In Fed We Trust

  • by David Wessel
  • Narrated by Dan Woren
  • 10 hrs and 33 mins
  • Unabridged Audiobook

Publisher's Summary

"Whatever it takes."That was Federal Reserve Chairman Ben Bernanke's vow as the worst financial panic in more than 50 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.

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What the Critics Say

"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)

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Customer Reviews

Most Helpful

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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- Wayne

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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- Patricia

Book Details

  • Release Date: 08-04-2009
  • Publisher: Random House Audio