- Hardcover: 336 pages
- Publisher: Crown Business; English Language edition (August 4, 2009)
- Language: English
- ISBN-10: 0307459683
- ISBN-13: 978-0307459688
- Product Dimensions: 6.5 x 1.3 x 9.5 inches
- Shipping Weight: 1.3 pounds
- Average Customer Review: 71 customer reviews
- Amazon Best Sellers Rank: #265,091 in Books (See Top 100 in Books)
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In Fed We Trust: Ben Bernanke's War on the Great Panic English Language Edition
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“...gives a revealing blow-by-blow account of the recent financial crisis”
—David Brooks, The New York Times
“...essential, lucid—and, it turns out, riveting—reading."
—Michiko Kakutani, The New York Times
“...a tale that’s nothing short of hair-raising..reveals in scary detail how unprepared politicians and regulators truly were...”
—Paul M Barrett, The New York Times Book Review
“Wessel delivers an engrossing account of Bernanke's improvisational responses to the worst financial crisis since the Great Depression.”
“... so far the most entertaining and most readable book on the financial crisis.”
—Tyler Cowen, marginalrevolution.com
“...persuasively told and richly reported... It will win awards and inspire copycats.”
"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
About the Author
DAVID WESSEL is the economics editor of The Wall Street Journal and writes the Capital column, a weekly look at the forces shaping living standards around the world. David has shared two Pulitzer Prizes, one for Boston Globe stories in 1983 on the persistence of racism in Boston and the other for stories in The Wall Street Journal in 2002 on corporate wrongdoing. He appears frequently on National Public Radio and is a regular on PBS’s Washington Week.
Top customer reviews
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In addition, we learn a lot more about Timothy Geithner and Hank Paulson, the other two fascinating characters in this near-calamity.
Wessel is excellent at explaining the intricacies of the complicated, innovative--but ultimately poisonous--instruments that were partially to blame for the meltdown, as well as in translating "FedSpeak" so that the reader understands concepts like the Fed's discount window, how interest rates reverberate throughout the economy, and how there were fundamental changes in the very structure of our financial system that were difficult even for bankers, economists and the best-educated politicians to decipher. What the Chairman of the Fed doesn't say is sometimes as important as what he does say. Bernanke is under the microscope, and this book explains what kinds of pressures are involved in his job.
What I most appreciate about this book is that it does not endeavor to demonize any of the major participants. Wessel is for the most part sympathetic to the efforts and intentions of the major players, although he definitely pulls no punches when pointing out where mistakes were made. And there were plenty, to be sure. He eunerates them in considerable detail (including stupendous goofs by Greenspan).
As a reader, I came away the feeling this was a very balanced, thoughtful and fair book. It also avoids the tawdly sensationalism and hysterical finger-pointing that pockmarks some of the other analyses of what occurred. Nor does it feel rushed, the way Gasparino's SELLOUT feels, or that there is some intense axe to grind, as disturbs some other potentially valuable works on this subject. Unlike some other books, this one seems focused rather than sprawling, cohesive rather than needled together with thread to meet a publishing deadline.
This is an excellent book that strikes a nearly perfect balance between analysis and exposition. What it may lack in immediacy, it more than makes up for in depth.
Most recent customer reviews
I am ashamed that I have not finished reading but it is a good resource for when you have...Read more