Fed Power : How Finance Wins.

Cover -- FED POWER: How Finance Wins -- Copyright -- Contents -- Acknowledgments -- 1: Why Fed Power Matters -- DON'T BUY THE FED HYPE -- The Catechism of the Fed -- Reality Test -- Fed Inaction -- Generating Inequality -- Expert Rule and the Anti-Democrats -- FINANCIAL PATHOLOGY: FINDING THE FED'S BIAS -- Favoritism 1, 2, and 3 -- Operational Favoritism -- Selecting Winners -- Missing in Action: Middle-Class Rescue -- Motivated Favoritism -- Revolving Doors -- Capture -- Fed Interests -- What We Are Not Claiming -- FINDING THE FED STATE -- Fed Exceptionalism -- The Takeoff -- Concealed Advantage -- Did You Know? -- Strategies of Concealment -- The Fed's Game Plan -- REFORMING THE FED -- The Fed's Legitimacy Deficit -- Why America Needs a Properly Designed Central Bank -- Yes, We Need a Central Bank -- Congress Ch annels the Distrust of the Fed -- America's Path to Effective Financial Management -- Concentrating Fed on Monetary Policy -- Building Consolidated Financial Management -- BREAKING THE SILENCE ON THE FED -- How the Fed Tames Debate -- Three Types of Evidence -- Researching Favoritism -- FROM FIERY POPULISM TO ACQUIESCENCE AND DOUBT -- 2: The Rise of the Fed State -- THE RAUCOUS POLITICS OF NINETEENTH-CENTURY MONETARY POLICY -- Economic Calamity -- Fiery Debates over Monetary Policy -- The Muting of Populist Opposition to Banks and Monetary Policy -- REMOVING MONETARY POLICY FROM DEMOCRATIC POLITICS: THE FEDERAL RESERVE ACT OF 1913 -- The Ruling Banks Did Not Rule -- The Compromise of 1913 -- Agreeing on the Big Plan -- Tactical Disputes on Details -- THE MAKING OF THE FED STATE -- The Takeoff: Fed State-Building, 1913-1952 -- First Comes Centralization -- Building National Administrative Capacity -- Going Independent -- The Trojan Horse of Emergency Powers -- Organizing Finance, 1952-1979 -- Seizing the Opportunity of Crisis.

Acting Independent -- New Policy Frameworks for Fed Activism -- Institutional Independence and Advancing Finance -- THE ERA OF FINANCE AND THE FED'S MONOPOLY OF MONETARY POLICY -- The New World of Global Finance -- Domesticating Modern Finance -- PAST AND FUTURE -- 3: Concealed Advantage -- THE BREAKDOWN IN MODERN FINANCE -- The New Brave World of Debt -- The Problem with the Fed -- Mistakes Instead of Mastery -- The Fed Stands Up for Itself -- Favoring Finance -- DESIGNING BIAS -- Engineering Dependence and Loyalty -- The Fed Activates Finance -- The Lehman Boomerang -- Behind the Cover of TARP -- Hiding America's Most Powerful Domestic Policymaker -- Betting the Country's Nest Egg -- Short-Circuiting Democracy -- The Fed Helps Itself -- FOLLOW THE MONEY -- Finding Favoritism -- Program-Building -- Read the Fine Print -- An Invitation to Being Taken Advantage Of -- Four Features of the Fed's Facilities -- A Pattern of Favoritism -- Public Good or Favoritism? -- THE FED'S ALTERNATIVES -- Cram-Downs -- Learning from the Bank of England -- THE ERA OF BIG GOVERNMENT-FOR FINANCE AND THE CHOSEN -- 4: The Fed's Legitimacy Problem -- THE FED'S DEPLETED LEGITIMACY -- THE FED ON THE RUN -- The Public Backlash -- The Elite Backlash -- The Fed as Bullseye -- Withering Criticisms -- A Barrage of Proposals to Strip the Fed of Powers -- Fed Damage Control: Too Little, Too Late -- THE DODD-FRANK PARADOX -- The Fed State Grows -- A Path Not Taken -- The Fed Booby Trap -- Divide and Conquer -- Shining a Bright Light -- Scaling Back the Fed's Emergency Powers -- DODD-FRANK AS SYMPTOM -- 5: Preparing for the Next Financial Crisis -- THE EXCEPTIONALISM CURSE VERSUS WHAT AMERICA SHOULD LEARN FROM CANADA -- America Stands Out for Appeasing Finance -- Learning from Canada? -- A MODEL FOR FINANCIAL STABILITY AND EFFECTIVENESS.

The Political Dimension of Financial Management -- Institutions: A Focused Central Bank and Coherent Regulator -- What Legislative Oversight Looks Like -- What Coordinated Regulation Looks Like -- A Tale of Two Countries -- THE BATTLE FOR REFORM IN THE UNITED STATES -- More of the Same -- Administrative Incoherence Remains -- Delay and Sidetrack Dodd-Frank -- Gutting Dodd-Frank -- The Vulnerability of US Finance and the Opportunity for Reform -- A Loud and Broad Backlash -- Looking to the Future: Spotlights and Scrutiny -- The New Politics of the Fed -- AN AGENDA FOR REFORM: INTEGRITY AND ACCOUNTABILITY -- A Public Responsibility -- Building Accountable Institutions -- CENTRAL BANKING IN THE PUBLIC INTEREST -- Notes -- 1: Why Fed Power Matters -- 2: THE RISE OF THE FED STATE -- 3: CONCEALED ADVANTAGE -- 4: THE FED'S LEGITIMACY PROBLEM -- 5: PREPARING FOR THE NEXT FINANCIAL CRISIS -- Index.

Lawrence Jacobs and Desmond King's Fed Power is the first sustained examination of the Fed as a potent political institution that systematically provides concealed advantages to a privileged few. The authors trace the Fed's historic development from the fiery tug-of-war over monetary policy during the 19th century to its current position as the most important institution in the American economy, possessing unparalleled capacity and autonomy to intervene in private markets.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.