by David Wessel
First published 2014
The financial crisis has ended, but its aftermath still threatens global economic stability. Ben Bernanke sits down for a crucial interview during his last days leading the Federal Reserve, facing tough questions from Pulitzer Prize winner Liaquat Ahamed about the decisions that shaped America's response to the worst financial disaster since the 1930s. The conversation reveals the intense pressure Bernanke faced as he deployed unprecedented monetary tools to save the banking system. Meanwhile, other key figures emerge from the crisis with their own stories to tell. John Williams from the San Francisco Fed defends unconventional policies that pushed interest rates to zero. Harvard's Paul Tucker examines how new regulations might prevent future disasters. Donald Kohn from Brookings worries about threats to Federal Reserve independence. Each chapter sparks heated debates between policymakers and their harshest critics. The book captures a pivotal moment when central bankers found themselves at the center of political storms, forced to choose between economic theory and real world crisis management.
Genres: history, economics, non-fiction, 21st-century, finance, academic
Vibes: intimate, suspenseful, thought-provoking
Tropes: crisis-management, real-world-issues
Setting: America, Federal Reserve, Harvard, Brookings
Period: Great Recession
123 pages · Paperback · Brookings Institution Press