Ben S. Bernanke
was chosen chair of the
Federal Reserve in 2006
, marking the unexpected culmination of a personal odyssey from small-town South Carolina
to prominent academic posts and eventually public service in the halls of power in
. There wouldn't be any time to rejoice.
The bursting of a housing bubble in 2007
revealed the global financial system's underlying vulnerabilities, bringing it to the verge of collapse. Bernanke and his team at the Fed were consumed with efforts to stop the financial contagion, from the fall of investment bank
Bear Stearns to the enormous bailout of insurance giant
. They battled the crisis around the clock, using every weapon at their disposal to keep the
and global economy
The Fed, together with colleagues in the Treasury Department
, successfully stabilized a teetering financial system while working with two
and under assault from a contentious Congress
and a public outraged by
Wall Street malfeasance.
They avoided an unfathomable economic catastrophe via innovation and decisiveness and went on to design the unconventional initiatives that would help the US economy recover and become a model for other countries.
The Courage to Act
recounts and explains America's
biggest financial crisis and economic depression since the Great Depression, providing an insider's perspective of
responses. It is rich with information on the decision-making process in
and vivid portrayals of the important participants.
Ben S. Bernanke's book The Courage to Act: A Memoir of a Crisis and Its Aftermath is a memoir about a crisis and its aftermath. W. W. Norton Company published this book on May 2nd, 2017.