Ben S. Bernanke, Timothy F. Geithner, and Henry M. Paulson Jr.: Firefighting: The financial crisis and its lessons

Penguin Books, 2019, ISBN 978-0143134480
  • Laurence BallEmail author
Book Review

The authors of this book were the firefighters on duty when a blaze erupted in the financial system a decade ago: Ben Bernanke was Federal Reserve Chair, Henry Paulson was Treasury Secretary under George W. Bush, and Timothy Geithner was President of the Federal Reserve Bank of New York, and then Treasury Secretary under Barack Obama. There is much to admire in the firefighting performed by the three men. Working under incredible stress, they devised one unprecedented program after another to rescue most of America’s large financial institutions, whose failure could have plunged the economy into a depression as severe as the 1930s.

There is also much to admire in the book that Bernanke, Geithner, and Paulson have written about their experience. Their account of the financial crisis is comprehensive, yet concise and readable. They draw hugely important lessons about the causes of the crisis and what policymakers must do to prevent future crises or at least contain their effects.




  1. Ball, Laurence M. 2018. The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  2. Financial Crisis Inquiry Commission. 2011. Report, with Supporting Documents, Scholar
  3. Valukas, Anton. 2010. Lehman Brothers Holdings Inc. Chapter 11 Proceedings Examiner Report, with Supporting Documents, Scholar
  4. Weinberg, John A. 2019. Review of The Fed and Lehman Brothers. Business Economics.Google Scholar

Copyright information

© National Association for Business Economics 2019

Authors and Affiliations

  1. 1.Johns Hopkins UniversityBaltimoreUSA

Personalised recommendations