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04052aam a2200373 i 4500 001 814D81B07E0411EE85718D4F22ECA4DB 003 SILO 005 20231108010026 008 220619t20232022nyu b 001 0 eng c 020 $a 1982166649 020 $a 9781982166649 035 $a (OCoLC)1330895815 040 $a YDX $b eng $e rda $c YDX $d BDX $d UKMGB $d NJT $d SILO 042 $a pcc 043 $a n-us--- 100 1 $a Leonard, Christopher, $d 1975- $e author. 245 14 $a The lords of easy money : $b how the Federal Reserve broke the American economy / $c Christopher Leonard 246 30 $a How the Federal Reserve broke the American economy 250 $a First Simon & Schuster trade paperback edition 264 1 $a New York : $b Simon & Schuster Paperbacks, $c 2023 300 $a viii, 373 pages ; $c 21 cm 500 $a Includes "A plain-English glossary of important terms in this book" (pages 343-352) 500 $a Includes bibliographical references (pages 307-341) and index 505 0 $a Part 1: "Respectfully, no". Going below zero ; Serious numbers ; The great inflation(s) ; Fedspeak ; The overmighty citizen ; The money bomb -- Part 2: The age of ZIRP. Quantitative quagmire ; The fixer ; The risk machine ; The ZIRP regime ; The Hoenig rule ; Totally normal -- Part 3: Let them eat assets. The invisible bailout ; Infection ; Winners and losers ; The long crash 520 $a "The New York Times bestselling business journalist Christopher Leonard infiltrates one of America's most mysterious institutions--the Federal Reserve--to show how its policies over the past ten years have accelerated income inequality and put our country's economic stability at risk"-- $c Provided by publisher. 520 $a "If you asked most people what forces led to today's unprecedented income inequality and financial crashes, no one would say the Federal Reserve. For most of its history, the Fed has enjoyed the fawning adoration of the press. When the economy grew, it was credited to the Fed. When the economy imploded in 2008, the Fed got credit for rescuing us. But the Fed also has a unique power to reshape the American economy for the worse, which it did, fatefully, on November 4, 2010 through a radical intervention called quantitative easing. In just a few short years, the Fed more than quadrupled the money supply with one goal: to encourage banks and other investors to extend more risky debt. Leaders at the Fed knew that they were undertaking a bold experiment that would produce few real jobs, with long-term risks that were hard to measure. But the Fed proceeded anyway...and then found itself trapped. Once it printed all that money, there was no way to withdraw it from circulation. The Fed tried several times, only to see market start to crash, at which point the Fed turned the money spigot back on. That's what it did when COVID hit, printing 300 years' worth of money in two short months. Which brings us to now: Ten years on, the gap between the rich and poor has grown dramatically, stock prices are trading far above what's justified by actual corporate profits, corporate debt in America is at an all-time high, and this debt is being traded by big banks on Wall Street, leaving them vulnerable--just as they were during the mortgage boom. Middle-class wages have barely budged in a decade, and consumers are buried under credit card debt, car loan debt, and student debt. The Lords of Easy Money tells the shocking, riveting tale of how quantitative easing is imperiling the American economy through the story of the one man who tried to warn us. This will be the first inside story of how we really got here--and why we face a frightening future."-- $c Provided by publisher 650 0 $a Federal Reserve banks. 650 0 $a Income distribution $z United States. 651 0 $a United States $x Economic policy. 651 0 $a United States $x Economic conditions. 941 $a 1 952 $l OPAX566 $d 20231108010355.0 956 $a http://locator.silo.lib.ia.us/search.cgi?index_0=id&term_0=814D81B07E0411EE85718D4F22ECA4DB 994 $a C0 $b UIRInitiate Another SILO Locator Search