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Nick Timiraos
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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

by Nick Timiraos (Author)
4.5 4.5 out of 5 stars 269 ratings
See all formats and editions
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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.

Previous page
  1. Print length
    1 pages
  2. Language
    English
  3. Publisher
    Hachette Book Group and Blackstone Publishing
  4. Publication date
    March 1, 2022
  5. Dimensions
    5.91 x 1.18 x 5.67 inches
  6. ISBN-10
    1668608375
  7. ISBN-13
    978-1668608371
  8. See all details
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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
  • Item Weight ‏ : ‎ 8.4 ounces
  • Dimensions ‏ : ‎ 5.91 x 1.18 x 5.67 inches
  • Customer Reviews:
    4.5 4.5 out of 5 stars 269 ratings

About the author

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Nick Timiraos

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
4.5 out of 5
269 global ratings

Top reviews from the United States

Kindle Customer
5.0 out of 5 stars Hard not to be Proud
Reviewed in the United States on June 25, 2023
Verified Purchase
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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Rosalyn Smith
5.0 out of 5 stars A revealing behind the scenes look at the unfolding COVID driven Financial Crisis.
Reviewed in the United States on March 6, 2022
Verified Purchase
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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Terry Jennrich
4.0 out of 5 stars The economic damage done by the pandemic of 2020
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.
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Louis S. Barnes II
5.0 out of 5 stars Best Ever On Fed
Reviewed in the United States on April 9, 2022
Verified Purchase
The best because free of politics or economic predisposition. The first part dry table-setting, then the wild and unprecedented Covid crisis in March 2020, and the rising inflation since. Right to the edge of Ukraine! Which is oddly useful: what exactly has Ukraine changed, and Timiraos sets the benchmark. He saves his own opinions until the very end, in separate and brilliant embrace of skepticism and rethinking his own mind. And ours.
8 people found this helpful
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Michael Simonsen
5.0 out of 5 stars a surprising page-turner
Reviewed in the United States on November 23, 2022
Verified Purchase
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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Kindle Customer
3.0 out of 5 stars What does Trump have to do with it?
Reviewed in the United States on May 31, 2022
Don't get the whole Fed vs Trump angle. Both favored low interest rates. Trump certainly wasn't opposed to bond purchases either. To the extent that Trump showed a bad attitude toward lockdowns, avoiding them would have helped the economy. The common thread seems to be the reporter wants a good guy- Powell, and a bad guy- Trump.
13 people found this helpful
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steve walsh
5.0 out of 5 stars Behind the Curtain!
Reviewed in the United States on March 23, 2022
Verified Purchase
Unemployment at 3.8%. GDP growth 7%. Inflation (cough) 7.9%.

WHAT this book CLEARLY demonstrates "it could have been worse...much worse"

IF you want to see what happens "behind the curtain", this book is a must read.
5 people found this helpful
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Clara McGuire
4.0 out of 5 stars Get Learnt
Reviewed in the United States on June 14, 2022
The people that probably should read this book won't and many who do will say it's not new news or not an exciting story. Then there are those of us that find American history, economies, how quickly our position in the the world could shift, qualities of leadership all so very interesting. This is a piece if the puzzle for those of us ever trying to see the whole picture. Books like this remind us how we are governed by over grown children just like ourselves and having the right person in place can make all the difference. And people, we can't pick our leaders based on celebrity. Not anymore. It could literally kill us. Experience matters. This book came recommended by the guy in charge of investing at Berkshire Hathaway in a pod cast I heard. It's an important part of world history we lived through.
One person found this helpful
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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
Verified Purchase
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.
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Antonio Madeira
5.0 out of 5 stars excelente
Reviewed in Brazil on July 20, 2022
Verified Purchase
Este livro cobre de forma detalhada as ações do FED para salvar a economia americana em 2020. Muito bem escrito. Vale a pena.
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Konstantinos Papachatzakis
5.0 out of 5 stars !
Reviewed in Germany on October 20, 2022
Verified Purchase
Perfect!
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Francis T Gill
5.0 out of 5 stars banger
Reviewed in the United Kingdom on August 1, 2022
Verified Purchase
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.
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Nico
4.0 out of 5 stars Great read!
Reviewed in the United Kingdom on September 16, 2022
Verified Purchase
If you are interested about CB policy decisions then it’s a must read. Tim did a great job explaining to the public about a topic that is very complicated and rather boring!
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