Firefighting, Ben S. Bernanke
Firefighting, Ben S. Bernanke
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Firefighting
The Financial Crisis and Its Lessons

Author: Ben S. Bernanke, Timothy F. Geithner, Henry M. Paulson, Jr.

Narrator: Mark Deakins

Unabridged: 4 hr 43 min

Format: Digital Audiobook Download

Publisher: Penguin Audio

Published: 04/16/2019


Synopsis

"Should be required reading for all policy makers.” —Warren Buffett

From the three primary architects of the American policy response to the worst economic catastrophe since the Great Depression, a magnificent big-picture synthesis--from why it happened to where we are now.

In 2018, Ben Bernanke, Tim Geithner, and Hank Paulson came together to reflect on the lessons of the 2008 financial crisis ten years on. Recognizing that, as Ben put it, "the enemy is forgetting," they examine the causes of the crisis, why it was so damaging, and what it ultimately took to prevent a second Great Depression. And they provide to their successors in the United States and the finance ministers and central bank governors of other countries a valuable playbook for reducing the damage from future financial crises. Firefighting provides a candid and powerful account of the choices they and their teams made during the crisis, working under two presidents and with the leaders of Congress.

About The Author

Ben Bernanke, currently a Distinguished Senior Fellow at the Brookings Institution, was the chairman of the Federal Reserve from 2006 to 2014. He was awarded the Nobel Prize for economics in 2022. Timothy F. Geithner is currently President of Warburg Pincus and was the 75th Secretary of the Treasury for President Obama's first term. He is the author of Stress Test: Reflections on Financial Crises. Hank Paulson is the founder and chairman of the Paulson Institute, and served as the 74th Secretary of the Treasury under President Bush. He is the author of On the Brink and Dealing with China.


Reviews

Goodreads review by Clif on December 19, 2019

When I saw this book co-authored by the three individuals who were at the center of the action — Ben Bernanke, Tim Geithner, and Hank Paulson — I decided perhaps this can be the final book for me on the subject. Firefighting provides a candid explanation of the choices they made and the various priv......more

Goodreads review by Athan on May 26, 2019

In what is a stunning turn of events, the three Firefighters from the crisis of 2008 have published a mea culpa where they succinctly connect their unfortunate actions to the triumph of populism and the election of Donald Trump a short eight years later. Firefighters aside, nobody escapes criticism h......more

Goodreads review by Ashok on April 22, 2021

It was the year 2008. I was happily settled in an MNC NBFC, having been promoted recently and destined for more growth. Just as I was thinking that things could only get better from here, the scales tilted and everything went on a downward spiral. Within a span of 6 months, I was left searching for......more

Goodreads review by Brad on April 28, 2019

I was expecting a lot more technical insight, in hindsight.......more

Goodreads review by Tara on November 20, 2019

This is a calm book. It is a rational book. It tells the story of how the financial crisis was 'managed' by the state. It tells the tale about how the banks and mortgage providers were bailed out by public money. It has a cool tone. It seems rational. Logical. But we know it was not. The Global Financ......more


Quotes

Longlisted for the Financial Times/McKinsey Business Book of the Year Award

“If what these three men did during the financial crisis had not been done, the world would, in my view, have experienced a second great depression. This makes the story told in this short book fascinating and important.” —Martin Wolf, Financial Times

“A primer on why the crisis was possible (and why, even so, almost nobody saw it coming); a ticktock on how the crisis and the financial rescue unfolded; and a very scary warning about the future.” —Paul Krugman, New York Times

“I'm glad I didn't have to do the job that these three ‘fire chiefs’ did. I learned much from this book I had not previously known. Its cautions for the future should be required reading for all policy makers.” —Warren Buffett

“A clear, concise account illustrating why financial fires must be anticipated if they’re to be controlled.” —Kirkus

“All kinds of readers will find [Firefighting] a readable summary of the crisis, but its paramount value comes from the authors’ explanations and defenses of their whatever-it-takes actions and assessment of current financial system risks.” —Library Journal, starred review