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Fed Up: An Insider's Take on Why the Federal Reserve Is Bad for America Audible Audiobook – Unabridged

Danielle DiMartino Booth (Author, Narrator), Penguin Audio (Publisher)
4.6 out of 5 stars 842 ratings

An insider's unflinching exposé of the toxic culture within the Federal Reserve.

In the early 2000s, as a Wall Street escapee writing a financial column for the Dallas Morning News, Booth attracted attention for her bold criticism of the Fed's low interest rate policies and her cautionary warnings about the bubbly housing market. Nobody was more surprised than she when the folks at the Dallas Federal Reserve invited her aboard. Figuring she could have more of an impact on Fed policies from the inside, she accepted the call to duty and rose to be one of Dallas Fed president Richard Fisher's closest advisors.

To her dismay, the culture at the Fed - and its leadership - were not just ignorant of the brewing financial crisis but indifferent to its very possibility. They interpreted their job of keeping the economy going to mean keeping Wall Street afloat at the expense of the American taxpayer. But bad Fed policy created unaffordable housing, skewed incentives, rampant corporate financial engineering, stagnant wages, an exodus from the labor force, and skyrocketing student debt. Booth observed firsthand how the Fed abdicated its responsibility to the American people both before and after the financial crisis - and how nobody within the Fed seems to have learned or changed from the experience.

Today the Federal Reserve is still controlled by 1,000 PhD economists and run by an unelected West Coast radical with no direct business experience. The Fed continues to enable Congress to grow our nation's ballooning debt and avoid making hard choices, despite the high psychological and monetary costs. And our addiction to the "heroin" of low interest rates is pushing our economy toward yet another collapse.

This book is Booth's clarion call for a change in the way America's most powerful financial institution is run - before it's too late.

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  1. Listening Length
    9 hours and 57 minutes
  2. Author
    Danielle DiMartino Booth
  3. Narrator
    Danielle DiMartino Booth
  4. Audible release date
    February 14, 2017
  5. Language
    English
  6. Publisher
    Penguin Audio
  7. ASIN
    B01NBUC2UW
  8. Version
    Unabridged
  9. Program Type
    Audiobook
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Product details

Listening Length 9 hours and 57 minutes
Author Danielle DiMartino Booth
Narrator Danielle DiMartino Booth
Whispersync for Voice Ready
Audible.com Release Date February 14, 2017
Publisher Penguin Audio
Program Type Audiobook
Version Unabridged
Language English
ASIN B01NBUC2UW
Best Sellers Rank

Customer reviews

4.6 out of 5 stars
842 global ratings

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Customers say

Customers find the book engaging and easy to read, with one noting it reads like a novel. Moreover, the book provides valuable insights into the Federal Reserve's inner workings, and customers appreciate its clear writing style and humorous stories. However, the book receives mixed feedback regarding the Federal Reserve's quality, with some customers expressing concerns about its competence.

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ReadabilityInsightWriting styleNarrative styleClarityHumorFeed qualityTalent
97 customers mention "Readability"97 positive0 negative

Customers find the book highly readable, describing it as a fascinating and fun read that reads like a novel.

"...Her “style” is that of a Story-Teller – and an immensely engaging one at that!..." Read more

"...Again important reading, demanding serious reform of very powerful entities...." Read more

"...The book is worth a read, and she is an entertaining interview (her blog seems a bit forced and no longer offered for free)...." Read more

"This is a terrific book. I have managed investments for more than 40 years so I have observed the Fed and taken note of its actions for a long time...." Read more

96 customers mention "Insight"88 positive8 negative

Customers find the book insightful, particularly appreciating its perspective on the Federal Reserve, with one customer noting it provides an amazing view into its inner workings.

"...If you have some knowledge of finance and banking, this book will give you new insights. You will learn how the game is rigged...." Read more

"As a brilliant financial analyst from a hard-scrabble background who worked her way through an MBA in finance from the University of Texas –..." Read more

"...knowledgeable person with no political ax to grind, and with a unique vantage point from which to chronicle the most relevant activities that led to..." Read more

"...the book jumps forward and backward in time as needed, the reader is carefully guided through each step from pre-crisis to present day...." Read more

59 customers mention "Writing style"54 positive5 negative

Customers appreciate the writing style of the book, finding it very clearly and well written, with one customer noting the author's ability to tell a story.

"Well, for starters, Danielle certainly can WRITE! Her “style” is that of a Story-Teller – and an immensely engaging one at that!..." Read more

"...I find her writing style interesting and easy to listen to, and her stories about the inside of the Fed are fascinating...." Read more

"...Besides that, she can write and tell a story...." Read more

"...there and probably better in some respects, because the author has some great credibility in the “I told you so” department: she did see the crisis..." Read more

26 customers mention "Narrative style"21 positive5 negative

Customers enjoy the narrative style of the book, with one customer noting it reads like an action thriller, while another finds it easy to understand.

"...Sitting presently on page 175 (of 326), I am thoroughly engaged in her STORY...." Read more

"...interesting and easy to listen to, and her stories about the inside of the Fed are fascinating...." Read more

"...personal story of the author’s career at the Fed, providing an actually rather decent narrative of how the crisis of 2006-2009 unfolded..." Read more

"...for placing the historical facts into a distinctly well written, concise narrative...." Read more

9 customers mention "Clarity"9 positive0 negative

Customers appreciate the clarity of the book, with one mentioning it provides an inside view of the Federal Reserve.

"...So what!? She's doing BIG PICTURE, here...." Read more

"...Her clear, concise writing explains complex concepts without sounding pedantic...." Read more

"...Finally, Danielle DiMartino Booth's book provides a clear view into the operation of provincial Federal Reserve and its Open Market Committee that..." Read more

"...This book was a nice view into the behind the scenes activity of the author's experience, while she was supporting Richard Fisher, the Dallas FED..." Read more

6 customers mention "Humor"6 positive0 negative

Customers find the book humorous, with several mentioning its entertaining stories, and one customer noting they laughed out loud several times.

"...information it provided--much of it very good and entertaining commentary from an insider--but since the 5-star rating has been so often "..." Read more

"Oh my, what a funny (??) book...." Read more

"Daniel is a good writer making the Fed an interesting subject with humor and anecdotes...." Read more

"...an entertaining read with real life character descriptions and humorous stories. I read a vast variety of books and this one is a favorite...." Read more

8 customers mention "Feed quality"5 positive3 negative

Customers have mixed opinions about the book's approach to the Federal Reserve, with some appreciating its accessibility for normal people, while others criticize it as disconnected from reality.

"...The Fed deserves more scrutiny and I look forward to finishing the book and reading your next one." Read more

"...You will learn how the game is rigged. The Fed is not really independent...." Read more

"...This book is good for economists, Fed Watchers and anyone who enjoys reading about the Great Recession." Read more

"Great book. The FED is a joke." Read more

8 customers mention "Talent"4 positive4 negative

Customers have mixed opinions about the author's talent, with some describing them as incompetent.

"...of extremely smart, extremely hard-working, and extremely well-intentioned individuals who have been charged with the task of managing the mechanics..." Read more

"A very revealing look into the corruption, incompetence and arrogance inside the FED...." Read more

"...I'm thankful she was bold enough, insightful enough, skilled enough to take on this mission of exposing how the Fed operates...." Read more

"Disappointing. Seemed more of a rant, rave and complain about everyone book while believing to know the answers to everything...." Read more

A great book about how federal reserve and the housing crisis
5 out of 5 stars
A great book about how federal reserve and the housing crisis
Danielle has been outspoken and on point about the housing market bubble/crisis since the gfc. She has an insider’s knowledge about the federal reserve and the government, and how decisions are made. She’s very smart and unafraid to speak the truth.
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Top reviews from the United States

  • Robert M. Lemmenes
    5.0 out of 5 stars Well, for starters, Danielle certainly can WRITE! ...
    Reviewed in the United States on April 29, 2017
    Format: KindleVerified Purchase
    Well, for starters, Danielle certainly can WRITE! Her “style” is that of a Story-Teller – and an immensely engaging one at that! I am presently about half-way through – and this is just my second “session” . . . 'once “started”, 'hard to “stop”! Some may (understandably) find it very difficult to follow her “timelines”, as she does not (hardly) maintain a strict chronological presentation. But that's NOT her “point”, here; she's NOT presenting as an “historian” in the realm of academia but rather as an “educator”to the greater American public-at-large … and precisely, consciously, AS a “Story-Teller”! Others will find cause to complain that she fails to adequately ”explain” certain (apparently crucial) things and/or to elaborate sufficiently on various “linkages” that she might appear to concede as “self-evident”. Both criticisms are not unwarranted; but do not conflate same as evidence of conceit or condescension, as reading only a few pages will reveal to you that neither is AT ALL the case! At the same time, recognize and appreciate that this work is NOT a “textbook” on modern finance; neither is it an "expose" on finance industry games, gimmicks and tricks . . . it is a STORY, drawn from the first-hand personal experiences of the author. It is what it is, and is not what it is not. Sitting presently on page 175 (of 326), I am thoroughly engaged in her STORY. Yes, the foregoing criticisms “apply equally” to me – and that's coming from someone with a BBA in Finance and 5+ years experience with the US Treasury in a branch entailing commercial bank regulatory supervision! So what!? She's doing BIG PICTURE, here. And it definitely provides “echoes” of why I resigned (quit) my US Treasury position: Back then, I called it “BBB” – Bureaucrats, Bankers and Bullshit. Danielle more delicately references the exact same thing as “myopia and hubris.” 'Same difference, fundamentally – except that (so far) she somewhat shortchanges the role of “entrenched bureaucracy” and avoids the actual (severe) damage inflicted by solely self-serving “career bureaucrats”. Obviously, I am immensely curious to discover what the remaining 152 pages disclose/reveal/unveil. Also, I am recently made aware that she “blogs” (is it?) due to her recently introduced and recurring status as a “Contributor” to a subscription service that I'd rather NEVER DO WITHOUT! Her (voluntarily shared/donated) posts are (what?) “elegant” – about as much genuine American (socio-cultural) “literature” as they are informatively insightful of financial “markets” and geo-political “events”. For those who DO NOT NEED “convincing” over the value of Danielle's work, she's easy-to-find ONLINE via your preferred SEARCH engine. You may label me a “Fan”; I regard myself to be a skeptically respectful admirer of evident intelligence, perception, perspective, insight and talent – who also evidences rare class, style and taste in an uncommon “Common Man” manner (IMO). I find neither conceit nor condescension in Danielle, and wholly applaud her gritty decision to SPEAK UP!, and her determination to educate the clueless and inform the complacent of Main Street America.
    9 people found this helpful
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  • Adam Smith
    5.0 out of 5 stars Janet Yellen & the Sausage Factory
    Reviewed in the United States on February 21, 2017
    Format: HardcoverVerified Purchase
    You don't need a Fed insider to tell you how unhealthy the Fed's brand of sausage is; many outsiders have written compelling, damning critiques of its actions. However, you do need a Fed insider to explain how a large group of ostensibly well-intentioned intellectuals can produce and then double and quadruple down on such a toxic policy mix, even as they discover their utter ignorance of the capital markets and economy they manipulate. After reading Fed Up, my conclusion is that it results from a lethal combination of dogma, hubris, and unaccountable power. DiMartino Booth does the world a great service providing a guided tour of the Sausage Factory. Now we need the public (or at least its elected representatives) to take notice and enact reform; DiMartino Booth's proposed remedies in the last chapter are a good start. The Fed should act as the markets'/economy's shock absorber (lender of last resort, at above-market rates) and traffic cop (regulator), never its whole suspension let alone drive train.

    My only disappointment is that Fed Up did not discuss the chairs' or board's motives in any depth. Examples are given showing how the Fed has persisted in extreme policy even after surpassing its self-defined dual mandate targets. Potential factors are illustrated, e.g. liquidity trap complications, fear of market volatility, etc. But we never quite get inside the heads of Bernanke or Yellen (let alone Draghi or Abe). I cannot fault DiMartino Booth, as I expect she conscientiously resisted any temptation to speculate.

    Personally, I would most like to understand how today's central bankers really view and target elevated asset prices. My worst fear is that they actually think that high asset prices are evidence of success on their part; certainly there are Fed chair comments about both housing prices (quoted in the book) and stock markets (quoted elsewhere) that support this view. But are central bankers really that naïve? Surely they understand that an asset's *price* is not the same as its value (e.g. utility or future cash flows), and that manipulating price independent of value is problematic and rewards only those who liquidate before price normalizes to value. Disconnecting price from value destroys the most fundamental premise of investing, causing resources to be misallocated and impairing productivity. Beyond the obvious pricing distortions of policy rates and QE injections, there is ample evidence that the Fed and other central banks have routinely intervened with both jawboning and public actions at key moments where elevated asset prices were correcting. Further, there is ongoing speculation that they directly intervene via covert operations to artificially create BTFD momentum.

    Fed Up also discusses the pathology of TBTF banks, regulatory capture, and the metastasis of Government Sachs. Again important reading, demanding serious reform of very powerful entities. About the most charitable conclusion I reached is that the Fed is more a useful idiot for GS, TBTF banks, HFTs, and other speculators and rentiers than it is their direct puppet. Feel better?
    9 people found this helpful
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Top reviews from other countries

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  • Patricia ad
    3.0 out of 5 stars Experiencias del autor
    Reviewed in Mexico on August 20, 2023
    Format: HardcoverVerified Purchase
    El autor no se explica bien
    Report
  • Jean-Paul Azam
    5.0 out of 5 stars Adieu bon sens!
    Reviewed in France on October 6, 2017
    Format: HardcoverVerified Purchase
    Ce livre est une pépite qui permet de bien saisir comment des économistes académiques ont pris le pouvoir à la banque centrale américaine, avec des effets aussi dévastateurs qu'ignorés par les décideurs. L'auteure montre les dégats infligés par ces PhDs des meilleures Universités américaines qui ne quittent jamais des yeux l'écran de leur ordinateur, sur lequel défilent, non des nouvelles du monde, mais les prédictions de leurs modèles numériques. Chairman Bernanke a pu ainsi garder en toute bonne conscience le cap de sa politique monétaire qui a induement prolongé le boum des matières premières et retardé la reprise économique, qui ne serait peut-être jamais venue sans la mise en exploitation d'immenses réserves de gaz de shiste. Parmi les professions scientifiques, celle des économistes est probablement la plus machistes, et ce n'est vraiment pas une bonne nouvelle pour le commun des mortels.
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  • Colin Twiggs
    4.0 out of 5 stars An inside view on a dysfunctional Fed
    Reviewed in Australia on September 30, 2021
    Format: KindleVerified Purchase
    The last chapter is the key to the entire book. After mapping out Fed dysfunction and regulatory capture, DDMB makes her case for how to fix it.
    If the public knew how much damage monetary policy has wrought, they would march on The Fed with torches and pitchforks.
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  • ケネディマニア
    5.0 out of 5 stars ああいやんなっちゃった
    Reviewed in Japan on May 30, 2020
    Format: KindleVerified Purchase
    　金融知識や経験がないFRBのＭＩＴ出身の経済学博士達にいくら現状を説明しても理解してもらえない。経済学の知識はあっても、現実を知らない金融オンチには、金融政策は任せられない。しかし、彼らは真顔で経済論議をし、金融施策を検討している。これでは金融危機は回避できない、というのがこの著者である。そのとおり。ああいやんなっちゃった、というところであろうか。論語に中人以下に以て上を告ぐべからず、というのがある。一定のレベルに達しない者には、それ以上のことを伝えても意味がない、ということ。まだまだＦＲＢの迷走は続きそうである。
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  • Amazon Customer
    5.0 out of 5 stars Danielle reveals the incredible internal pressure to conform with the group think ( love the group stink phrase ) within the ent
    Reviewed in Canada on February 17, 2017
    Format: KindleVerified Purchase
    Powerfully written. Couldn't put it down. Incredible insider's view of the Fed's myopic , out of touch with reality view of the economy. Danielle reveals the incredible internal pressure to conform with the group think ( love the group stink phrase ) within the entire Fed. 1,000 economic PH'Ds on board , and the Fed. did not see the housing melt down coming.
    Yellen is exposed as one who would not see a crisis coming if she was sitting on a broken Levee in New Orleans during Katrina.( my analogy ). Serious reform ( unfortunately highly unlikely ) of the Fed's culture is required if they are going to
    be successful in their regulatory role and anticipate/prevent/manage the next financial disaster. With Yellen in charge America will never return to normal interest rates and un-do the economic distortions ZIRP creates.
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