In 2006, Ben S. Bernanke was appointed chairman of the Federal Reserve, capping a meteoric trajectory from a rural South Carolina childhood to professorships at Stanford and Princeton, to public service in Washington's halls of power. There would be time to celebrate, however-the burst of the housing bubble in 2007 set off a domi effect that would bring the global financial system to the brink of meltdown. In The Courage to Act, Ben Bernanke pulls back the curtain on the tireless and ultimately successful efforts to prevent a mass ecomic failure. Working with two US presidents and two Treasury secretaries, Bernanke and his colleagues used every Fed capability, matter how arcane, to keep the US ecomy afloat. From his arrival in Washington in 2002 and his experiences before the crisis, to the intense days and weeks of the crisis itself, and through the Great Recession that followed, Bernanke gives readers an unequalled perspective on the American ecomy. This narrative will reveal for the first time how the creativity and decisiveness of a few key leaders prevented an ecomic collapse of unimaginable scale. Bernanke explains the inspiration behind the book's title, saying, When the ecomic well-being of their nation demanded a strong and creative response, my colleagues at the Federal Reserve, policymakers and staff alike, mustered the moral courage to do what was necessary, often in the face of bitter criticism and condemnation. I am grateful to all of them and proud to have been part of the global effort to contain the most dangerous ecomic crisis of our time.
Ben S. Bernanke served as chairman of the Federal Reserve from 2006 to 2014. He was named Time magazine's Person of the Year in 2009. Prior to his career in public service, he was a professor of economics at Princeton University.