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The Courage to Act: A Memoir of a Crisis and Its Aftermath (English Edition) Kindle电子书
A New York Times Bestseller
“A fascinating account of the effort to save the world from another [Great Depression]. . . . Humanity should be grateful.”—Financial Times
In 2006, Ben S. Bernanke was appointed chair of the Federal Reserve, the unexpected apex of a personal journey from small-town South Carolina to prestigious academic appointments and finally public service in Washington’s halls of power.
There would be no time to celebrate.
The bursting of a housing bubble in 2007 exposed the hidden vulnerabilities of the global financial system, bringing it to the brink of meltdown. From the implosion of the investment bank Bear Stearns to the unprecedented bailout of insurance giant AIG, efforts to arrest the financial contagion consumed Bernanke and his team at the Fed. Around the clock, they fought the crisis with every tool at their disposal to keep the United States and world economies afloat.
Working with two U.S. presidents, and under fire from a fractious Congress and a public incensed by behavior on Wall Street, the Fed—alongside colleagues in the Treasury Department—successfully stabilized a teetering financial system. With creativity and decisiveness, they prevented an economic collapse of unimaginable scale and went on to craft the unorthodox programs that would help revive the U.S. economy and become the model for other countries.
Rich with detail of the decision-making process in Washington and indelible portraits of the major players, The Courage to Act recounts and explains the worst financial crisis and economic slump in America since the Great Depression, providing an insider’s account of the policy response.
- ASIN : B00TIZFP0I
- 出版社 : W. W. Norton & Company; 第 Illustrated 版 (2015年10月5日)
- 出版日期 : 2015年10月5日
- 语言 : 英语
- 文件大小 : 12809 KB
- 标准语音朗读 : 已启用
- X-Ray : 已启用
- 生词提示功能 : 已启用
- 纸书页数 : 809页
- 亚马逊热销商品排名: 商品里排第190,511名Kindle商店 (查看商品销售排行榜Kindle商店)
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There are a few insights that make this book worthwhile -- such as why the AIG bailout happened by Lehman was allowed to fail (turns out there were very complex legal, procedural, and pragmatic issues behind this, even though it was thought at the time that the government was arbitrarily picking winners and losers). There is also some insight into why the Fed began on a program of quantitative easing. We're also made to realize just how dysfunctional the financial oversight had been prior to the crisis, and how it continues to evolve today.
What this book will not do is help explain how monetary policy really works. I just wish he had included a few more diagrams explaining the machinery behind monetary policy operations, repo markets, CDOs etc. While these can be complex, I think Bernanke missed a golden opportunity to explain this to the public (a role that he cherished during his time as chairman and afterward... after all, he was a professor!). Funny enough, an explanation of the yield curve comes up almost 400+ pages into the book, even though it is central to so much of the policy.
All in all, the book does do a good job of giving a sense of the absolute calamity that had befallen the markets in that time period, how all the players were desperately seeking answers to fight one fire after another, and how close we acutally came to a much larger financial collapse than we knew.