First Responders
First Responders is an insider’s view of the U.S. government’s response to the 2007–2009 global financial crisis, as recounted by the people who made the key decisions. With chapters written by the teams tasked with finding policy solutions, this book provides a comprehensive accounting of the internal debates and controversies surrounding the measures that were taken to stabilize the financial system and the economy. Offering previously untold insight into the key choices and a frank evaluation of successes and failures, First Responders is both an important historical document and an indispensable guide for confronting future financial calamities.
“First Responders is an invaluable review of lessons learned from the front lines of the financial crisis, and a heartening story of dedicated public servants from both parties working together towards a common goal.”
—Jeremy Stein, Harvard University
"First Responders contains the stories of the heroic leaders who extinguished the financial firestorm of 2008. The accounts of their experience will be invaluable in fighting future crashes, and in preventing their occurrence."
—Janet Yellen, Former Chair of the Federal Reserve
"Much has been written about the financial crisis, but this book’s compendium of first-person accounts is uniquely valuable. Keep it on your bookshelf. You’ll refer to it frequently."
—Alan S. Blinder, Author of Advice and Dissent: Why America Suffers When Economics and Politics Collide
"When the next crisis hits, this is the book to which everyone will turn as the playbook for how to respond."
—Mervyn King, Former Governor of the Bank of England
Table of Contents
Chapter 1: The Financial Crisis and Its Lessons for the Future
Chapter 2: The Use and Effectiveness of Conventional Liquidity Tools Early in the Financial Crisis
Chapter 3: The Fed’s Novel Lender-of-Last-Resort Programs
Chapter 4: Nonbank Financial Institutions: New Vulnerabilities and Old Tools
Chapter 5: The Legal Authorities Framing the Government’s Response
Chapter 6: Rescuing the Mortgage Giants
Chapter 8: Recapitalizing the Banking System
Chapter 9: The Temporary Liquidity Guarantee Program
Chapter 11: Lessening the Impact of Bank Failures
Chapter 12: Crisis-Era Housing Programs
Chapter 13: The Rescue and Restructuring of General Motors and Chrysler
Chapter 14: Implementing TARP: The Administrative Architecture of the Troubled Assets Relief Program
Chapter 15: Monetary Policy during the Financial Crisis
Chapter 16: The Fiscal Response to the Great Recession: Steps Taken, Paths Rejected, and Lessons for Next Time
Chapter 17: International Coordination of Financial and Economic Policies
Chapter 18: Evidence on the Outcomes from the Financial Crisis Response