Unveiling the Unfortunate Reality: How the Federal Reserve is Hurting America

Cliente de Amazon: El autor no se explica bien

Mexico on Aug 20, 2023

Max Rudolph: The author spent several years working inside the Dallas Federal Reserve Bank, bringing her Wall Street experience to a bunch of academics. Often it was unwelcome, but she developed a good relationship with Richard Fisher, a member of the Fed’s Board of Governors. She left the bank when he retired, and now is entering the financial pundit scene with some serious street cred. She now has this book and gets a speaking fee of $30,000. She has hit several conservative radio/TV shows and podcasts. I find her writing style interesting and easy to listen to, and her stories about the inside of the Fed are fascinating. The book is worth a read, and she is an entertaining interview (her blog seems a bit forced and no longer offered for free). Where I was disappointed was in the book’s aftertaste. I did not sense a solution. It felt like the Republicans under Obama; fully willing to say what he was doing wrong but without any of their own solutions. I hope that she runs for office at some point and comes prepared with ideas to improve the situation.

This is a book of stories and contrasts. On the one hand is the academic bureaucracy of the Federal Reserve system, where someone...

United States on Oct 27, 2017

Bertie Bear: This book should is a must read for anyone interested in economics. It will make the reader angry that monetary policy in the US has been hijacked by a cabal of neo-Keynesians who are addicted to lose money and QE as an answer to all economic ills Such is the misguided certainty in the correctness of their own theories they, and the Fed staffers that surround them, bulldoze, bully and ridicule all opposition that tries to point out that their policies are ruinous.

In the wake of one of the biggest credit bubble in history bursting, the economic recovery since 2008 has been weakest on record. What do the policy makers expect as the household sector de-levers itself?! This is exactly what happened in Japan after their late 1980's mega credit bubble. Their misguided monetary interventions have done nothing except elevate asset valuations to nose-bleed levels, ready to collapse at some point.

The unusual monetary intervention that should have occurred is not the QE that has tried to reflate this soufflé, but much more rapid tightening during the 2002-2007 period. John Taylor (of the Taylor rule for Fed Funds), has lambasted the Greenspan/Bernake Fed for allowing a...

United Kingdom on Apr 26, 2017

TAH1H2: I have read many books on the Global Financial Crisis (GFC) and many more on past financial crises. Danielle's book approached the topic from a different view; as a person inside the Fed. Though much of the details about the GFC have been well-covered in other books, this book shows you what went on inside the Fed as events unfolded.

Danielle describes how the Fed suffers from Groupthink, which to me was an eye-opener. Fed governors and staff are so pressured into thinking and saying and agreeing to the same things that they become afraid to speak out against a majority consensus. This is what has gotten the Fed in trouble in the past. I believe that Groupthink is deeply entrenched in the ECB and other central banks as well.

Danielle writes about her experience on Wall Street from 1996 before joining the Fed to her role while at the Fed beginning in 2006. She gives details and backgrounds on several members of the Fed, which to me was a first time read. I found it very interesting and insightful, especially the background of Richard Fisher. With few exceptions, such as Fisher, Groupthink dominates the Fed. One reason for Groupthink, which should be alarming, is due...

United Kingdom on Mar 23, 2017

Athan: When a Fed insider, somebody with nine years of service at the permanently dissenting Dallas Fed, decides to blow the whistle on the most contentious (and perhaps even the most independent) branch of government, you drop what you’re doing and you read what they have to say.

I was dying to hear Danielle DiMartino Booth’s inside view on how an organization like the Fed balances its often opposing roles of monitoring the economy versus cheerleading, the inside view of how the sundry presidents coordinate with each other, the inside view on what the staff is told to research and how the results of the research are released, the inside view on how the Fed is adjusting its famous (and famously inadequate) models to the changing environment around it, the inside view on the unofficial role the value of the dollar plays in the calculation of interest rate policy (the dollar is allegedly the business of the Treasury, but how can it only be that?), the inside view of what responsibility the Fed has to other nations that effectively peg their currency to the dollar, the inside view on how the Fed calculates the pros and cons of zero interest rates for savers versus businesses, the...

United States on Mar 02, 2017

Stuart Parkinson, Eliffile: This book does two things relatively well:

1. Presents a nice chronicle of the Global Financial Crisis and (more particularly since there are fewer books on it) its aftermath;
2. Gives up some useful insights into the inner workings of the Federal Reserve from the perspective of a Regional Fed as opposed to the Washington Fed (the latter being where just about all Fed books I know of have emanated from).

The book is non-technical but still interesting if you already know your way around economics and/or the Fed.

The author's dislike for Fed Chairs Greenspan, Bernanke & Yellen is palpable throughout the book. Such obvious feelings can sometimes be a nuisance in books like this (aka I was right and they were always wrong), but it isn't too much of a problem here.

I thought a couple of times before buying this book: would there really be anything new in it given all the other Fed-related books out there these days? But it is worth it.

United Kingdom on Feb 28, 2017

Amazon Customer: Powerfully written. Couldn't put it down. Incredible insider's view of the Fed's myopic , out of touch with reality view of the economy. Danielle reveals the incredible internal pressure to conform with the group think ( love the group stink phrase ) within the entire Fed. 1,000 economic PH'Ds on board , and the Fed. did not see the housing melt down coming.
Yellen is exposed as one who would not see a crisis coming if she was sitting on a broken Levee in New Orleans during Katrina.( my analogy ). Serious reform ( unfortunately highly unlikely ) of the Fed's culture is required if they are going to
be successful in their regulatory role and anticipate/prevent/manage the next financial disaster. With Yellen in charge America will never return to normal interest rates and un-do the economic distortions ZIRP creates.

Canada on Feb 17, 2017