Fed Up
An Insider's Take on Why the Federal Reserve Is Bad for America
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Fed Up
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Narrateur(s):
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Danielle DiMartino Booth
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Auteur(s):
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Danielle DiMartino Booth
À propos de cet audio
An insider's unflinching exposé of the toxic culture within the Federal Reserve.
In the early 2000s, as a Wall Street escapee writing a financial column for the Dallas Morning News, Booth attracted attention for her bold criticism of the Fed's low interest rate policies and her cautionary warnings about the bubbly housing market. Nobody was more surprised than she when the folks at the Dallas Federal Reserve invited her aboard. Figuring she could have more of an impact on Fed policies from the inside, she accepted the call to duty and rose to be one of Dallas Fed president Richard Fisher's closest advisors.
To her dismay, the culture at the Fed - and its leadership - were not just ignorant of the brewing financial crisis but indifferent to its very possibility. They interpreted their job of keeping the economy going to mean keeping Wall Street afloat at the expense of the American taxpayer. But bad Fed policy created unaffordable housing, skewed incentives, rampant corporate financial engineering, stagnant wages, an exodus from the labor force, and skyrocketing student debt. Booth observed firsthand how the Fed abdicated its responsibility to the American people both before and after the financial crisis - and how nobody within the Fed seems to have learned or changed from the experience.
Today the Federal Reserve is still controlled by 1,000 PhD economists and run by an unelected West Coast radical with no direct business experience. The Fed continues to enable Congress to grow our nation's ballooning debt and avoid making hard choices, despite the high psychological and monetary costs. And our addiction to the "heroin" of low interest rates is pushing our economy toward yet another collapse.
This book is Booth's clarion call for a change in the way America's most powerful financial institution is run - before it's too late.
©2017 Danielle DiMartino Booth (P)2017 Penguin AudioCe que les critiques en disent
“This view from the inside is not to be missed.” (A. Gary Shilling, president of A. Gary Shilling & Co., Inc.)
“Danielle DiMartino Booth has written an informed, thoughtful, eye-opening - and justifiably angry - memoir of her days at the Federal Reserve. A monetary broadside for our populist world.” (James Grant, publisher of Grant’s Interest Rate Observer)
“An outsider-turned-insider gives a gripping account of how false, but stubbornly held beliefs at the Fed helped create the global economic crisis as well as contribute to rising inequality in the United States. Brutally honest and engagingly written.... A mustread.” (William R. White, former economic adviser and head of the monetary and economic department at the Bank for International Settlements)
Ce que les auditeurs disent de Fed Up
Moyenne des évaluations de clientsÉvaluations – Cliquez sur les onglets pour changer la source des évaluations.
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Au global5 out of 5 stars
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Performance5 out of 5 stars
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Histoire5 out of 5 stars
- C. Schuett
- 2020-05-07
Eye Opener
This book is to the FED what “Liars Poker” by Michael Lewis was to the Investment Banking System.
It lays open the disconnect of academia with the real world that we see in all facets of our daily life.
No wonder we are in such a mess.
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Au global5 out of 5 stars
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Performance5 out of 5 stars
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Histoire5 out of 5 stars
- Andres Robles
- 2021-03-17
excellent insight in the obscurity of the FED.
It seems more relevant than ever to have access to the content of this book now due to the 2020 Pandemic and the FED approach to monetary policy.
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Au global5 out of 5 stars
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Performance5 out of 5 stars
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Histoire5 out of 5 stars
- Utilisateur anonyme
- 2020-01-05
Fantastic Behind the Scenes Insight on the Fed
Couldn't put it down. Finished it in a single sitting. Strongly recommend to anyone looking to understand the interworking of the fed and gain valuable insight on how the fed looks at establishing new policy and its established policy bias.
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1 personne a trouvé cela utile
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Au global1 out of 5 stars
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Performance1 out of 5 stars
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Histoire2 out of 5 stars
- Robgoren
- 2018-12-18
Revealing but Flawed
Fed Up is occasionally rich with insight into the inner workings of the Fed. But with the author embedded in its inner circle for a decade, the book frequently suffers from a lack of objectivity, reading at times like an exculpation of the banking system, and a glorification of the so-called financial wizards who brought the world back from the brink, with whom Booth is far too enamoured. In her world, the collapse of 2008 was rooted in shadow banking, a New York Fed captured by Goldman Sachs, and mostly irresponsible borrowers. Lehman's Dick Fuld and JP Morgan's Jamie Dimon receive a thick coat of revisionist paint that not only whitewashes their crimes, but seem to transform them (Fuld, in particular) into victims - martyrs to the cause of global economic salvation. In fact, Booth completely omits Fuld's Repo 105s from the narrative, an accounting trick that amounted to massive fraud. The writing is often self-absorbed, egotistical, and ham-fisted, with "phew!" and "gulp!" punctuating dramatic moments. Bankers and hedge fund managers, along with their fictitious capital, are held up as the great infallible engines of capitalism, and as such, should remain immune to debt monetizing and government meddling. Booth never explains how this would work when capitalists invariably flee to the Nanny State when bubbles burst, but she does take the time to deliver a snide potshot at Bernie Sanders, "an avowed socialist," in her words. If you want a deeper, non-varnished look at what really happened in 2008, I suggest reading the works of Matt Taibbi or Nomi Prins.
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