Fed Up Book Reviews
Fed Up by Danielle DiMartino Booth Book Summary
A Federal Reserve insider pulls back the curtain on the secretive institution that controls America’s economy
After correctly predicting the housing crash of 2008 and quitting her high-ranking Wall Street job, Danielle DiMartino Booth was surprised to find herself recruited as an analyst at the Federal Reserve Bank of Dallas, one of the regional centers of our complicated and widely misunderstood Federal Reserve System. She was shocked to discover just how much tunnel vision, arrogance, liberal dogma, and abuse of power drove the core policies of the Fed.
DiMartino Booth found a cabal of unelected academics who made decisions without the slightest understanding of the real world, just a slavish devotion to their theoretical models. Over the next nine years, she and her boss, Richard Fisher, tried to speak up about the dangers of Fed policies such as quantitative easing and deeply depressed interest rates. But as she puts it, “In a world rendered unsafe by banks that were too big to fail, we came to understand that the Fed was simply too big to fight.”
Now DiMartino Booth explains what really happened to our economy after the fateful date of December 8, 2008, when the Federal Open Market Committee approved a grand and unprecedented experiment: lowering interest rates to zero and flooding America with easy money. As she feared, millions of individuals, small businesses, and major corporations made rational choices that didn’t line up with the Fed’s “wealth effect” models. The result: eight years and counting of a sluggish “recovery” that barely feels like a recovery at all.
While easy money has kept Wall Street and the wealthy afloat and thriving, Main Street isn’t doing so well. Nearly half of men eighteen to thirty-four live with their parents, the highest level since the end of the Great Depression. Incomes are barely increasing for anyone not in the top ten percent of earners. And for those approaching or already in retirement, extremely low interest rates have caused their savings to stagnate. Millions have been left vulnerable and afraid.
Perhaps worst of all, when the next financial crisis arrives, the Fed will have no tools left for managing the panic that ensues. And then what?
DiMartino Booth pulls no punches in this exposé of the officials who run the Fed and the toxic culture they created. She blends her firsthand experiences with what she’s learned from dozens of high-powered market players, reams of financial data, and Fed documents such as transcripts of FOMC meetings.
Whether you’ve been suspicious of the Fed for decades or barely know anything about it, as DiMartino Booth writes, “Every American must understand this extraordinarily powerful institution and how it affects his or her everyday life, and fight back.”
Book Name | Fed Up |
Genre | Economics |
Author | Danielle DiMartino Booth |
Published | 14 February 2017, Tuesday |
Language | English |
E-Book Size | 2.08 MB |
Fed Up (Danielle DiMartino Booth) Book Reviews 2024
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Well written. Great documentary of the experiences of a public servant
See inside the Fed, understand how and why decisions are made. This book lets you see inside the Federal Reserve, and to understand how and why decisions are made as they are. Suspect the government doesn't know how to calculate inflation? Think that the middle class gets the shaft while Wall Street and their tip shelf clientele makes off like bandits? Believe that the Federal Government and Federal Reserve collude to hide the nation's debt? This book explains why and how. An amazing book and a must read.
Great book to learn about the fed. This book was wonderfully written and made easy to understand on subject matter that can be very difficult to follow. I found this book very entertaining and a quick read.
Spoon Fed. You’ll get the inside scoop on how the Federal Reserve operates and how the 2007/2008 crisis unfolded. A touch more information on the 1998 breakdown of LTCM crisis would have shown the future explosion of the Shadow Banking system in 07/08. A system that has grown worse due to the Wall Street, NY Fed, the Treasury, Greenspan, Bernanke and Yellen’s actions.
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Summary of Fed Up by Danielle DiMartino Booth
The Fed Up book written by Danielle DiMartino Booth was published on 14 February 2017, Tuesday in the Economics category. A total of 57 readers of the book gave the book 4.5 points out of 5.
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