Fire Fighting: The Financial Crisis and Its Lessons (by Ben S. Bernanke)

Table of Contents

BookInfo

ISBN: 9780143134480	Number of Pages: 240
Publisher: Penguin Books	Book Title: Fire Fighting: The Financial Crisis and Its Lessons
Publication Year: 2019	Target Audience: Trade
Author: Ben S. Bernanke	Reading Age: 18+

Summary

The financial crisis in 2008 was a serious economic recession since the Great Depression. The crisis severely impacted the global credit market and quickly spread to the international financial system.

At the critical moment of the crisis, the threesome with Ben Bernanke, Timothy Geithner and Henry Paulson as the core successfully saved the American economy from collapse through a series of unconventional emergency interventions.

10 years after the financial crisis, Bernanke, Geithner and Paulson once again reflected on the profound lessons of the 2008 financial crisis. It is not easy to realize the arrival of the crisis, as Bernanke said: “The enemy is being forgotten.”

In this book, they once again discussed the following questions in depth: How did the crisis break out? Why is its impact so serious? In the difficult process of preventing the crisis from evolving into the Second Great Depression, what “fire-fighting” tools has the Federal Reserve found? How can these tools help the United States effectively cope with the post crisis recession?

This book is the rethinking of the “rescue trio” ten years after the international financial crisis. In this book, Bernanke, Geithner and Paulson provide valuable references for their successors, finance ministers of other countries and regulators of central banks to deal with future crises.

The crisis “Fire Fighting” analyzed in the book not only reflects what is happening now, but also will be far more valuable than the next decade.

Fire Fighting: The Financial Crisis and Its Lessons is one of the Economics Prize Reading List in 2022

About the Author

Ben S. Bernanke is an American economist and former chairman of the Federal Reserve. He was born in Augusta, Georgia, USA on December 13, 1953, he received a bachelor’s degree in literature from Harvard University in 1975 and a doctor’s degree from Massachusetts Institute of Technology in 1979.

Bernanke has taught at Princeton University for 17 years and served as the dean of the Department of Economics. He has been a visiting scholar of the Federal Reserve since 1987, and worked at the Federal Reserve Bank of Philadelphia from 1987 to 1989, the Federal Reserve Bank of Boston from 1989 to 1990, and the Federal Reserve Bank of New York from 1990 to 1991 and from 1994 to 1996.

In 2002, he was appointed as the director of the Federal Reserve by Bush. In June 2005, Bernanke served as Chairman of the Council of Economic Advisers of the President. On February 1, 2006, he took over Greenspan as Chairman of the Federal Reserve.

In December 2009, Bernanke was elected the 2009 Person of the Year of Time magazine. On January 28, 2010, the Senate of the United States Congress finally voted to confirm his re-election. He took office on February 1, 2014 for a four-year term.

On October 10, 2022, Ben S. Bernanke won the Nobel Prize in Economics in 2022

Fire Fighting: The Financial Crisis and Its Lessons PDF version will come as soon as possible.

Preface
Chapter I Dry kindling: the root of crisis
Spark Source
Ignition
Difficulty of Prevention
Unconscious sparks
Chapter II The first flame: August 2007 March 2008
Bai Zhihao’s Script
Exceed Bai Zhihao
Chapter III The Spread of Fire: March 2008 September 2008
Bear Stearns: Closely related but never failed
Fannie Mae and Freddie Mac: Rocket Launched
Chapter IV Fire: September 2008 October 2008
Lehman Brothers: in dire straits
AIG: Free Market Day
The End of an Era
Chapter V Fire Fighting: October 2008 May 2009
Deploy non-performing asset rescue plan
End the game
Conclusion The next big fire
Stronger defense system
Weak emergency weapons warehouse//137
What to do
Thanks
Financial crisis: U.S. coping strategies and results
Introduction
Abbreviations of Proper Terms
The antecedents of the crisis
Track of Crisis
US Strategy
Achievements
Thanks
Other data sources
Notes