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In Fed we trust: Ben Bernanke's war on the great panic

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"Whatever it takes" That was Federal Reserve Chairman Ben Bernanke's vow as the worst financial panic in more than fifty years gripped the world and he struggled to avoid the once unthinkable: a repeat of the Great Depression. Brilliant but temperamentally cautious, Bernanke researched and wrote about the causes of the Depression during his career as an academic. Then when thrust into a role as one of the most important people in the world, he was compelled to boldness by circumstances he never anticipated. The president of the United States can respond instantly to a missile attack with America's military might, but he cannot respond to a financial crisis with real money unless Congress acts. The Fed chairman can. Bernanke did. Under his leadership the Fed spearheaded the biggest government intervention in more than half a century and effectively became the fourth branch of government, with no direct accountability to the nation's voters. Believing that the economic catastrophe of the 1930s was largely the fault of a sluggish and wrongheaded Federal Reserve, Bernanke was determined not to repeat that epic mistake. In this penetrating look inside the most powerful economic institution in the world, David Wessel illuminates its opaque and undemocratic inner workings, while revealing how the Bernanke Fed led the desperate effort to prevent the world's financial engine from grinding to a halt. In piecing together the fullest, most authoritative, and alarming picture yet of this decisive moment in our nation's history, In Fed We Trust answers the most critical questions. Among them: • What did Bernanke and his team at the Fed know--and what took them by surprise? Which of their actions stretched--or even ripped through--the Fed's legal authority? Which chilling numbers and indicators made them feel they had no choice? • What were they thinking at pivotal moments during the race to sell Bear Stearns, the unsuccessful quest to save Lehman Brothers, and the virtual nationalization of AIG, Fannie Mae, and Freddie Mac? What were they saying to one another when, as Bernanke put it to Wessel: "We came very close to Depression 2.0"? • How well did Bernanke, former treasury secretary Hank Paulson, and then New York Fed president Tim Geithner perform under intense pressure? • How did the crisis prompt a reappraisal of the once-impregnable reputation of Alan Greenspan? In Fed We Trust is a breathtaking and singularly perceptive look at a historic episode in American and global economic history.
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ISBN:
9780307459688
9780307713537
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Grouping Information

Grouped Work ID c550ddbb-e7c8-3578-b054-43abf4b2e599
Grouping Title in fed we trust ben bernankes war on the great panic
Grouping Author wessel david
Grouping Category book
Last Grouping Update 2018-11-20 22:48:45PM
Last Indexed 2018-11-20 23:41:37PM

Solr Details

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author David Wessel
author_display Wessel, David
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collection_catalog Non-Fiction
detailed_location_catalog Main Library - Adult Non-Fiction
display_description In this penetrating look inside the most powerful economic institution in the world, the Federal Reserve, David Wessel illuminates its opaque and undemocratic inner workings, while revealing how its chairman Ben Bernanke led the desperate effort to prevent the world's financial engine from grinding to a halt.
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id c550ddbb-e7c8-3578-b054-43abf4b2e599
isbn 9780307459688, 9780307713537
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literary_form Non Fiction
literary_form_full Non Fiction
local_callnumber_catalog 332.110973 W515f
owning_library_catalog Nashville Public Library
owning_location_catalog Main Kids, Main Library
primary_isbn 9780307459688
publishDate 2009
record_details ils:CARL0000335414|Book|Books|1st ed.|English|Crown Business,|c2009.|xii, 323 p. ; 24 cm., overdrive:bba67002-3428-4470-9a88-aa303c481531|eAudiobook|Audio Books||English|Penguin Random House Audio Publishing Group|2009|
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subject_facet Banks and banking, Central -- United States, Bernanke, Ben, Board of Governors of the Federal Reserve System (U.S.), Financial crises -- United States, Monetary policy -- United States
title_display In Fed we trust : Ben Bernanke's war on the great panic
title_full In FED We Trust Ben Bernanke's War on the Great Panic, In Fed we trust : Ben Bernanke's war on the great panic / David Wessel
title_short In Fed we trust :
title_sub Ben Bernanke's war on the great panic
topic_facet Banks and banking, Central, Bernanke, Ben, Business, Financial crises, Monetary policy, Nonfiction