Stress Test

Stress Test

Reflections on Financial Crises

eBook - 2014
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Stress Test is the story of Tim Geithner's education in financial crises.
As president of the Federal Reserve Bank of New York and then as President Barack Obama's secretary of the Treasury, Timothy F. Geithner helped the United States navigate the worst financial crisis since the Great Depression, from boom to bust to rescue to recovery. In a candid, riveting, and historically illuminating memoir, he takes readers behind the scenes of the crisis, explaining the hard choices and politically unpalatable decisions he made to repair a broken financial system and prevent the collapse of the Main Street economy. This is the inside story of how a small group of policy makers--in a thick fog of uncertainty, with unimaginably high stakes--helped avoid a second depression but lost the American people doing it. Stress Test is also a valuable guide to how governments can better manage financial crises, because this one won't be the last.

Stress Test reveals a side of Secretary Geithner the public has never seen, starting with his childhood as an American abroad. He recounts his early days as a young Treasury official helping to fight the international financial crises of the 1990s, then describes what he saw, what he did, and what he missed at the New York Fed before the Wall Street boom went bust. He takes readers inside the room as the crisis began, intensified, and burned out of control, discussing the most controversial episodes of his tenures at the New York Fed and the Treasury, including the rescue of Bear Stearns; the harrowing weekend when Lehman Brothers failed; the searing crucible of the AIG rescue as well as the furor over the firm's lavish bonuses; the battles inside the Obama administration over his widely criticized but ultimately successful plan to end the crisis; and the bracing fight for the most sweeping financial reforms in more than seventy years. Secretary Geithner also describes the aftershocks of the crisis, including the administration's efforts to address high unemployment, a series of brutal political battles over deficits and debt, and the drama over Europe's repeated flirtations with the economic abyss.

Secretary Geithner is not a politician, but he has things to say about politics--the silliness, the nastiness, the toll it took on his family. But in the end, Stress Test is a hopeful story about public service. In this revealing memoir, Tim Geithner explains how America withstood the ultimate stress test of its political and financial systems.

From the Hardcover edition.
Publisher: New York : Crown Publishing Group, 2014.
ISBN: 9780804138604
Branch Call Number: Downloadable Ebook
Characteristics: 1 online resource
Additional Contributors: HCPLC OverDrive

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Aug 20, 2017

In this book, Geithner offers superficial insights of the causes and implications of the financial crisis born in 2007. Without financial lingo, he exposes the rational behind many of the decisions he and his team made during those days. Rather than a complete study and profound research, the former US Secretary of Treasury offers the reader a day-to-day description of what is and how does it feel to command one of the biggest economies in the world during a period of economic weakness.

This book is a required lecture to understand the role of US government and public institutions during that time and to realize that these institutions have (or had) limited or no legal authority at all to restrict risk on financial firms.

Apr 05, 2017

I found this book a good explanation of what happened in the 2008 - 2009 global financial crisis. It is surprising to find out that the cure for a financial crisis is not what is popularly expected, and I thought Tim provided a good explanation about why 'overwhelming force' is required. I will likely now remember the quote attributed to St. Augustine: "Lord give me chastity, but not quite yet"!

Jun 29, 2015

An excellent expose of Geithner and how he/the US government attacked the global credit crisis. IMO - If one were going to read just one book on the subject, this would be it due to his explanation of what they did but, more importantly, why.

Dec 18, 2014

Okay I admit I didn't read word by word I skimmed but I did find it very interesting and educational. Honestly Timothy Geithner strikes me as an honest unpretentious man.

He is quite at home in the rough-tough political world. He chooses his wording carefully and is cautious when elaborating on those who he didn't like mostly agreeing to disagree. I think most people will enjoy viewing the pictures and getting a greater sense of what is involved in a high responsibility position such as he had.

Apr 23, 2014

Having read several advanced drafts of this drivel, allow me to correct the author's background: as president of the Federal Reserve Bank of NY when $8.7 billion in Iraqi oil funds went missing [supposed to be kept on account at the FRBNY; was managed by a managing director at JPMorgan Chase and best buddy, former college roomie of Timothy Geithner, one Daniel Zelikow], as a former member of the Group of 30, established by the Rockefeller Foundation to speak on behalf of the central bankers and speculators, as someone who would go on for his big payday at Warburg Pincus, the oldest private equity firm in America, and as deputy chair of the Millennium Challenge Corporation which appears to have helped the financing of the overthrow of the democratically elected president of Honduras [Zelaya] just because he wanted to raise their national minimum wage by a few pennies, we should view Geithner as one of the major players in the global economic meltdown, not one of the problem solvers!


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