The Federal Reserve and the Financial Crisis

The Federal Reserve and the Financial Crisis

Book - 2013
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Publisher: Princeton : Princeton University Press, c2013
ISBN: 9780691158730
0691158738
Characteristics: 134 p. : ill. ; 24 cm

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StarGladiator
Dec 23, 2013

In the beginning of the global economic meltdown, beginning in the United States of America, Bernanke was to give testimony on the financial crisis to congress. Before leaving to said testimony, Bernanke had to bring in financial experts to explain to him what credit derivatives, securitizations, rehypthocations, etc., were as Bernanke was clueless on these matters! Bernanke fails to mention how the Fed manipulated interest rates to favor the housing bubble. People, or fantasists, like Bernanke, wish to believe monetary policy is all-controlling and makes up everything, while remaining ignorant of global finance! His essays on the Great Crash and Great Depression are puerile --- ignoring that Andrew Mellon was treasury secretary for three consecutive administrations (no way would FDR keep Mellon on!) and his policies served to tremendously increase the concentration of wealth in America!

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