In Fed We Trust Ben Bernanke's War on the Great Panic

ISBN-10: 0307459683
ISBN-13: 9780307459688
Edition: 2009
Authors: David Wessel
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Description: For more than 20 years David Wessel has beenThe Wall Street Journal's insider at the Federal Reserve, with continual access not only to Fed Chairmen Greenspan and Bernanke, but also to other Fed governors, policy-makers, and staffers. While the  More...

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Book details

List price: $33.99
Copyright year: 2009
Publisher: Crown Publishing Group
Publication date: 8/4/2009
Binding: Hardcover
Pages: 336
Size: 7.00" wide x 10.00" long x 1.25" tall
Weight: 1.342
Language: English

For more than 20 years David Wessel has beenThe Wall Street Journal's insider at the Federal Reserve, with continual access not only to Fed Chairmen Greenspan and Bernanke, but also to other Fed governors, policy-makers, and staffers. While the Constitution specifies three coequal branches of government, over the past three decades a fourth branch has emerged, the Federal Reserve. The single most important economic institution in the world, the Fed steers the13 trillion dollar American economy by printing money and influencing the price of credit. In stable times it has a powerful yet unseen effect on the day-to-day life of every person in the world. But when things hit the fanas they did in 2007 and 2008the Fed is huge. It has great power, yet it is a distinctly undemocratic institution. Explaining both what happened and why it happened during the great panic of 2008, David Wessel provides new insight into how the Fed really worksand the fears Bernanke and other key players dealt with as the economic car was about to go off the cliff. "What if we get it wrong, as we did in the Depression? Then what?" Wessel shows the lightbulbs illuminating as they realized how much worse things were as each day passed. InFED We Trustis a breathtaking and singularly perceptive look at a historic episode in American and global economic history.

David Wessel is the economics editor of The Wall Street Journal and writes the weekly Capital column. David has shared two Pulitzer Prizes, one for Boston Globe stories in 1983 (on the persistence of racism in Boston) and the other for stories in The Wall Street Journal in 2002. He speaks frequently on National Public Radio and is a regular on PBS's Washington Week.

Dramatis Personae
Introduction: Whatever It Takes
Let Ol'Lehman Go: The pivotal weekend of September 12-14, 2008
"Periodical Financial Debauches": The long-forgotten history of the Fed
Age of Delusion: What Greenspan wrought
There Are Jews in Boston, Too: Who is Ben Bernanke?
Pas De Deux: The Great Panic begins in August 2007
The Four Musketeers: Bernanke's Brain Trust: Bernanke, Kohn, Warsh, and Geithner
RE: RE: RE: RE: RE: RE: Blue Sky: The Fed's first response to the Great Panic
Running From Behind: How the Fed got behind the curve, and how it caught up
"Unusual and Exigent": Bear Stearns, the first rescue
Fannie, Freddie, and "Feddie": Taking over Freddie Mac and Fannie Mae, and pondering next steps
Breaking: The Glass The fallout from Lehman and AIG and going to Congress-finally
"Socialism With American Characteristics": Forcing taxpayer capital on the banks
World of ZIRP: The Fed gets rates to zero
Did Bernanke Keep His Promise to Milton Friedman?: The early verdict
Notes
Glossary
Selected Bibliography
Acknowledgments
Index

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