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Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America
     

Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America

by Danielle DiMartino Booth
 

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An insider's unflinching expose of the toxic culture within the Federal Reserve.
 
In the early 2000s, as a Wall Street escapee writing a financial column for the Dallas Morning News. Booth attracted attention for her bold criticism of the Fed's low interest rate policies and her cautionary warnings about the bubbly housing

Overview

An insider's unflinching expose of the toxic culture within the Federal Reserve.
 
In the early 2000s, as a Wall Street escapee writing a financial column for the Dallas Morning News. Booth attracted attention for her bold criticism of the Fed's low interest rate policies and her cautionary warnings about the bubbly housing market. Nobody was more surprised than she when the folks at the Dallas Federal Reserve invited her aboard. Figuring she could have more of an impact on Fed policies from the inside, she accepted the call to duty and rose to be one of Dallas Fed president Richard Fisher's closest advisors.
 
To her dismay, the culture at the Fed--and its leadership--were not just ignorant of the brewing financial crisis, but indifferent to its very possibility. They interpreted their job of keeping the economy going to mean keeping Wall Street afloat at the expense of the American taxpayer. But bad Fed policy created unaffordable housing, skewed incentives, rampant corporate financial engineering, stagnant wages, an exodus from the labor force, and skyrocketing student debt. Booth observed firsthand how the Fed abdicated its responsibility to the American people both before and after the financial crisis--and how nobody within the Fed seems to have learned or changed from the experience.
 
Today, the Federal Reserve is still controlled by 1,000 PhD economists and run by an unelected West Coast radical with no direct business experience. The Fed continues to enable Congress to grow our nation’s ballooning debt and avoid making hard choices, despite the high psychological and monetary costs. And our addiction to the "heroin" of low interest rates is pushing our economy towards yet another collapse.
 
This book is Booth's clarion call for a change in the way America's most powerful financial institution is run--before it's too late.

Editorial Reviews

From the Publisher
“Danielle DiMartino Booth has written an informed, thoughtful, eye-opening—and justifiably angry—memoir of her days at the Federal Reserve. A monetary broadside for our populist world.”
—James Grant, publisher of Grant's Interest Rate Observer
 
“An outsider turned insider gives a gripping account of how false, but stubbornly held beliefs at the Fed helped create the global economic crisis as well as contributing to rising inequality in the United States. Brutally honest and engagingly written…A must read.”
—W. R. White, former Economic Adviser and Head of the Monetary and Economic Department at the Bank for International Settlements
 
“Penned with bold prose and laced with compelling arguments, Booth delineates the exact reasons that the Fed has failed America and why America should abandon the Fed. Fed Up is a must-read tale of the over-reaching power, unfettered egos and clueless bravado that struck at the core of American stability, and must do so no longer.”
—Nomi Prins, author of All the Presidents’ Bankers
 
"Drawing on her years as a top advisor to the president of the Dallas Fed, [Booth] takes us behind the scenes as central bankers deal with the last decade’s ballooning housing bubble, its spectacular bursting and the messy clean-up. This view from the inside is not to be missed."
—A. Gary Shilling, President of A. Gary Shilling & Co
 
“The road to hell is paved with good intentions. [Booth] personalizes and clearly explains the influence, the danger and consequences of monetary activism gone wild.” 
—Peter Boockvar, Chief Market Analyst at The Lindsey Group
 
" This book is a must read for every American who wants to stay informed and educated about our financial future." 
—Allen West, Member of the 112th U.S. Congress
 
“If you want to read a strong counterpoint—from the perspective of a lonely non-Keynesian within the Fed—to the ‘we saved the world’ narratives of those who led us to zero yields, asset bubbles and a fast-shrinking middle class, this is it.”
—Rob Arnott, Chairman of Research Affiliates
 
"[Booth] takes us behind closed doors both at the Dallas Fed, and Fed headquarters in Washington DC, to shine a light on how the monetary sausage is made. Along the way she shows that central bankers are not the distant demi-gods most imagine, but flesh-and-blood humans who make the same stumbles and celebrate occasional success like the rest of us. Danielle DiMartino Booth proves that insightful technical analysis and hilarious anecdotes can exist between the covers of the same book. "
—James Rickards, author of The Road to Ruin
 
“In Fed Up, Booth's insider status, captivating personality, mellifluous writing style and keen sense of observation are wrapped up into a thoughtful analysis of our country's dependency on the Fed and the worrisome consequences of that addiction. Read it and you'll be ahead of the curve and the developing Fed debate.”
—Douglas A. Kass, founder and president of Seabreeze Partners Management Inc.

Product Details

ISBN-13:
9780735211650
Publisher:
Penguin Publishing Group
Publication date:
02/14/2017
Pages:
336
Sales rank:
206,462
Product dimensions:
6.00(w) x 9.00(h) x 0.84(d)

Related Subjects

Meet the Author

DANIELLE DIMARTINO BOOTH is the founder of Money Strong, LLC, an economic consulting firm. She began her career in New York at Donaldson, Lufkin & Jenrette, and Credit Suisse, where she worked fixed income and the public and private equity markets. After working as a financial columnist at the Dallas Morning News, Booth spent nine years as an advisor to Richard W. Fisher at the Federal Reserve Bank of Dallas.