America’s Bank is a book written by Roger Lowenstein that delves into the history of the Federal Reserve System. The book provides an in-depth analysis of how the Fed was created, its role in the financial system, and how it has evolved over time. The book is divided into four parts, each of which covers a different period in the history of the Fed.
The first part of the book covers the creation of the Fed and the events leading up to it. The book starts by discussing the panic of 1907, which was a financial crisis that shook the confidence of Americans in the banking system. The panic led to the creation of the National Monetary Commission, which was tasked with investigating the causes of the crisis and recommending solutions. The commission’s recommendations ultimately led to the creation of the Federal Reserve System.
Part Two: The Great Depression
The second part of the book covers the Great Depression and the role that the Fed played during that time. The book discusses how the Fed failed to recognize the severity of the crisis and how its actions, or lack thereof, contributed to the depth and duration of the depression. The book also discusses how the Fed eventually changed its approach and how its actions, such as the creation of the Reconstruction Finance Corporation, helped to stabilize the economy.
Part Three: The Post-War Boom
The third part of the book covers the post-war boom and how the Fed managed the economy during that time. The book discusses how the Fed’s actions, such as its monetary policy, helped to fuel the boom and how its inaction contributed to the recessions of the late 1940s and early 1950s. The book also discusses how the Fed’s actions, such as its support of the housing market, helped to fuel the suburban boom of the 1950s.
Part Four: The Crisis of 2008
The fourth part of the book covers the financial crisis of 2008 and how the Fed managed the crisis. The book discusses how the Fed’s actions, such as its decision to bail out the banks, helped to prevent a complete meltdown of the financial system. The book also discusses how the Fed’s actions, such as its quantitative easing program, helped to stimulate the economy and how its inaction contributed to the slow recovery that followed.
Conclusion
America’s Bank is a comprehensive history of the Federal Reserve System that provides readers with an understanding of the Fed’s role in the financial system and how it has evolved over time. The book is well-written and provides readers with a clear understanding of the complexities of the Fed’s actions. Overall, America’s Bank is a must-read for anyone interested in understanding the history of the Fed and its role in the financial system.
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