David Wessel

I know the federal budget, like a massive elephant, has far more crinkles and surfaces than this relatively quick book could possibly review, but it's nonetheless a great guide to getting a handle on the beast. The beginner's guides to the federal budget's history, money in/out, presidential/congressional influences, and overview of what America really spends its money on (and who pays what kinds of taxes) were all enlightening and essential reading for me.

I greatly enjoyed Wessel's takedown show more of the paranoid claim that China, our leading debt purchaser, will one day just "call in the bill" and shut America down. He follows this with observing a much more credible threat: America will have to acquiesce to more of China's demands over time or else take many smaller hits.

I'm curious if any of Wessel's claims to rates of taxation among income classes in America would take on a different significance with regard to who controls the wealth in this country. I don't say this to knock the book, as it seemed largely apolitical to me, but I'd like to read more of his work. show less

An engaging account of the Fed's heroic (and at times /ad hoc/) struggle with an out-of-context complex of disasters and incredibly complicated vicious circles when the world financial system partially imploded. It could have been much worse: When the black swans came home to roost and impossible events cascaded, the Fed had to step far beyond its accustomed institutional role such that it had to act as a virtual fourth branch of government, much to the astonishment of many. This history is show more to the Federal Reserve and high finance what Apollo 13 was to NASA or the Cuban Missile Crisis was to the Cold War --a glimpse into the abyss. show less

The work is strong on the behind-the-scenes machinations of those who would ignore the hopes, dreams, and desires of ordinary Americans while making disastrous and irresponsible decisions. Although Wessell does his level best to humanize Bernanke, Geithner and other principals, they come off as unprincipled elitists they truly are. Those who made the unfortunate choices to further the recession starting from Bush to the Obama regime, as Wessel demonstrates, only sought to further their end show more of not being blamed for a second Depression. Along the way the economic picture of the U.S. worsened as BushObama perpetuated their own ends. It is an important if ultimately sickening story of the White House and Wall Street working hand in glove against Main Street. show less

This is a very readable book discussing the battle by the FED, and Bernake, to prevent the U.S. economy from collapsing into a full depression at the end of 2008. Many insights into the behind-the-scenes decisions being made, the extradordinary steps made to prop up the economy, and the complexity of it all.