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