this area.