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

3.4 31
by David Wessel
     
 

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ISBN-10: 0307459683

ISBN-13: 9780307459688

Pub. Date: 08/04/2009

Publisher: Crown Publishing Group

"David Wessel brings his deep knowledge of the Federal Reserve and U.S. politics and economics to a topic that will be studied by historians for decades to come...No one can understand what happened and what did not happen without reading this book."
Joseph E. Stiglitz, winner of the Nobel Prize in economics and author of Globalization and

Overview

"David Wessel brings his deep knowledge of the Federal Reserve and U.S. politics and economics to a topic that will be studied by historians for decades to come...No one can understand what happened and what did not happen without reading this book."
Joseph E. Stiglitz, winner of the Nobel Prize in economics and author of Globalization and its Discontents

For more than 20 years David Wessel has been The 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 the $13 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 fan—as they did in 2007 and 2008—the 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 works—and 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. In FED We Trust is a breathtaking and singularly perceptive look at a historic episode in American and global economic history.

Product Details

ISBN-13:
9780307459688
Publisher:
Crown Publishing Group
Publication date:
08/04/2009
Pages:
323
Product dimensions:
9.52(w) x 6.72(h) x 1.24(d)

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In Fed We Trust: Ben Bernanke's War on the Great Panic 3.4 out of 5 based on 0 ratings. 31 reviews.
theeconomist More than 1 year ago
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.
khfg1982 More than 1 year ago
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.
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