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Stress Test: Reflections on Financial Crises, by Timothy F. Geithner
Ebook Stress Test: Reflections on Financial Crises, by Timothy F. Geithner
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New York Times BestsellerWashington Post BestsellerLos Angeles Times BestsellerStress 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.
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Product details
Paperback: 592 pages
Publisher: Broadway Books; Reprint edition (May 5, 2015)
Language: English
ISBN-10: 0804138613
ISBN-13: 978-0804138611
Product Dimensions:
5.2 x 1.2 x 8 inches
Shipping Weight: 15.2 ounces (View shipping rates and policies)
Average Customer Review:
4.3 out of 5 stars
510 customer reviews
Amazon Best Sellers Rank:
#224,423 in Books (See Top 100 in Books)
This book is user friendly, well written and well thought out. It shows that Obama chose his Secretary of the Treasury very wisely. The detail is amazing, but not in the least boring. It reads like a novel. Geithner was the exact right man for the job, already skilled and savvy in the knowledge of how to go about rescuing nations from economic crisis. This is well worth the read and impressive. Geithner emerges as a very likable and admirable human being, who just happened to be in the right time and place to save us from Depression 2.0.
The Great Recession and financial panic of 2007-2009 has a lot of myths and stories surrounding it concerning what the government did or didn't do, what it should've done and shouldn't have done, and the motives of those working behind the scenes. Former Secretary of the Treasury Timothy Geithner is one of those lighting rod figures from the crisis who, because of his relative anonymity prior to the crisis, is often misunderstood or caricatured. In this book, Sec. Geithner not only dispels the myths about his own background, but also provides a unique insight and perspective on the panic from one of the only two people in high government who was there from beginning to end (Fed chairman Ben Bernanke being the other one). But his story, and his experiences with financial panics, doesn't start in 2007, but rather starts with his upbringing in a family that was involved in international development and finances from when he was very young, always moving from one country to another and spending very little time in America. From there, it moves on to his time as a civil servant in the Treasury department's international wing, dealing with the crises brought on the by the Asian financial panics of the 1990s and eventual rising to be Assistant Secretary of the Treasury in charge of the international branch. From those times Mr. Geithner picks up a lot of invaluable experience in financial panics, what makes them better, and what makes them worse. From there he makes the surprising leap to head of the Federal Reserve Bank of New York, the most powerful of the regional Federal Reserve Boards in the country. And that is where the main story begins as Mr. Geithner describes the events that led to the panic, the actions he took as FRBNY chair and then Treasury Secretary, why they took them, and why they were necessary even if they were both unpopular and counterintuitive. The book reaches its climax with the stress tests backed by promises of capital injections for those banks the tests deemed were in need of them. Once the results of the test are released in the spring of 2009 a certain measure of calm enters the markets and the last chapters feel like a denouement as he deals with the Eurozone crisis and the toxic politics of Washington following the ascendancy of the Tea Party in 2010. What is surprising is how in the first half of the book Mr. Geithner seems to undersell himself, not out of a sense of humility, but because he genuinely seemed to believe that there were other people better or more knowledgeable than him. From my perspective, it seems like a no-brainer that Pres. Obama tapped him to be Treasury Secretary, even if he was a terrible salesman (a flaw that he readily, even jokingly, admits to being). What is also great about this book is how much value it has beyond being another account of the financial crisis. He does a great job of explaining why the unpopular decisions the Fed, the FDIC, and the Treasury took were necessary to save the economy, even if he falls into the trap of using too much of the jargon of Wall St. to explain it. I believe this book has value not only as an account of this financial crisis, but as a guide to how to handle future financial, indeed any, crisis in the future. As Mr. Geithner is fond of saying, a plan beats no plan. I highly recommend this book to anyone interested in the true story behind the financial crisis and the Great Recession of 2007-2009.
Overall I really liked this book. While Tim Geithner is not an writer and his style is definitely not of a thriller, the portrait of the crisis from his view definitely contributes to the overall understanding of the financial crisis of 2008.This book should not be taken as "stand-alone" but read in the context of all the other ones out there about the crisis itself. It helps one to form their opinions in a clear and more fair way in my opinion.Finally, this book also help show that the work of the Treasury, Federal Reserve, and other institutions that prevented the crisis relied on countless individuals who never get recognized for their hard work and countless hours helping make this country better. My admiration and gratitude only got bigger after reading this account.
This book is the single best insider look at the events leading up to the financial crisis that was unleashed in September 2008. Mr. Geithner's text is well written, often humorous, and clearly describes the policy dilemmas faced by the Federal Reserve (Bernanke), the U.S. Treasury (Paulson), and the FDIC (Baird). The book is not technical and can be read by anyone interested in one key person's insights and role in events leading up to the global financial crisis and actions taken through 2012. Mr. Paulson has published his views from Treasury and we are waiting for Dr. Bernanke to do the same for his role as Fed chairman. For now, it is not possible to understand how actions taken by both the Federal Reserve and Treasury prevented the housing collapse from creating far more economic damage than it did without reading this book.
I think it’s an important book, basically covering the financial crisis from when Geithner headed the NY Fed through his years as Secretary of the Treasury in the Obama administration. Fresh, interesting, and scary insights into the crisis as well as Geithner, the person, and several other familiar notables and players.Can be a bit overwhelming in its treatment of the various elements of the crisis, including the reasons for it and the actions taken to resolve it. But it strikes me that Geithner tried hard to be as effective as possible in describing what was inherently an enormously complex set of causes and fixes. There was no pre-existing playbook, and much was defined in real time.I don’t see this as a politically-motivated book, though Geithner is unabashed in his praise for Obama throughout. He is direct in his assessment of the actions of Congress and other individuals (not universally positive), with Republicans getting the most criticism. He is equally forthcoming in pointing out mistakes - both well-meaning as well as dumb, whether his own or others. There are no doubt errors, omissions, and biases that I can’t recognize.Geithner is very generous in his recognition of the contributions of the enormous number of talented and dedicated people throughout the government who worked the problem, but he is not shy about describing his own roles and leadership in driving for actions, even though fraught with risks. It seems arguable that history will identify him as the singular force in managing the crisis - not only for the US, but also for the world. Yet, it seems clear that this was not a personal goal. Indeed, his story may well be regarded as one of a “reluctant hero†who was doing his best in his job.Glad I read it - hope the story never repeats.
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