In a Winners Take All meets This Town narrative, a New York Times bestselling author tells the story of the creation of a massive tax break, in which political and economic elites attend to the care and feeding of the super- rich, and inequality compounds.
“Whatever it takes” was Federal Reserve Chairman Ben Bernanke’s vow during the worst financial panic in over fifty years, as he sought to prevent a repeat of the Great Depression. An academic who studied the Depression's causes, Bernanke was thrust into a position of unprecedented responsibility and boldness. Unlike the president, who can react instantly to military threats, Bernanke could act decisively in a financial crisis without needing Congress's approval. Under his leadership, the Fed executed the largest government intervention in decades, effectively becoming a fourth branch of government with limited accountability. Determined to avoid the mistakes of the 1930s, Bernanke and his team confronted a series of critical moments, including the sale of Bear Stearns, the failure to save Lehman Brothers, and the nationalization of AIG, Fannie Mae, and Freddie Mac. This work delves into the Fed's opaque operations, exploring what Bernanke and his team knew, what surprised them, and the chilling indicators that drove their decisions. It examines their performance under pressure and how the crisis reshaped perceptions of Alan Greenspan's legacy. This insightful account provides a comprehensive view of a pivotal moment in American and global economic history.