In Fed We Trust
Ben Bernanke's War on the Great Panic
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In Fed We Trust
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Narrated by:
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Dan Woren
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By:
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David Wessel
About this listen
“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? What were they saying to one another when, as Bernanke put it to Wessel: “We came very close to Depression 2.0”?
- How well did Bernanke, former treasury secretary Hank Paulson, and then New York Fed president Tim Geithner perform under intense pressure?
- How did the crisis prompt a reappraisal of the once-impregnable reputation of Alan Greenspan?
In Fed We Trust is a breathtaking and singularly perceptive look at a historic episode in American and global economic history.
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Stress Test is the story of Tim Geithner’s education in financial crises. As president of the Federal Reserve Bank of New York and then as President Barack Obama’s secretary of the Treasury, Timothy F. Geithner helped the United States navigate the worst financial crisis since the Great Depression, from boom to bust to rescue to recovery.
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Critic reviews
“...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
What listeners say about In Fed We Trust
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Overall3 out of 5 stars
- Wayne
- 09-15-09
Stops boldly at the surface
This book is rich in the history of events and background characters. Glad I read it but was left feeling that there should have been more depth and analysis into the meaning of it all and the implications for our economy. Certainly mentioned possible conflict in interests for some of the players but didn't deal with the implications of those conflicts. Didn't do much to explore the legitimacy of Shiela Bair's desire to preserve the integrity of the FDIC and seemed to give a heroic quality to the "whatever it takes" approach to rewriting the rule book on the fly. So what if the next Fed chairman is less agile or innovative? What about a government of laws?
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7 people found this helpful
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Overall5 out of 5 stars
- Patricia
- 08-27-09
Facinating and Informative
Dan Worens narration was fabulous. His voice is very pleasing to the ear. He changes tone when quoting making him him a pleasure to listen to. Thank you Audible.
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4 people found this helpful
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Overall4 out of 5 stars
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Performance4 out of 5 stars
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Story4 out of 5 stars
- Daniel
- 02-04-12
Ben saves the world
What did you love best about In Fed We Trust?
Good description of how the different Fed actors work together.
Which character – as performed by Dan Woren – was your favorite?
The book was narrative, so no characters are performed.
Did you have an extreme reaction to this book? Did it make you laugh or cry?
The book really gives you a sense of how much the financial system froze up during 2008 and 2009 and how much the Fed and other agencies had to do to save Wall street from itself.
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Overall5 out of 5 stars
- Daniel
- 09-07-10
Wow
This book had tons of facts and anecdotes I knew nothing about, such as the time the fed chairman slept on his couch.
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Overall3 out of 5 stars
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Performance3 out of 5 stars
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Story3 out of 5 stars
- ankur
- 09-03-12
adequate but not very informative
Would you say that listening to this book was time well-spent? Why or why not?
The author was trying to be unbiased but did not do very well. It did provide great background and insight to the activities surrounding the crisis, and in that regard was very worth listening to. However, It fell short on analysis of the specific plans the FED enacted and their conseqeunces.
Would you be willing to try another book from David Wessel? Why or why not?
No. Looking for a more impartial voice.
What three words best describe Dan Woren’s voice?
Smooth, understandable.
If this book were a movie would you go see it?
No
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Overall4 out of 5 stars
- Daniel
- 10-17-09
A must-read for Fed watchers
It is a well-researched book giving the Fed's side of the story of how the present financial crisis developed and was managed. A must-read for those interested in politics and policy of money, inflation, financial markets and financial stability, to be read together with Charles Morris' 'The two trillion dollar meltdown' (which gives a market side of the things). Taking of the Fed perspective to describe the crisis is in itself unique and certainly worth a praise - it rightly focuses on the central bank as a the main nerve in crisis management, while demystifying its workings and providing a lot of colorful inside detail. Yet a few criticisms can be made. First, the book tries to be three things at once: a primer on the Fed's history and functions, a journalistic recounting of how the Fed behaved in the crisis since August 2007 and a biographical background to a few key players - Ben Bernanke and his closest lieutenants. The way those three streams are mixed sometimes seems a bit too arbitrary - I imagine heavily indexing the print copy of the book to be able to fully recover the three intertwined stories. Also: having an European background I noticed the author is rather loose on covering the interaction between the European Central Bank and the Fed in the crisis - which should in fact be a fourth major story line. Clearly, the author simply avoided a topic on which he felt less strong to write but the effect is of major underestimation of the co-operation effort that the present financial crisis enforced between central bankers and governments across the globe.
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4 people found this helpful
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Overall5 out of 5 stars
- Emily
- 09-17-09
Great Book
Very Informative and not partisan. Dan Worens narration was fabulous. His voice is very pleasing to the ear. He changes tone when quoting making him him a pleasure to listen to. Thank you Audible.
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1 person found this helpful
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Overall5 out of 5 stars
- Fabio Martinez Merino
- 04-14-18
quite interesting tale of turbulent time
Offers a very well told story almost novellike of difficult time when world economy was at the brim of disaster. lots of characters you can appreciate differences in behaviour when it comes to tackling a situation like this... very interesting
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Overall5 out of 5 stars
- James
- 02-15-10
Do not outwardly display any panic
This audio book is well worth your time investment. As a reader I become drawn into all the action of the House, Senate, Whitehouse, Federal Finance, plus all other governmental folks that kept the economy moving during the many financial panics over several years; (so many monetary inter-dependencies). Takes a special economist to perform these economy saving jobs! No place for amateurs here... (Job seems to require keeping one's composure at all times, offer best money movement recommendations during times of financial panic).
Nothing short of wow after wow to keep the money moving; (whatever it takes). You may learn much about acting wise / (economy history educated) during times of high economic stress; as you listen to this audio book.
Thanks for reading!!
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Eric
- 05-03-15
Great account of then financial crisis
This is a great overall read about what happened during the financial crisis and how the fed saved the country
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