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A Federal Reserve insider pulls back the curtain on the secretive institution that controls America’s economy
After correctly predicting the housing crash of 2008 and quitting her high-ranking Wall Street job, Danielle DiMartino Booth was surprised to find herself recruited as an analyst at the Federal Reserve Bank of Dallas, one of the regional centers of our complicated and widely misunderstood Federal Reserve System. She was shocked to discover just how much tunnel vision, arrogance, liberal dogma, and abuse of power drove the core policies of the Fed.
DiMartino Booth found a cabal of unelected academics who made decisions without the slightest understanding of the real world, just a slavish devo�tion to their theoretical models. Over the next nine years, she and her boss, Richard Fisher, tried to speak up about the dangers of Fed policies such as quanti�tative easing and deeply depressed interest rates. But as she puts it, “In a world rendered unsafe by banks that were too big to fail, we came to understand that the Fed was simply too big to fight.”
Now DiMartino Booth explains what really happened to our economy after the fateful date of December 8, 2008, when the Federal Open Market Committee approved a grand and unprecedented ex�periment: lowering interest rates to zero and flooding America with easy money. As she feared, millions of individuals, small businesses, and major corporations made rational choices that didn’t line up with the Fed’s “wealth effect” models. The result: eight years and counting of a sluggish “recovery” that barely feels like a recovery at all.
While easy money has kept Wall Street and the wealthy afloat and thriving, Main Street isn’t doing so well. Nearly half of men eighteen to thirty-four live with their parents, the highest level since the end of the Great Depression. Incomes are barely increasing for anyone not in the top ten percent of earners. And for those approaching or already in retirement, extremely low interest rates have caused their savings to stagnate. Millions have been left vulnerable and afraid.
Perhaps worst of all, when the next financial crisis arrives, the Fed will have no tools left for managing the panic that ensues. And then what?
DiMartino Booth pulls no punches in this expos� of the officials who run the Fed and the toxic culture they created. She blends her firsthand experiences with what she’s learned from dozens of high-powered market players, reams of financial data, and Fed docu�ments such as transcripts of FOMC meetings.
Whether you’ve been suspicious of the Fed for decades or barely know anything about it, as DiMartino Booth writes, “Every American must understand this extraordinarily powerful institution and how it affects his or her everyday life, and fight back.”
- Sales Rank: #1263 in Books
- Published on: 2017-02-14
- Released on: 2017-02-14
- Original language: English
- Dimensions: 8.30" h x 1.00" w x 6.25" l, 1.10 pounds
- Binding: Hardcover
- 336 pages
Review
“This view from the inside is not to be missed.”
—A. GARY SHILLING, president of A. Gary Shilling & Co., Inc.
“Danielle DiMartino Booth has written an informed, thoughtful, eye-opening—and justifiably angry—memoir of her days at the Federal Reserve. A monetary broadside for our populist world.”
—JAMES GRANT, publisher of Grant’s Interest Rate Observer
“An outsider-turned-insider gives a gripping account of how false, but stubbornly held beliefs at the Fed helped create the global economic crisis as well as contribute to rising inequality in the United States. Brutally honest and engagingly written . . . A mustread.”
—WILLIAM R. WHITE, former economic adviser and head of the monetary and economic department at the Bank for International Settlements
“Penned with bold prose and laced with compelling arguments, Booth delineates the exact reasons that the Fed has failed America and why America should abandon the Fed. Fed Up is a must-read tale of the over-reaching power, unfettered egos and clueless bravado that struck at the core of American stability, and must do so no longer.”
—NOMI PRINS, author of All the Presidents’ Bankers
“The road to hell is paved with good intentions. [Booth] personalizes and clearly explains the influence, the danger, and the consequences of monetary activism gone wild.”
—PETER BOOCKVAR, chief market analyst at The Lindsey Group
“This book is a must read for every American who wants to stay informed and educated about our financial future.”
—ALLEN WEST, member of the 112th US Congress
“If you want to read a strong counterpoint—from the perspective of a lonely non-Keynesian within the Fed—to the ‘we saved the world’ narratives of those who led us to zero yields, asset bubbles, and a fast-shrinking middle class, this is it.“
—ROB ARNOTT, chairman of Research Affiliates
“Danielle DiMartino Booth proves that insightful technical analysis and hilarious anecdotes can exist between the covers of the same book.”
—JAMES RICKARDS, author of The Road to Ruin
“Booth’s insider status, captivating personality, mellifluous writing style, and keen sense of observation are wrapped up into a thoughtful analysis of our country’s dependency on the Fed and the worrisome consequences of that addiction.”
—DOUGLAS A. KASS, founder and president of Seabreeze Partners Management Inc.
“DiMartino Booth combines a lively writing style with careful research, quotes and annotations. Her first-hand account, which juxtaposes the complacency inside the Fed with the unfolding crisis outside, should appeal to a wide range of readers, from critics of the Fed and market participants to the average person eager to learn how monetary policy is conceived and executed.”
–CAROLINE BAUM, MarketWatch
About the Author
Danielle DiMartino Booth�is the founder of Money Strong, LLC, an economic consulting firm. She began her career in New York at Donaldson, Lufkin & Jenrette and Credit Suisse, where she worked fixed income and the public and private equity markets. After work�ing as a financial columnist at the Dallas Morning News, DiMartino Booth spent nine years as an adviser to Richard Fisher at the Federal Reserve Bank of Dallas. She lives in Dallas with her family.
Most helpful customer reviews
18 of 19 people found the following review helpful.
Fed mandarins destroying our system
By Steve Fleischer
Are you in your "golden years" and hurting financially? You played by the rules, you worked hard and you saved for retirement and now you are scraping by on a tiny income.
Read "Fed Up" to find out how the Federal reserve has rigged the game against you.
But worse than that, the Fed has set us up for more bubbles like the 2008 crash, encouraged Washington to grow the national debt, and has set up insurance companies and pension funds for a devastating crash.
Hard to believe that an opaque bureaucracy that most of us know little about can have so much power, but Danielle DiMartino Booth shows the power of the Fed. As an aside, she shows how people with limited real world experience and a demonstrated practical incompetence (but with very good power acquisition skills) can rise to a level where they can affect every aspect of our lives.
If this book doesn't make you want to grab your pitchfork and torch, then nothing will. If you need an explanation of how Trump was elected, this glimpse into the inner workings of the Washington system will explain why Americans are both frustrated and angry.
Danielle DiMartino Booth illustrates Felix Dennis' statement: "America is an empire. I hope you know that now. All empires, by definition, are bumbling, shambolic, bullying, bureaucratic affairs, as certain of the rightness of their cause in infancy, as they are corrupted by power in their dotage."
13 of 14 people found the following review helpful.
they've done great economic harm to the taxpayers of this country
By JJJ
Almost makes you think a PhD in Economics should disqualify you from a position with the Fed. With their consistent tunnel vision and inability to appreciate economic facts right before their eyes, they've done great economic harm to the taxpayers of this country. This book is refreshing in it's approach and insight into the Fed's policy making approach and exposes the out-of-touch theories resulting from academics with no real life experience in the world they claim to understand with their "mathematical models".
2 of 2 people found the following review helpful.
Do you know the Federal Reserve? I would bet the answer is "No."
By Gary Hines
Let me offer a disclaimer that I am not a PhD. However, neither is DiMartino Booth.
I'm not sure what expectation I had in reading this book, but in meeting Danielle a few times in the past, I was looking forward to her writing prose based on her whimsical delivery of keynote addresses in the past. After completing, I had mixed emotions for how to write this review. Left with being curious, mad (other stronger words would better portray my feelings here), and somewhat "hollow," I had the want for more.
A few things to consider for this book:
1) Don't read this book with the expectation of it fully answering the needs of the future of the Fed. However, there are some great closing thoughts of what key elements of change may look like for the most powerful monetary policy organization in the free world. I am left with a wonder of what a priority of change might look like - but suspect that DiMartino Booth leaves that discretion to the reader and others to determine next steps.
2) If you have never met Danielle, you may see this book as a complaint for her lack of PhD credentials within a very powerful policy organization. Knowing Danielle, she is the bull in the china closet that brought her own closet (line borrowed from her book). A no-holds-bar girl living in Dallas, she wants to make a difference - and I appreciate that about her.
3) I'm now embarrassed by my level of ignorance of our money and fiscal policy setting efforts within the United States. I don't hold this against anyone and if anything Danielle has helped open my eyes in understanding this - from a non-theoretical perspective. Although there are a few terms and macro economic monetary policy items covered that were over my head, DiMartino Booth delivers her message in a way that most will appreciate. Her character development throughout the book allowed me to feel like I personally knew some of the most powerful fiscal doves and hawks of the world.
4) Allow a few days to be taken somewhere you did not expect to go, while at the same time realizing the need to be there. My understanding of the Federal Reserve is much higher than before I started - even being an educated white collar twice college graduate. I've spent more time within the 7 days following the read digging and learning more about "the system" than I ever thought I would want to learn. Would Danielle of wanted it that way - I think so.
5) There is no nimber 5. Click Buy Now and get the book. Not interested in reading the book directly - buy the audio book version and allow DiMartino Booth to take you on a journey that you will never regret. A journey to a new understanding of what drives the very fabric of the monetary system of the free world.
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