ENGLISH

First Responders: Inside the U.S. Strategy for Fighting the 2007-2009 Global Financial Crisis

By Ben S. Bernanke (editor) , Timothy F. Geithner (editor) , Henry M. Paulson (editor) , J. Nellie Liang (editor)

Book information

Publisher
Yale University Press
Year
2020
ISBN
0300244444, 9780300244441
Language
english
Format
PDF
Filesize
11 MB (11402714 bytes)
Pages
624\618
Time added
2020-08-13 17:56:55

Description

An insider's view of the U.S. government's response to the 2007-2009 global financial crisis, recounted by the people who made the key decisions In 2008, the world's financial system stood on the brink of disaster. The United States faced an unprecedented crisis when the investment bank Lehman Brothers collapsed, setting off a global panic. Faced with the prospect of a new Great Depression, the Treasury Department, the Federal Reserve, the Federal Deposit Insurance Corporation, and other agencies took extraordinary measures to contain the damage and steady the financial system and the economy. Edited by three of the policymakers who led the government's response to the crisis, with chapters written by the teams tasked with finding policy solutions, this book provides a comprehensive accounting of the internal debates and controversies surrounding the measures that were taken to stabilize the financial system and the economy. Offering previously untold insight into the key choices (including rejected options) and a frank evaluation of successes and failures, this volume is both an important historical document and an indispensable guide for confronting future financial calamities. List of Contributors Contents List of Illustrations List of Abbreviations 1 The Financial Crisis and Its Lessons for the Future • Ben S. Bernanke, Timothy F. Geithner, and Henry M. Paulson, Jr. 2 The Use and Effectiveness of Conventional Liquidity Tools Early in the Financial Crisis • William B. English and Patricia C. Mosser 3 The Fed’s Novel Lender-of-Last-Resort Programs • Lorie Logan, William Nelson, and Patrick Parkinson 4 Nonbank Financial Institutions: New Vulnerabilities and Old Tools • Scott G. Alvarez, William C. Dudley, and J. Nellie Liang 5 The Legal Authorities Framing the Government’s Response • Scott G. Alvarez, Thomas C. Baxter, Jr., and Robert F. Hoyt 6 Rescuing the Mortgage Giants • Dan Jester, Matthew Kabaker, Jeremiah Norton, and Lee Sachs 7 Money Market Funds: Collapse, Run, and Guarantee • Steven M. Shafran 8 Recapitalizing the Banking System • Dan Jester, David Nason, and Jeremiah Norton 9 The Temporary Liquidity Guarantee Program • Michael H. Krimminger 10 Bank Capital: Reviving the System • Tim Clark, Matthew Kabaker, and Lee Sachs 11 Lessening the Impact of Bank Failures • James R. Wigand 12 Crisis-Era Housing Programs • Michael Barr, Neel T. Kashkari, Andreas Lehnert, and Phillip Swagel 13 The Rescue and Restructuring of General Motors and Chrysler • Brian Deese, Steven M. Shafran, and Dan Jester 14 Implementing TARP: The Administrative Architecture of the Troubled Assets Relief Program • Timothy G. Massad and Neel T. Kashkari 15 Monetary Policy during the Financial Crisis • Donald Kohn and Brian Sack 16 The Fiscal Response to the Great Recession: Steps Taken, Paths Rejected, and Lessons for Next Time • Jason Furman 17 International Coordination of Financial and Economic Policies • Clay Lowery, Nathan Sheets, and Edwin (Ted) Truman 18 Evidence on the Outcomes from the Financial Crisis Response • J. Nellie Liang, Margaret M. McConnell, and Phillip Swagel Acknowledgments Index

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