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Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic---and Prevented Economic Disaster Audio CD – Unabridged, March 1, 2022

4.5 4.5 out of 5 stars 290 ratings

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How is it possible that a once-in-a-century pandemic that killed hundreds of thousands of Americans and left millions more jobless didn't also destroy the country's economy? One of the biggest reasons: Jay Powell and the Fed. Trillion Dollar Triage is the inside story of how an unassuming civil servant created trillions of dollars from thin air, fended off a barrage of attacks from Donald Trump, and made sure the worst economic shock since the 1930s didn't turn into a second depression.

By February 2020, the U.S. economic expansion had become the longest on record. Unemployment was plumbing half-century lows. Stock markets soared to new highs. One month later, the public health battle against a deadly virus had pushed the economy into the equivalent of a medically induced coma. America's workplaces--offices, shops, malls, and factories--shuttered. Many of the nation's largest employers and tens of thousands of small businesses faced ruin. Over 22 million American jobs were lost. The extreme uncertainty led to some of the largest daily drops ever in the stock market.

Nick Timiraos, the Wall Street Journal's chief economics correspondent, draws on extensive interviews to detail the tense meetings, late night phone calls, and crucial video conferences behind the largest, swiftest U.S. economic policy response since World War II. Trillion Dollar Triage goes inside the Federal Reserve, one of the country's most important and least understood institutions, to chronicle how its plainspoken chairman, Jay Powell, unleashed an unprecedented monetary barrage to keep the economy on life support. With the bleeding stemmed, the Fed faced a new challenge: How to nurture a recovery without unleashing an inflation-fueling, bubble-blowing money bomb?

Trillion Dollar Triage is the definitive, gripping history of a creative and unprecedented battle to shield the American economy from the twin threats of a public health disaster and economic crisis. Economic theory and policy will never be the same.

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Editorial Reviews

Review

Meticulously reported and deftly told.

-- "David Wessel, author of In Fed We Trust: Ben Bernanke's War on the Great Panic"

Product details

  • Publisher ‏ : ‎ Hachette Book Group and Blackstone Publishing; Unabridged edition (March 1, 2022)
  • Language ‏ : ‎ English
  • Audio CD ‏ : ‎ 1 pages
  • ISBN-10 ‏ : ‎ 1668608375
  • ISBN-13 ‏ : ‎ 978-1668608371
  • Dimensions ‏ : ‎ 5.91 x 1.18 x 5.67 inches
  • Customer Reviews:
    4.5 4.5 out of 5 stars 290 ratings

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Nick Timiraos
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Nick Timiraos is the chief economics correspondent for The Wall Street Journal, where he covers the Federal Reserve and U.S. economic policy. He joined the Journal in 2006 and previously wrote about the U.S. housing bust and the 2008 election. He is a graduate of Georgetown University and lives with his family in Washington, D.C.

Customer reviews

4.5 out of 5 stars
290 global ratings

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Customers say

Customers find the book interesting and informative, providing detailed details about the market crash in 2020. They describe it as an exciting page-turner that provides a behind-the-scenes look.

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4 customers mention "Readability"4 positive0 negative

Customers find the book engaging and informative. They describe it as a must-read and the best book on the 2020 market crash.

"...Exciting and informative." Read more

"An interesting read; but hindsight is 20/20, as we now know with inflation running rampant followed by the Fed’s crackdown by raising interest rates..." Read more

"...IF you want to see what happens "behind the curtain", this book is a must read." Read more

"...had done, how market react, how people behind it think next step, amazing book. Must read." Read more

3 customers mention "Information quality"3 positive0 negative

Customers find the book informative and detailed. It provides an overview of what the Fed did, how the market reacted, and the people involved.

"...Exciting and informative." Read more

"...Very valuable insights into how different players perceived the crisis and how the responses did and did not kept the markets across multiple..." Read more

"Very detailed everything happened, what Fed had done, how market react, how people behind it think next step, amazing book. Must read." Read more

Top reviews from the United States

  • Reviewed in the United States on December 7, 2024
    Book was in unread condition, just with a remainder mark, as described.
  • Reviewed in the United States on November 23, 2022
    I expected some history, some insight, maybe a scoop, but I didn’t expect such a riveting story. Hour by hour as the world ground to a halt. The extraordinary process a handful of wonks went through to save our economy. Exciting and informative.
    4 people found this helpful
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  • Reviewed in the United States on December 3, 2024
    An interesting read; but hindsight is 20/20, as we now know with inflation running rampant followed by the Fed’s crackdown by raising interest rates to the highest levels in 40 years. I caught a minor, but prominent, error. John Marshall was not the first Chief Justice of the U.S. Supreme Court. That was John Jay. Marshall was the fourth CJ. He was, however, the longest tenured CJ, and the most renowned, for elevating the judiciary over the Executive and Legislative branches - so called judicial review. Marbury v. Madison (1803).

    BTW, my doctorate is in Public Policy and Political Economy, so I know something about the subject matter. All tolled, it was an interesting read.
  • Reviewed in the United States on July 20, 2024
    Very well written. Would like to see a follow up book in regards to the inflationary battle after the trillion dollar triage.
    One person found this helpful
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  • Reviewed in the United States on March 6, 2022
    This facilitating book goes back into a day by day examination of the unfolding financial crisis and market volatility as the COVID pandemic unfolded. The spiraling fresh events and the policy responses are examined from a markets, political and FED perspectives. Very valuable insights into how different players perceived the crisis and how the responses did and did not kept the markets across multiple asset classes from grinding to a halt. A detailed insider look at the process and players involved in a global triage as COVID pushed the FED's leaders and decision makers into uncharted territory.
    17 people found this helpful
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  • Reviewed in the United States on July 28, 2024
    If you like biographies and detailed histories, you will like this. I couldn't stand how detailed it was, down to who was eating what and what time and day this person met with that person, etc. For most people, you'll get the gist by reading a one-page summary online.
    One person found this helpful
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  • Reviewed in the United States on June 25, 2023
    I watch the markets everyday and was a mature investor at this point. Jay Powell and his associates did a masterful job. Despite inflation spike, this has to be as smooth a landing as anyone could expect. As I write, the Ukraine war may come to a very positive result. Economies around the world may be able to rejoice!!
    One person found this helpful
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  • Reviewed in the United States on November 26, 2022
    I did not realize until reading this book, just how bad the economic harm caused by the COVID 19 Pandemic was to the U.S. economy from 2020 - 2022. Nor did I realize just how much Chairman Jay Powell, Treasury Secretary Mnuchin, Lael Brainard, Richard Clarida, John Williams and a few members of Congress from both parties in both houses crafted legislation to help the Federal Reserve Bank perform it's roles of maintaining employment, keeping inflation in check, and serving as the Lender of Last resort during panics to keep the financial system functioning so business could perform its tasks and keep the economy running and keep people employed. The Fed could not do it alone it needed Congressional stimulus money to deal with the economy crushing Covid 19 Virus. Powell learned the lessons of the 2008-2009 Great Recession and its debilitating effect on the U.S. economy requiring an extended recover period of time. The lesson was: "go big and go fast." The author believe Powell "prevented a financial disaster from making a medical and economic disaster magnitudes worse" (pg.300). Donald Trump's performance as President was problematic throughout the economic crisis.

Top reviews from other countries

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  • Moin Yahya
    5.0 out of 5 stars Gripping story
    Reviewed in Canada on August 31, 2022
    Monetary policy is boring and dry. But the author manages to tell an exciting and compelling story of a major event in our political, monetary, and human history. Worth a read for anyone interested in policy or history.
  • Antonio Madeira
    5.0 out of 5 stars excelente
    Reviewed in Brazil on July 20, 2022
    Este livro cobre de forma detalhada as ações do FED para salvar a economia americana em 2020. Muito bem escrito. Vale a pena.
  • Sven H.
    5.0 out of 5 stars Great insights
    Reviewed in the United Kingdom on September 5, 2024
    This solid book provides valuable insights with dates, figures, quotes, and references. However, it was disappointing that the hardcover's book sleeve arrived with three sides torn or folded. The hardcover book version seems intended for circulation rather than collection or display.
  • Konstantinos Papachatzakis
    5.0 out of 5 stars !
    Reviewed in Germany on October 20, 2022
    Perfect!
  • Francis T Gill
    5.0 out of 5 stars banger
    Reviewed in the United Kingdom on August 1, 2022
    It’s a great blow by blow. Powell is obviously very smart and by being a student of the game he leaned the lesson of doing things too small and went big and went fast.