Have you thanked your Federal Reserve, Lately?

Although the Federal Reserve has recently taken artillery from all sides, the efforts that Ben Bernanke and company took in preventing the financial system from collapsing saved the U.S. from going into a severe depression.

Ben Bernanke spent most of his academic career studying the causes of the great depression, so coincidentally he was at the helm at the right time.

In the recently released book, In Fed We Trust, author David Wessel outlines what went on at the Fed, behind the scenes. Wessel writes in a clear, easy going fashion that is rare for books on high finance. That’s why I recommend his book.

What some of the Fed’s critics don’t realize is the tremendous amount of hours the Fed governors put in to deal with the crisis. Many of the governors and their advisors slept on couches in their offices during the height of the crisis. That type of public service is rare in the world of high finance and pampered Wall St. perks and salaries.

Although Ben Bernanke and the Fed’s pro free market views prevented them from seeing the housing contagion clearly, once they realized what was happening they took the correct actions.

The only person on the Fed who predicted the coming storm was Fed Reserve member Frederic Mishkin. Both Mishkin and Bernanke were academics who never enjoyed the high salaries prevalent on Wall St.

Yes, the financial system in the U.S. needs to be reformed so we never again witness a financial collapse like we did in 2008. But blowhards like Ron Paul who want to eliminate the Fed and score political points at the Fed’s expense, refuse to recognize the hard work and heroic efforts the Fed’s governors made to save the U.S from a full scale depression.

Before some of you send me your venomous emails, I suggest you read David Wessel’s book, In Fed We Trust.