DigeeBooks

This fascinating deep dive into one of the most powerful and least understood American institutions—the Federal Reserve—is “a riveting narrative...[and an invaluable guide to the monetary policy debates of the last few years (Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance).“The best book on the Fed in our time and a model of financial writing.” –KirkusThe marble halls of the Federal Reserve have always held secrets; for decades the Fed did the utmost to preserve its room to maneuver, operating behind the scenes as much as possible. Yet over the past two decades, this elite world of bankers and economists speaking a language that only monetary experts could understand has been forced to change its ways. Amid rising inequality, weakening global economic prospects, and a pandemic, the central bank has entered into a new era of transparency and activism that has changed its role in modern society in subtle but remarkable ways.Limitless tells the inside story of this deeply impactful transformation, and what it means for ordinary Americans. Focusing on characters such as the Fed chairman Jerome Powell; the Vice Chair for Supervision Randal Quarles; Vice Chair Lael Brainard; the Minneapolis Fed president Neel Kashkari; and the long-ago Fed Chair Marriner S. Eccles—and driven by the rising tension between Main Street and Wall Street—this is a page-turning account of the modern Feds inner workings during a crucial inflection point in history.

In her book "Limitless: The Federal Reserve Takes on a New Age of Crisis", Jeanna Smialek delves into the pivotal role of the Federal Reserve during the 2008 financial crisis and its aftermath. With captivating storytelling and meticulous research, Smialek illustrates how the Fed, under the leadership of Ben Bernanke, confronted unprecedented economic challenges and took bold actions to avert a global catastrophe.

Smialek provides a comprehensive overview of the subprime mortgage debacle, the collapse of major financial institutions, and the ensuing Great Recession. She vividly depicts the intense debates and deliberations within the Fed as policymakers grappled with the severity of the crisis and explored unconventional measures to stabilize the economy.

The book sheds light on the Fed's efforts to stimulate lending, support financial markets, and implement quantitative easing. Smialek highlights the challenges and controversies surrounding these policies, delving into the complex interplay between monetary policy, fiscal policy, and political decision-making.

Smialek also examines the Fed's role in fostering economic recovery and addressing the lingering effects of the crisis. She explores the Fed's communication strategies, its interactions with the Obama administration, and its efforts to restore confidence in the financial system.

Throughout the book, Smialek weaves together personal narratives, interviews with key figures, and in-depth analysis to create a comprehensive and compelling account of the Fed's actions during the crisis. "Limitless" offers valuable insights into the inner workings of central banking, the challenges of economic policymaking, and the resilience of the financial system.