Fed Up: An Insider's Take on the Willful Ignorance and Elitism at the Federal Reserve



An Insider S Unflinching Expose Of The Toxic Culture Within The Federal Reserve In The Early S, As A Wall Street Escapee Writing A Financial Column For The Dallas Morning News Booth Attracted Attention For Her Bold Criticism Of The Fed S Low Interest Rate Policies And Her Cautionary Warnings About The Bubbly Housing MarketNobody Was Surprised Than She When The Folks At The Dallas Federal Reserve Invited Her Aboard Figuring She Could Have Of An Impact On Fed Policies From The Inside, She Accepted The Call To Duty And Rose To Be One Of Dallas Fed President Richard Fisher S Closest Advisors To Her Dismay, The Culture At The Fed And Its Leadership Were Not Just Ignorant Of The Brewing Financial Crisis, But Indifferent To Its Very Possibility They Interpreted Their Job Of Keeping The Economy Going To Mean Keeping Wall Street Afloat At The Expense Of The American Taxpayer But Bad Fed Policy Created Unaffordable Housing, Skewed Incentives, Rampant Corporate Financial Engineering, Stagnant Wages, An Exodus From The Labor Force, And Skyrocketing Student Debt Booth Observed Firsthand How The Fed Abdicated Its Responsibility To The American People Both Before And After The Financial Crisis And How Nobody Within The Fed Seems To Have Learned Or Changed From The Experience Today, The Federal Reserve Is Still Controlled By , PhD Economists And Run By An Unelected West Coast Radical With No Direct Business Experience The Fed Continues To Enable Congress To Grow Our Nation S Ballooning Debt And Avoid Making Hard Choices, Despite The High Psychological And Monetary Costs And Our Addiction To The Heroin Of Low Interest Rates Is Pushing Our Economy Towards Yet Another Collapse This Book Is Booth S Clarion Call For A Change In The Way America S Most Powerful Financial Institution Is Run Before It S Too LateFed Up: An Insider's Take on the Willful Ignorance and Elitism at the Federal Reserve

Is a well-known author, some of his books are a fascination for readers like in the Fed Up: An Insider's Take on the Willful Ignorance and Elitism at the Federal Reserve book, this is one of the most wanted Danielle DiMartino Booth author readers around the world.

[Epub] ➛ Fed Up: An Insider's Take on the Willful Ignorance and Elitism at the Federal Reserve ➜ Danielle DiMartino Booth – E17streets4all.co.uk
  • Hardcover
  • 288 pages
  • Fed Up: An Insider's Take on the Willful Ignorance and Elitism at the Federal Reserve
  • Danielle DiMartino Booth
  • 10 September 2019
  • 0735211655

10 thoughts on “Fed Up: An Insider's Take on the Willful Ignorance and Elitism at the Federal Reserve

  1. says:

    A riveting, insider s view of the Federal Reserve and the negative impact their policies and culture have had on most Americans It is a scary view of academics believing they can control the U.S and world economies The result of their policy making from Greenspan and continuing with Yellen 2008 financial crisis, lowest creation of new households, Wall Street out of control, huge wealth disparity, pension plans unable to fund liabilities, lack of true jobs that create value and the list goes A riveting, insider s view of the Federal Reserve and the negative impact their policies and culture have had on most Americans It is a scary view of academics believing they can control the U.S and world economies The result of their policy making from Greenspan and continuing with Yellen 2008 financial crisis, lowest creation of new households, Wall Street out of control, huge wealth disparity, pension plans unable to fund liabilities, lack of true jobs that create value and the list goes on The big banks are bigger than ever with little, if any, understanding how they are making their money and the expectation, the U.S taxpayers will absorb any risk This book is not for the faint of heart

  2. says:

    Noexcuses The Fed s mandate isn t to have a perfect world That only exists in fairy tales, dreams, and the Fed s econometric models The failure of the fraudulent model that underpins what passes by capitalism these days has been inspiring a slew of excellent books, both published and TBP On the financial system itself, and specifically the ever direr consequences of the central planning, and the PhD determination, of the most important price in capitalism, the price of money itself Noexcuses The Fed s mandate isn t to have a perfect world That only exists in fairy tales, dreams, and the Fed s econometric models The failure of the fraudulent model that underpins what passes by capitalism these days has been inspiring a slew of excellent books, both published and TBP On the financial system itself, and specifically the ever direr consequences of the central planning, and the PhD determination, of the most important price in capitalism, the price of money itself i.e., the interest rate , the books include works by David Stockman, James Rickards, Mervyn King Governor of the Bank of England from 2003 to 2013, whose recent book of analysis and reflection is appropriately titled The End of Alchemy , Satyajit Das A Banquet of Consequences , Nomi Prins Artisans of Money , TPB and Anne Pettifour The Production of Money and many others including Michael Hudson s latest tomes Prof Hudson is in favour of the central planning, and the PhD determination, of the most important price in capitalism, but he does have lots of wisdom, knowledge and reasoning to share.So, several important, relevant books, that have extensively dissected the subject, and Danielle DiMartino Booth s Fed Up manages to shine through This, she achieves with her extensive inside knowledge, which proves evenfrightening than one would expect i.e., they really do not have a clue and her direct, frank, no nonsense approach and views There s something to be said about being right when and where it matters while all the PhD s in Economics surrounding you are focusing on their belly buttons or their peer validated models, which essentially the same , and the certain knowledge that you are right doesn t take you anywhere How s the poem If you can keep your head when all about you are losing theirs, if you can trust yourself when all men doubt you, if you can wait and not be tired by waiting, or being lied about, don t deal in lies , etc Something along these lines.This book is important and, chock full of choice morsels, it s a pleasure to read, which doesn t hurt a bit.As in The Fed s medicine was incapable of treating the disease in the system, but they insisted on using it By doing so, they began to cripple the very banks they desperately needed to convalesce In an attempt to keep things flowing, the Fed expanded the type of assets it would accept as collateral from distressed banks, reduced penalty rates to virtually nothing, and speeded up auctions of quality bonds, so banks could put those on their balance sheets and off load the junk onto the Fed Or One of Lemann s final observations The Fed, not the Treasury or the White House or Congress, is now the primary economic policymaker in the United States, and therefore the world But what if Yellen s theoretical paradigm is dead wrong The woman who did not see and did not appreciate what the risks were with securitization, the credit rating agencies, the shadow banking system, the SIVs until it happened has led us straight into an abyss Mistakes by the Fed included missing the housing bubble and financial crisis, being blinded to the slowdown in the growth of worker productivity, and failing to anticipate how inflation behaved in regard to the job market The Fed s economic projections of GDP and how fast the economy would grow were wrong time and again It s not only fully justified and founded criticism of one of the most important constructs of civilization The author has suggestions and offer guidelines to salvage the institution, not to tear it apart Congress should release the Fed from the bondage of its dual mandate The Fed needs to get out of the business of trying to compel people to spend by manipulating inflation expectations Not only has it introduced a dangerous addiction to debt among all players in the economy, it has succeeded in virtually outlawing saving Under ZIRP, only fools save for a rainy day The floor on overnight rates must be permanently raised to at least 2 percent and Fed officials should pledge to never again breach that floor Limit the number of academic PhDs at the Fed, not just among the leadership but on the staffs of the Board and District Banks Bring inactual practitioners businesspeople who have been on the receiving end of Fed policy, CEOs and CFOs, people who have been on the hot seat, who have witnessed the financialization of the country and believe that American companies should make things and provide services, not just move money around Etc.Anyway, moral hazard, hubris and myopia, my friends Hubris Myopia, indeed A world gone madder What can one say Full faith and credit Amen

  3. says:

    Fantastic tell all detailing the incompetence of what has now become the 4th branch of the US government, the Federal Reserve It s frightening to think that it s now the Fed, not the Treasury or the White House or Congress, that is the primary economic decision policymaker in this country Written a few years ago, Ms Booth s book sets the stage for what I believe will be looked back upon as the Great Credit Crisis of 2020 2021 While this book goes a bitin depth than some may care for, Fantastic tell all detailing the incompetence of what has now become the 4th branch of the US government, the Federal Reserve It s frightening to think that it s now the Fed, not the Treasury or the White House or Congress, that is the primary economic decision policymaker in this country Written a few years ago, Ms Booth s book sets the stage for what I believe will be looked back upon as the Great Credit Crisis of 2020 2021 While this book goes a bitin depth than some may care for, its subject matter is really spot on The author, who once worked for the Fed, is clearly brighter despite not having the Ivy League pedigree prized by the Fed culture than the fools she worked for

  4. says:

    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 coord 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 inside view on the discussion that is surely taking place regarding whether it is the level of QE purchases or the pace of new purchases that influences the economyBernanke is on record saying it s the level, but that s just his view , the inside view of how it will be best to go about unwinding QE, the inside view of the debate that must be raging on when and how this process ought to start, the inside view on the true level of labor slack, the insider view on labor hysteresis a Yellen special , the inside view on what the wealth effects of low rates are, who they accrete to and how they trickle down.Away from the technical, I was also hoping that the book might probe thepoliticalphilosophical issues Why did the Fed shift from the taking away the punchbowl mode to money for nothing mode at the historical juncture when it did Greenspan was a man of his time, surely, not a shaper of opinion When did the Fed become an underwriter of prosperity rather than a guarantor of the system s integrity Is the above ever discussed in the inner sanctum Well, I ve finished the book and I m none the wiser about any of the above.This account alternates between telling the personal story of the author s career at the Fed, providing an actually rather decent narrative of how the crisis of 2006 2009 unfolded which would be fine if this was not the tenth such book I ve bought , complaining that Goldman Sachs has infiltrated the Fed like it s done all other important parts of government watch out the Germans have invaded Poland, I m told and moaning about the insularity of the Fed s staff, all of whom hold a PhD in Economics from MIT, Harvard, Stanford, Yale or Chicago memo to the author their problem with you is that 1 for all your three degrees, you are uneducated and for example think Pandora came out of the box, as you say on page 40 economically uneducated and think the delays to the official data come from seasonalisation, which is instant, not that you don t have a PhD and 2 Unlike your boss Fisher, geeks often do not realize that the uneducated can have valid views.Away from the author s, at times interesting and touching, personal story, there is ABSOLUTELY NOTHING here that you could not have found in the newspaper, I m afraid Except perhaps for stuff that I could not possibly care about Dunno, for example Dallas represents the 11th district and San Francisco the 12th Or where the checks get processed, where the bullion is kept and where the cash is kept I ve already forgotten, because I could not care less, but that stuff actually can be found in the book Along with the fact that the Fed did not see the crisis coming Duh.If you were abducted by aliens in 2006 and they just released you and for some reason you want to find out about the financial crisis of 2006 2009 this book is as good a book as any other book out there and probably better in some respects, because the author has some great credibility in the I told you so department she did see the crisis coming and she wrote about it, first in the press and then in her internal reports in the Fed Buy it, read it and you ll have a decent idea about how it went.But it truly does not contain a single original finding In the absence of original thoughts, the book would still be worth buying if the author had listed all her gripes with the Fed clearly in one place A well drafted chapter on all the failings of the Fed, written by somebody with the authority that can only come from having been on the inside, would have been dynamite You won t find one here, I m afraid The sundry issues the author has with the Fed are diffused through the story and only ever summarized kind of in the introduction.In short, this book does not build an argument It s a long moan, with some history thrown in I pretty much agree the author s views on most of the issues, so I find that to be a total shame

  5. says:

    Conclusion of the book Congress is run by the feds The feds are run by wall street and the banks What s going on

  6. says:

    DiMartino Booth provides very interesting insights about workings of the Fed and personalities of some recent figures who ran the place However the book devoted way too much time to a summary of the 2008 Financial Crisis covered much better in many other books and her own hostility against some of her former colleagues I wish it had beenfocused and shorter but worth reading at least the first couple of chapters.

  7. says:

    Learned so much Towards the end I started to slow down as I felt that things were starting to get repetitive BUT her point was driven home and the last chapter finished really strong She gives approx 10 changes that she feels need to be instituted in the Fed i.e hirebusiness ppl less PhDs reallocate regional bank HQs to representaccurate capital structure nowadays give regional presidents a permanent vote, etc I found myself agreeing with her on almost everything It was im Learned so much Towards the end I started to slow down as I felt that things were starting to get repetitive BUT her point was driven home and the last chapter finished really strong She gives approx 10 changes that she feels need to be instituted in the Fed i.e hirebusiness ppl less PhDs reallocate regional bank HQs to representaccurate capital structure nowadays give regional presidents a permanent vote, etc I found myself agreeing with her on almost everything It was impactful to hear her take the mystique out of the Fed and just remind everyone that the employees of the Fed are just normal people who mostly all think similarly following models Humbling and terrifying S O to David Winston for making me supplement my Elisabeth Elliot with a little Danielle Booth

  8. says:

    An eye opening expose on why the Fed was not ringing alarm bells right up until and even after the Bear Stearns fire sale to JP Morgan, and how the Fed has artificially propping up the economy in the time since rather than let the free market reign Ms Booth goes into great detail as to why this institution controlled by Ivy league academics and Goldman Sachs alumni is bad for every nation, not just America It s time to end the Fed this book will tell you why.

  9. says:

    This book is a revelation that you can t always trust institutions whose mandate is to act in your the public best interest The Fed s policies seem to have causedharm than good to ordinary Americans and exponentially widened the rift between the haves and have nots It has also been eyeopening for me to see through the lens of this book that Economic models, even if formulated by the brightest of minds aren t without their limitations People s behavior don t always conform to these Eco This book is a revelation that you can t always trust institutions whose mandate is to act in your the public best interest The Fed s policies seem to have causedharm than good to ordinary Americans and exponentially widened the rift between the haves and have nots It has also been eyeopening for me to see through the lens of this book that Economic models, even if formulated by the brightest of minds aren t without their limitations People s behavior don t always conform to these Economic prognostications The ordinary citizen isn t as Homo Economicus as Economists would have us believe They are very nuanced and affected by factors outside Economists realm of sagacity I was however disappointed by the author s cursory brush through the canvas of potential panaceas or recommendations for reinventing the Fed and its objective s in the final chapter Seeing as she has worked in the Fed for a lengthy period of time and seen the rot within first hand, I feel the author could have done a bit better in suggesting solutions Nonetheless, this is a good book to get a sneak peak into the inner workings and intricacies of the Fed

  10. says:

    This was a tough read The subject is very interesting to me, and I remember well the 2008 economic crisis I found this book, accidentally, through reading an internet article by the author, which I found well written and insightful I researched her literary work and found this book.The author takes us through her journey of working with the US FED before, during and after the crisis Her insights are riveting and her descriptions of the events and the various players are excellent There is q This was a tough read The subject is very interesting to me, and I remember well the 2008 economic crisis I found this book, accidentally, through reading an internet article by the author, which I found well written and insightful I researched her literary work and found this book.The author takes us through her journey of working with the US FED before, during and after the crisis Her insights are riveting and her descriptions of the events and the various players are excellent There is quite a bit of economic jargon and many uses of acronyms This is always a pet peeve of mine I think the rule is to use the full title with acronym in parenthesis, and from then forward, just use the acronym This doesn t work for me unless I keep a list of the acronyms beside me when I read I wish authors, especially in highly technical books, would continue to use the full name or title It makes the reading process muchenjoyable for me.Regardless, if you enjoy this type of literature, economic history, then you will appreciate this book.I bought the audio version, which is narrated by the author, the quality of which is low

Leave a Reply

Your email address will not be published. Required fields are marked *