Starting in 1952, the United States Navy and Coast Guard actively recruited Filipino men to serve as stewards--domestic servants for officers. Oral histories and detailed archival research inform P. James Paligutan's story of the critical role played by Filipino sailors in putting an end to race-based military policies. Constrained by systemic exploitation, Filipino stewards responded with direct complaints to flag officers and chaplains, rating transfer requests that flooded the bureaucracy, and refusals to work. Their actions had a decisive impact on seagoing military’s elimination of the antiquated steward position. Paligutan looks at these Filipino sailors as agents of change while examining the military system through the lens of white supremacy, racist perceptions of Asian males, and the motives of Filipinos who joined the armed forces of the power that had colonized their nation.

Insightful and dramatic, Lured by the American Dream is the untold story of how Filipino servicepersons overcame tradition and hierarchy in their quest for dignity.

A fast-paced, behind-closed-doors account of the Federal Reserve’s decision making during the 2008 financial crisis, showing how Fed policymakers overcame their own assumptions to contain the disaster.

The financial crisis of 2008 led to the collapse of several major banks and thrust the US economy into the deepest recession since the Great Depression. The Federal Reserve was the agency most responsible for maintaining the nation’s economic stability. And the Fed’s Open Market Committee was a twelve-member body at the epicenter, making sense of the unfolding crisis and fashioning a response. This is the story of how they failed, learned, and staved off catastrophe.

Drawing on verbatim transcripts of the committee’s closed-door meetings, Mitchel Abolafia puts readers in the room with the Federal Reserve’s senior policymaking group. Abolafia uncovers what the Fed’s policymakers knew before, during, and after the collapse. He explores how their biases and intellectual commitments both helped and hindered as they made sense of the emergency. In an original contribution to the sociology of finance, Stewards of the Market examines the social and cultural factors that shaped the Fed’s response, one marked by missed cues and analytic failures but also by successful improvisations and innovations.

Ideas, traditions, and power all played their roles in the Fed’s handling of the crisis. In particular, Abolafia demonstrates that the Fed’s adherence to conflicting theories of self-correcting markets contributed to the committee’s doubts and decisions. A vivid portrait of the world’s most powerful central bank in a moment of high stakes, Stewards of the Market is rich with insights for the next financial downturn.