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Fed Up

An Insider's Take on Why the Federal Reserve is Bad for America

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Fed Up

Auteur(s): Danielle DiMartino Booth
Narrateur(s): Danielle DiMartino Booth
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 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.” Banques et services bancaires Marchés des capitaux Politique Politiques publiques Entreprise Services bancaires Wall Street Capitalisme Fiscalité Économie des États-Unis Crise financière mondiale Grande récession Gouvernement Déflation Socialisme Exporter Central Banking
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Les plus pertinents
This book is to the FED what “Liars Poker” by Michael Lewis was to the Investment Banking System.
It lays open the disconnect of academia with the real world that we see in all facets of our daily life.
No wonder we are in such a mess.

Eye Opener

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It seems more relevant than ever to have access to the content of this book now due to the 2020 Pandemic and the FED approach to monetary policy.

excellent insight in the obscurity of the FED.

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Couldn't put it down. Finished it in a single sitting. Strongly recommend to anyone looking to understand the interworking of the fed and gain valuable insight on how the fed looks at establishing new policy and its established policy bias.

Fantastic Behind the Scenes Insight on the Fed

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Fed Up is occasionally rich with insight into the inner workings of the Fed. But with the author embedded in its inner circle for a decade, the book frequently suffers from a lack of objectivity, reading at times like an exculpation of the banking system, and a glorification of the so-called financial wizards who brought the world back from the brink, with whom Booth is far too enamoured. In her world, the collapse of 2008 was rooted in shadow banking, a New York Fed captured by Goldman Sachs, and mostly irresponsible borrowers. Lehman's Dick Fuld and JP Morgan's Jamie Dimon receive a thick coat of revisionist paint that not only whitewashes their crimes, but seem to transform them (Fuld, in particular) into victims - martyrs to the cause of global economic salvation. In fact, Booth completely omits Fuld's Repo 105s from the narrative, an accounting trick that amounted to massive fraud. The writing is often self-absorbed, egotistical, and ham-fisted, with "phew!" and "gulp!" punctuating dramatic moments. Bankers and hedge fund managers, along with their fictitious capital, are held up as the great infallible engines of capitalism, and as such, should remain immune to debt monetizing and government meddling. Booth never explains how this would work when capitalists invariably flee to the Nanny State when bubbles burst, but she does take the time to deliver a snide potshot at Bernie Sanders, "an avowed socialist," in her words. If you want a deeper, non-varnished look at what really happened in 2008, I suggest reading the works of Matt Taibbi or Nomi Prins.

Revealing but Flawed

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