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In FED We Trust - Ben Bernanke's War on the Great Panic-logo

In FED We Trust - Ben Bernanke's War on the Great Panic

David Wessel

"Whatever it takes" That was Federal Reserve Chairman Ben Bernanke's vow as the worst financial panic in more than fifty years gripped the world and he struggled to avoid the once unthinkable: a repeat of the Great Depression. Brilliant but temperamentally cautious, Bernanke researched and wrote about the causes of the Depression during his career as an academic. Then when thrust into a role as one of the most important people in the world, he was compelled to boldness by circumstances he never anticipated. The president of the United States can respond instantly to a missile attack with America's military might, but he cannot respond to a financial crisis with real money unless Congress acts. The Fed chairman can. Bernanke did. Under his leadership the Fed spearheaded the biggest government intervention in more than half a century and effectively became the fourth branch of government, with no direct accountability to the nation's voters. Believing that the economic catastrophe of the 1930s was largely the fault of a sluggish and wrongheaded Federal Reserve, Bernanke was determined not to repeat that epic mistake. In this penetrating look inside the most powerful economic institution in the world, David Wessel illuminates its opaque and undemocratic inner workings, while revealing how the Bernanke Fed led the desperate effort to prevent the world's financial engine from grinding to a halt. In piecing together the fullest, most authoritative, and alarming picture yet of this decisive moment in our nation's history, In Fed We Trust answers the most critical questions. Among them: • What did Bernanke and his team at the Fed know-and what took them by surprise? Which of their actions stretched-or even ripped through-the Fed's legal authority? Which chilling numbers and indicators made them feel they had no choice? • What were they thinking at pivotal moments during the race to sell Bear Stearns, the unsuccessful quest to save Lehman Brothers, and the virtual nationalization of AIG, Fannie Mae, and Freddie Mac?

"Whatever it takes" That was Federal Reserve Chairman Ben Bernanke's vow as the worst financial panic in more than fifty years gripped the world and he struggled to avoid the once unthinkable: a repeat of the Great Depression. Brilliant but temperamentally cautious, Bernanke researched and wrote about the causes of the Depression during his career as an academic. Then when thrust into a role as one of the most important people in the world, he was compelled to boldness by circumstances he never anticipated. The president of the United States can respond instantly to a missile attack with America's military might, but he cannot respond to a financial crisis with real money unless Congress acts. The Fed chairman can. Bernanke did. Under his leadership the Fed spearheaded the biggest government intervention in more than half a century and effectively became the fourth branch of government, with no direct accountability to the nation's voters. Believing that the economic catastrophe of the 1930s was largely the fault of a sluggish and wrongheaded Federal Reserve, Bernanke was determined not to repeat that epic mistake. In this penetrating look inside the most powerful economic institution in the world, David Wessel illuminates its opaque and undemocratic inner workings, while revealing how the Bernanke Fed led the desperate effort to prevent the world's financial engine from grinding to a halt. In piecing together the fullest, most authoritative, and alarming picture yet of this decisive moment in our nation's history, In Fed We Trust answers the most critical questions. Among them: • What did Bernanke and his team at the Fed know-and what took them by surprise? Which of their actions stretched-or even ripped through-the Fed's legal authority? Which chilling numbers and indicators made them feel they had no choice? • What were they thinking at pivotal moments during the race to sell Bear Stearns, the unsuccessful quest to save Lehman Brothers, and the virtual nationalization of AIG, Fannie Mae, and Freddie Mac?
More Information

Description:

"Whatever it takes" That was Federal Reserve Chairman Ben Bernanke's vow as the worst financial panic in more than fifty years gripped the world and he struggled to avoid the once unthinkable: a repeat of the Great Depression. Brilliant but temperamentally cautious, Bernanke researched and wrote about the causes of the Depression during his career as an academic. Then when thrust into a role as one of the most important people in the world, he was compelled to boldness by circumstances he never anticipated. The president of the United States can respond instantly to a missile attack with America's military might, but he cannot respond to a financial crisis with real money unless Congress acts. The Fed chairman can. Bernanke did. Under his leadership the Fed spearheaded the biggest government intervention in more than half a century and effectively became the fourth branch of government, with no direct accountability to the nation's voters. Believing that the economic catastrophe of the 1930s was largely the fault of a sluggish and wrongheaded Federal Reserve, Bernanke was determined not to repeat that epic mistake. In this penetrating look inside the most powerful economic institution in the world, David Wessel illuminates its opaque and undemocratic inner workings, while revealing how the Bernanke Fed led the desperate effort to prevent the world's financial engine from grinding to a halt. In piecing together the fullest, most authoritative, and alarming picture yet of this decisive moment in our nation's history, In Fed We Trust answers the most critical questions. Among them: • What did Bernanke and his team at the Fed know-and what took them by surprise? Which of their actions stretched-or even ripped through-the Fed's legal authority? Which chilling numbers and indicators made them feel they had no choice? • What were they thinking at pivotal moments during the race to sell Bear Stearns, the unsuccessful quest to save Lehman Brothers, and the virtual nationalization of AIG, Fannie Mae, and Freddie Mac?

Language:

English

Narrators:

Dan Woren

Length:

10h 36m


Chapters

Chapter 1
Chapter 1

00:14


Chapter 2
Chapter 2

06:29


Chapter 3
Chapter 3

07:47


Chapter 4
Chapter 4

04:07


Chapter 5
Chapter 5

06:40


Chapter 6
Chapter 6

07:13


Chapter 7
Chapter 7

07:23


Chapter 8
Chapter 8

07:07


Chapter 9
Chapter 9

07:25


Chapter 10
Chapter 10

04:14


Chapter 11
Chapter 11

07:49


Chapter 12
Chapter 12

09:05


Chapter 13
Chapter 13

07:04


Chapter 14
Chapter 14

08:13


Chapter 15
Chapter 15

07:47


Chapter 16
Chapter 16

07:42


Chapter 17
Chapter 17

05:24


Chapter 18
Chapter 18

08:08


Chapter 19
Chapter 19

07:59


Chapter 20
Chapter 20

07:40


Chapter 21
Chapter 21

07:20


Chapter 22
Chapter 22

08:01


Chapter 23
Chapter 23

08:42


Chapter 24
Chapter 24

07:46


Chapter 25
Chapter 25

08:03


Chapter 26
Chapter 26

08:02


Chapter 27
Chapter 27

07:58


Chapter 28
Chapter 28

08:08


Chapter 29
Chapter 29

08:22


Chapter 30
Chapter 30

08:06


Chapter 31
Chapter 31

07:28


Chapter 32
Chapter 32

07:46


Chapter 33
Chapter 33

07:25


Chapter 34
Chapter 34

07:55


Chapter 35
Chapter 35

07:46


Chapter 36
Chapter 36

04:28


Chapter 37
Chapter 37

07:54


Chapter 38
Chapter 38

07:22


Chapter 39
Chapter 39

05:48


Chapter 40
Chapter 40

08:26


Chapter 41
Chapter 41

07:25


Chapter 42
Chapter 42

07:55


Chapter 43
Chapter 43

07:53


Chapter 44
Chapter 44

07:46


Chapter 45
Chapter 45

07:25


Chapter 46
Chapter 46

07:52


Chapter 47
Chapter 47

08:07


Chapter 48
Chapter 48

08:45


Chapter 49
Chapter 49

06:12


Chapter 50
Chapter 50

08:18


Chapter 51
Chapter 51

07:22


Chapter 52
Chapter 52

07:28


Chapter 53
Chapter 53

07:15


Chapter 54
Chapter 54

07:43


Chapter 55
Chapter 55

06:11


Chapter 56
Chapter 56

07:35


Chapter 57
Chapter 57

07:18


Chapter 58
Chapter 58

06:59


Chapter 59
Chapter 59

05:31


Chapter 60
Chapter 60

06:43


Chapter 61
Chapter 61

06:53


Chapter 62
Chapter 62

08:09


Chapter 63
Chapter 63

08:22


Chapter 64
Chapter 64

07:37


Chapter 65
Chapter 65

07:26


Chapter 66
Chapter 66

07:30


Chapter 67
Chapter 67

07:27


Chapter 68
Chapter 68

06:19


Chapter 69
Chapter 69

07:42


Chapter 70
Chapter 70

07:14


Chapter 71
Chapter 71

07:33


Chapter 72
Chapter 72

07:48


Chapter 73
Chapter 73

07:42


Chapter 74
Chapter 74

08:05


Chapter 75
Chapter 75

06:49


Chapter 76
Chapter 76

04:57


Chapter 77
Chapter 77

06:03


Chapter 78
Chapter 78

05:20


Chapter 79
Chapter 79

07:38


Chapter 80
Chapter 80

07:32


Chapter 81
Chapter 81

07:27


Chapter 82
Chapter 82

07:37


Chapter 83
Chapter 83

07:40


Chapter 84
Chapter 84

06:22


Chapter 85
Chapter 85

07:56


Chapter 86
Chapter 86

08:07


Chapter 87
Chapter 87

05:17


Chapter 88
Chapter 88

05:12


Chapter 89
Chapter 89

00:31