
When three financial titans who saved us from a second Great Depression tell their story, you listen. Warren Buffett called it "required reading for policymakers" - a gripping insider account of battling 2008's economic inferno with trillion-dollar decisions made under impossible pressure.
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When the global financial system teetered on the brink of collapse in 2008, three men found themselves at the center of the storm. Ben Bernanke, Henry Paulson, and Timothy Geithner - the triumvirate leading America's economic policy - faced decisions that would determine whether the world plunged into a second Great Depression. Imagine waking up to discover your life savings might vanish, your employer might disappear, and the entire economic system might implode. This wasn't just a Wall Street crisis; it threatened to devastate Main Street in ways not seen since the 1930s. The crisis followed a predictable pattern that economist Charles Kindleberger identified: mania, panic, and crash. But what made 2008 unique was its modern twist - the digital age had transformed traditional bank runs into lightning-fast electronic flights of capital that could drain institutions in hours rather than days. The fundamental fragility of finance was exposed: banks transform short-term deposits into long-term investments, creating an inherent vulnerability that works beautifully until confidence evaporates. The dry tinder for this financial conflagration had been accumulating for years. Household debt skyrocketed to unprecedented levels, with mortgage debt per household soaring 63% between 2001-2007. Lending standards collapsed spectacularly, creating infamous "NINJA" loans - no income, job, or assets required! Meanwhile, Wall Street firms were borrowing more than $30 for every dollar of capital they held, often through unstable overnight financing that could vanish in an instant. This excessive leverage wasn't confined to traditional banks but had spread throughout a vast "shadow banking" system lacking both regulatory oversight and safety nets. What made this particularly dangerous was how risk had been sliced, diced, and distributed globally through complex financial instruments like CDOs (Collateralized Debt Obligations). The fundamental driver? Irrational exuberance about housing prices - a self-reinforcing cycle where rising prices promoted easy borrowing, which drove prices even higher, until the music stopped in 2006.
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Creado por exalumnos de la Universidad de Columbia en San Francisco
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Creado por exalumnos de la Universidad de Columbia en San Francisco

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