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

The fourth branch of government

They say all throughout the schools of America that there are three branches. But their missing out on a big one, a subtle one that lurks in the shadow and that is relatively unnoticed until quarterly statements come out- The Federal Reserve.

Wessel does an excellent job in this book to show how the Fed shaped the financial system during the colossal earthquake that would have turned the great recession into Depression 2.0 I highly recommend a book like this for it spots light on the branch that has few checks on it, the branch that is hated by both Democrats and Republicans, the branch that is headed by Helmsman Bernanke as saying "Whatever it takes" to stop this impending crisis from becoming a disaster.

7 out of 8 people found this review helpful.

Page-turning thriller set in Washington during the financial meltdown

This book confirms my suspicion that the best and the brightest (and appointed) bureaucrats in the Federal Government knew the overwhelming potential for economic disaster that the world faced in the fall of 2008, and did "what ever it takes" (as Mr. Wessel reports) to make the financial ship right. His insight, recall and research into the closed door meetings and conversations we were not privy to are compelling and believable. I have to admit, I am not even half way through the book but I would highly recommend it to anyone - since it is an event that continues to cause us so much pain and adjustment in our daily lives.
Two observations I have so far in reading this book.
#1) Although I was not there, and nor do I know any of the players - it is nevertheless my opinion - that Ben Bernanke was fully aware of the seriousness of the impending crisis way back in August 2007. I don't think Mr. Wessel gives Mr. Bernanke credit for the decisive and unusual actions the Fed took, under Bernanke's direct supervision, to loosen the credit markets in the beginning of Aug 2007 when some funds at Bear Stearns were in some trouble. I remember this vividly, because I sensed that Mr. Bernanke's actions telegraphed to those of "us" who suspected all was not well, that Bear Stearns was the tip of the iceberg.
#2) I have a great deal of faith in Mr. Bernanke's temperment, understanding of global finance and economics, his intellect and his resolve to do what ever is necessary to have prevented an even worse crisis and to get us out of this one. I also suspect that had the Bush administration appointees deferred to Bernanke more, then we would now be in better shape. I am reading the book looking for evidence of this right now. Going forward, I would hope the President re-appoints Bernanke for another term.
One of the biggest problems/questions this book raises is: Should the Chairman's position retain the power it has so to make the American economy so dependent on one man's conduct and actions? The aftermath of the "Greenspan era" has caused me to doubt this premise more and more.

7 out of 16 people found this review helpful.

Good Book could have used a little more detail and better conclusion

The book gave a nice story line of the "Great Panic" devoting chapters to each major storyline. The book also included statistic boxes on various pages that showed where the DJIA was, what the unemployment rate was, and the fed-funds rate.

If you are looking to read a book that gives you the storyline and shows you how bernanke, paulson, geitner, and a few others handled and mishandled the crisis this book is great.

I would have liked more detail into how the firms such as lehman, bear, citigroup, fannie & freddie etc.... actually got themselves into this position. Also the ending of the book could have been a little longer and more detailed.

3 out of 4 people found this review helpful.

Learn how the Federal Reserve operates to protect us!

Learn how the Federal Reserve operates and why they do what they do. They work long hours for the benefit of citizens.

3 out of 9 people found this review helpful.

Educational

Educational

0 out of 6 people found this review helpful.

Important Story, Well Told

Worth reading

0 out of 4 people found this review helpful.

It's a Great Book

Very clear book.

0 out of 5 people found this review helpful.

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