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• W269418399 abstract "Responses to Great Panic - and Some Questions They Raise In Fed We Trust: Ben Bernanke's War on Great Panic David Wessel Crown Business, 2009 Several books explain many causes of recent economic catastrophe. Many more are bound to analyze response that governments and central banks are making to crisis. We look forward to such analysis with great interest, since there is much to be learned about is indisputably of major economic collapses in history. David Wessel is economics editor of The Wall Street Journal and winner of two Pulitzer prizes. His In Fed We Trust is of first books to examine Panic's aftermath. Although valuable, it leaves lot to be told about details of responses and displays an unfortunate lack of curiosity about many questions that cry out to be answered. It will fall to others to reflect on deeper issues of monetary and fiscal policy. Just same, Wessel's book fills an important niche. It is basically reportorial, and supplies day-to-day, often hour-by-hour, account of situations that loomed in front of Ben Bernanke as Chairman of U.S. Federal Reserve Board, Henry Paulson as U.S. Secretary of Treasury under George W. Bush administration, and Timothy Geithner first as president of Federal Reserve Bank of New York and then as Treasury Secretary under Obama administration - and of wrenching process they went through in deciding what to do at each turn in road. We can't hope to relate in exhaustive detail chronology Wessel discusses, but must limit ourselves to recounting its highlights. We will conclude by discussing several of questions - of policy and of equity - that are posed by responses to is now known as Great Panic. Chronology of Successive Crises and Responses 2007 In March 2007, New Century Financial, one of largest subprime lenders, went into bankruptcy. As U.S. housing market collapsed during that summer, two hedge funds of enormous, internationally-connected Bear Stearns investment bank went into bankruptcies that resulted in their liquidation. Soon thereafter, European Central Bank injected into banking system Wessel calls (for that time) a stunning sum - $131 billion. The U.S. Federal Reserve cut its interest rate by ½ percent, and followed that with an additional ¾ percent decrease in early 2008. (By end of 2008, rate was cut to zero, with commitment to leave it there for considerable time. It has remained there for at least next year.) 2008 A subtitle to Wessel's book is How Federal Reserve became of government. Although he gives expansion of Fed's role far less attention than would seem required by its being an intended theme, we nevertheless see he is talking about as chronology continues: he reports that in March 2008 the Federal Reserve shattered seventy years of tradition and lent $30 billion to induce JPMorgan Chase to buy Bear The reason this was tradition-shattering was that Bear Stearns was firm the Fed neither regulated nor officially protected. At all times until then, Fed's role had been as a lender of last resort that would extend credit only to traditional banks - and then only to those that were in sound condition (but were jeopardized by depositors' clamoring for their money). (As an aside, it is interesting to note how little hold economic nationalism has within thinking of today's globalized leadership: Treasury Secretary Paulson initially tried to get Deutsche Bank to buy Bear Stearns. When, later, Wachovia was up for sale, its CEO tried unsuccessfully to get Spanish firm, Santander, interested.) The fourth branch observation is further justified by fact that Fed can create and distribute literally trillions of dollars of new money simply by printing it (now electronically) without needing to go through Congress for an appropriation. …" @default.
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• W269418399 date "2010-04-01" @default.
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• W269418399 title "Responses to the Great Panic - and Some Questions They Raise" @default.
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