Sarah Bloom Raskin

Sarah Bloom Raskin served as Deputy Secretary of the U.S. Treasury from 2014 to 2017, and a Federal Reserve governor from 2010 to 2014. She currently is a Rubinstein Fellow at Duke University. 

Recent Articles

Whose Recovery Was It?

How the government rescued finance while retaining most of the abuses that caused the collapse

AP Photo/Chris O'Meara A foreclosed home is shown on Pine Island in Lee County, Florida Crashed: How a Decade of Financial Crises Changed the World By Adam Tooze Viking This article appears in the Winter 2019 issue of The American Prospect magazine. Subscribe here . I n 2009, I was summoned to the Treasury Department by the men who were launching the recovery from the global financial crisis. At the time, I was a state banking commissioner and had my hands full managing the waves of mortgage foreclosures inundating Maryland communities. The purpose of this meeting was to hear the distant “provincial” concerns I was raising as a leader of state financial regulatory officials about the spreading crisis in local housing markets. I had some unfashionable and not-ready-for-the-policy-elite views about why the post-crisis economy wasn’t improving and why household net worth was tumbling and destabilizing middle-class and working-class neighborhoods. My perspective focused on the gritty and...