Americans often hear from and about big names at the Federal Reserve – like Yellen, Bernanke and Greenspan – but rarely from the people on the inside who control the majority of the nation’s monetary policy and economy. But in a forthcoming exposé FED UP: An Insider’s Take on Why The Federal Reserve is Bad For America, Danielle DiMartino Booth, former advisor to the president of the Dallas Fed, opens up about the toxic culture within the Federal Reserve that perpetuates these broken policies, and presents her ideas for how to fix it – before another financial crisis strikes.
What’s more, while the election of another Washington insider like Clinton would have resulted in four more years of the same broken policy, the election of Trump opens the door to not only expose the current weaknesses of the Fed, but to make reform a reality, a possibility that didn’t previously exist. You can read more of DiMartino Booth’s thoughts on ways the Trump Administration can make change here.
Drawing upon her first-hand experiences at the Fed, this book illuminates how the Fed abdicated its responsibility to the American people both before and after the financial crisis– and how nobody within the Fed seems to have learned or changed from the experience. For example:
· Heads of the Federal Reserve are unelected academics with no real business experience and yet exert a tremendous influence on the American economy.
· Coastal Fed Banks (New York, San Francisco) have a disproportionate amount of influence on monetary policy compared to Fed banks in the heartland (Cleveland, Dallas).
· Economists at the Fed work with outdated data and defunct models in order to create policy that affects real Americans.
· Staff at the Fed have a revolving door with Wall Street, especially Goldman Sachs.
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