The Courage to Act

The Courage to Act

A Memoir of A Crisis and Its Aftermath

Book - 2015
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In 2006, Ben S. Bernanke was appointed chair of the Federal Reserve, the unexpected apex of a personal journey from small-town South Carolina to prestigious academic appointments and finally public service in Washington's halls of power.

There would be no time to celebrate.

The bursting of a housing bubble in 2007 exposed the hidden vulnerabilities of the global financial system, bringing it to the brink of meltdown. From the implosion of the investment bank Bear Stearns to the unprecedented bailout of insurance giant AIG, efforts to arrest the financial contagion consumed Bernanke and his team at the Fed. Around the clock, they fought the crisis with every tool at their disposal to keep the United States and world economies afloat.

Working with two U.S. presidents, and under fire from a fractious Congress and a public incensed by behavior on Wall Street, the Fed--alongside colleagues in the Treasury Department--successfully stabilized a teetering financial system. With creativity and decisiveness, they prevented an economic collapse of unimaginable scale and went on to craft the unorthodox programs that would help revive the U.S. economy and become the model for other countries.

Rich with detail of the decision-making process in Washington and indelible portraits of the major players, The Courage to Act recounts and explains the worst financial crisis and economic slump in America since the Great Depression, providing an insider's account of the policy response.

Publisher: New York : W.W. Norton & Company, [2015]
Edition: First edition.
ISBN: 9780393247213
039324721X
Branch Call Number: 332.110973 BER
Characteristics: xiv, 610 pages, 32 unnumbered pages of plates : illustrations ; 25 cm

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SVICTOR09 Nov 23, 2015

My First Political Science Book....

s
StarGladiator
Nov 04, 2015

Update 11/07/15: All you really need to know about the Fed:
http://wallstreetonparade.com/2015/11/fed-officials-are-attending-big-bank-board-meetings-is-this-stockholm-syndrome/
HENSARLING queried if the Fed had crossed the line from being regulator to manager. We think the question should have been has the Fed devolved from regulator to emotionally-attached hostage. (There’s plenty of evidence for the latter as we’ll explain later in this piece.) The exchange went like this:
HENSARLING: “We’ve had a number of individuals come to our Committee to tell us that Fed officials have regularly attended corporate board meetings of the systemically important financial institutions under the Fed’s purview. Is that true?”
YELLEN: “So, I’m not sure if that’s true…It’s conceivable that that might have occurred. I’m not saying that it did not occur. I’d have to get back to you…”
HENSARLING: “If it did occur, what legal authority would you cite for having employees of the Fed invite themselves into corporate board rooms…”

Many, many problems with Bernanke's book, most of all with something called // honesty \\ !
But, I think I'll leave that explanation to financial investigative journalist, Pam Martens:
http://wallstreetonparade.com/2015/11/ben-bernanke-is-still-keeping-the-secrets-of-the-crash-of-2007-2009/

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