by David Wessel
First published 2009
Ben Bernanke promised "whatever it takes" when the global financial system began collapsing in 2008. The Federal Reserve Chairman had spent his academic career studying the Great Depression, but nothing prepared him for leading the fight against economic catastrophe. David Wessel takes readers inside the Fed during the most dangerous months in modern financial history. Bernanke transformed from a cautious scholar into a bold crisis manager, wielding powers that stretched beyond legal limits. While the President needs Congress to spend money during emergencies, the Fed Chairman can act instantly. Bernanke did exactly that, orchestrating the largest government intervention since the 1930s. Wessel reveals what happened during the frantic efforts to sell Bear Stearns, the failed attempt to rescue Lehman Brothers, and the government takeovers of AIG, Fannie Mae, and Freddie Mac. The book exposes the Fed's secretive decisions and shows how close America came to another Great Depression.
Genres: business, economics, 21st-century, finance, academic, american-history
Vibes: intimate, suspenseful, thought-provoking
Tropes: insider-perspective, investigative-journalism
Setting: United States
Period: 2008, Great Depression
336 pages · Hardcover · Crown Business