Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic---and Prevented Economic Disaster

Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic---and Prevented Economic Disaster

by Nick Timiraos
Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic---and Prevented Economic Disaster

Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic---and Prevented Economic Disaster

by Nick Timiraos

Hardcover

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Overview

The inside story, told with “insight, perspective, and stellar reporting,” of how an unassuming civil servant created trillions of dollars from thin air, combatted a public health crisis, and saved the American economy from a second Great Depression (Alan S. Blinder, former Vice Chair of the Federal Reserve).

By February 2020, the U.S. economic expansion had become the longest on record. Unemployment was plumbing half-century lows. Stock markets soared to new highs. One month later, the public health battle against a deadly virus had pushed the economy into the equivalent of a medically induced coma. America’s workplaces—offices, shops, malls, and factories—shuttered. Many of the nation’s largest employers and tens of thousands of small businesses faced ruin. Over 22 million American jobs were lost. The extreme uncertainty led to some of the largest daily drops ever in the stock market.

Nick Timiraos, the Wall Street Journal’s chief economics correspondent, draws on extensive interviews to detail the tense meetings, late night phone calls, and crucial video conferences behind the largest, swiftest U.S. economic policy response since World War II. Trillion Dollar Triage goes inside the Federal Reserve, one of the country’s most important and least understood institutions, to chronicle how its plainspoken chairman, Jay Powell, unleashed an unprecedented monetary barrage to keep the economy on life support. With the bleeding stemmed, the Fed faced a new challenge: How to nurture a recovery without unleashing an inflation-fueling, bubble-blowing money bomb?

Trillion Dollar Triage is the definitive, gripping history of a creative and unprecedented battle to shield the American economy from the twin threats of a public health disaster and economic crisis. Economic theory and policy will never be the same.


Product Details

ISBN-13: 9780316272810
Publisher: Little, Brown and Company
Publication date: 03/01/2022
Pages: 352
Sales rank: 113,445
Product dimensions: 9.30(w) x 5.80(h) x 1.20(d)

About the Author

Nick Timiraos is the chief economics correspondent for The Wall Street Journal, where he covers the Federal Reserve and U.S. economic policy. He joined the Journal in 2006 and previously wrote about the U.S. housing bust and the 2008 election. He is a graduate of Georgetown University and lives with his family in Washington, D.C.

Table of Contents

Introduction 3

Chapter 1 Hawks, Doves, and Jaybird 10

Chapter 2 "This Federal Reserve Place" 23

Chapter 3 "We Would Treat Him Pretty Ugly" 43

Chapter 4 The King of Debt 58

Chapter 5 Hot Seat 78

Chapter 6 "Boneheads" 89

Chapter 7 Into the Emergency Room 103

Chapter 8 Meltdown 119

Chapter 9 Turning the Knobs to 11 132

Chapter 10 Bagehot on Steroids 152

Chapter 11 Money Almost Stops 176

Chapter 12 "Get in the Boats and Go" 192

Chapter 13 Fate and History 218

Chapter 14 Uncle Sam's Club 233

Chapter 15 Twist of "FAIT" 249

Chapter 16 Peril and Possibility 262

Chapter 17 The Inflation Surprise 275

Epilogue: Triage and Its Aftereffects 289

Acknowledgments 303

Note on Sources 305

Selected Bibliography 307

Notes 309

Index 327

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