The Federal Reserve and the Financial Crisis

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		The Federal Reserve and the Financial Crisis
		The Federal Reserve and the Financial Crisis

In 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank's crucial actions during the worst financial crisis since the Great Depression. Taken directly from these historic talks, The Federal Reserve and the Financial Crisis offers insight into the guiding principles behind the Fed's activities and the lessons to be learned from its handling of recent economic challenges. Bernanke traces the origins of the Federal Reserve, from its inception in 1914 through the Second World War, and he looks at the Fed post-1945, when it began operating independently from other governmental departments such as the Treasury. During this time the Fed grappled with episodes of high inflation, finally tamed by then-chairman Paul Volcker. Bernanke also explores the period under his predecessor, Alan Greenspan, known as the Great Moderation. Bernanke then delves into the Fed's reaction to the recent financial crisis, focusing on the central bank's role as the lender of last resort and discussing efforts that injected liquidity into the banking system. Bernanke points out that monetary policies alone cannot revive the economy, and he describes ongoing structural and regulatory problems that need to be addressed. Providing first-hand knowledge of how problems in the financial system were handled, The Federal Reserve and the Financial Crisis will long be studied by those interested in this critical moment in history.

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What I like about Ben Bernanke's book of lectures is that he is speaking to me, a citizen, about a subject that is not well understood by most people. I suspect that 90% of people have little or no understanding of the function of the Federal Reserve Bank. After 18 years of Alan Greenspan speaking in riddles and subterfuge it is refreshing to have a fed Chairman present a clear explanation of the role of the Federal Reserve in our economy. Of course everyone has a choice; they can listen to self serving critics and political demagoguery or they can try to lean something. I recommend this book.

Decent book. Bernanke is a little self-serving and not all of his arguments are as strong, but a nice quick read with a good overview of the Fed policy in response to the crisis. I particularly liked the Q&A session after each chapter, felt like a real lecture setting. Not recommended for more well-read students of economics (lot of introductory stuff in the book).

Chairman Bernanke is a good communicator. I wish my economics professors had been half as good. He gives a lucid explanation of the evolution of central banking in advanced economies, and the history and functioning of the Federal Reserve, America's central bank. He discusses the Fed's dual roles as "lender of last resort" and it's role as the maker and implementer of US monetary policy. It is in the latter role that the Fed has been most controversial over the years, but Bernanke skirts most of that and other controversies surrounding the Fed. In discussing the Fed's role in responding to the 2007-08 financial crisis, Bernanke actually takes that skirting a step further. He denies that government policies had anything to do with that crisis, which he says arose out of problems in the private sector. That point is at least debatable, if not laughable, given the government's significant role in creating and expanding the sub-prime mortgage market. But Bernanke is a loyal trooper and follows the party line. So, if you want to learn about how the Fed came to be and how and why it functions as it does, this book will be informative and an easy read. If you want to learn about the causes of the 2007-08 economic crisis and the rightness or wrongness of government's responses to it, look elsewhere.

Who knew economics and managing the central bank can be so interesting. I liked how this book was done in lecture style as if you were listening to the prof share his views and experiences and he doesn't claim to know or be able to solve all the issues either which challenges you to think even after reading.

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