Stress Test: Reflections on Financial Crises

Stress Test Reflections on Financial Crises From the former Treasury Secretary the definitive account of the unprecedented effort to save the U S economy from collapse in the wake of the worst global financial crisis since the Great Depression

  • Title: Stress Test: Reflections on Financial Crises
  • Author: Timothy F. Geithner
  • ISBN: 9780804138598
  • Page: 381
  • Format: Hardcover
  • From the former Treasury Secretary, the definitive account of the unprecedented effort to save the U.S economy from collapse in the wake of the worst global financial crisis since the Great Depression On January 26, 2009, during the depth of the financial crisis and having just completed five years as President of the Federal Reserve Bank of New York, Timothy F GeithnerFrom the former Treasury Secretary, the definitive account of the unprecedented effort to save the U.S economy from collapse in the wake of the worst global financial crisis since the Great Depression On January 26, 2009, during the depth of the financial crisis and having just completed five years as President of the Federal Reserve Bank of New York, Timothy F Geithner was sworn in by President Barack Obama as the seventy fifth Secretary of the Treasury of the United States Now, in a strikingly candid, riveting, and historically illuminating memoir, Geithner takes readers behind the scenes during the darkest moments of the crisis Swift, decisive, and creative action was required to avert a second Great Depression, but policy makers faced a fog of uncertainty, with no good options and the risk of catastrophic outcomes.Stress Test Reflections on Financial Crises takes us inside the room, explaining in accessible and forthright terms the hard choices and politically unpalatable decisions that Geithner and others in the Obama administration made during the crisis and recovery He discusses the most controversial moments of his tenures at the Federal Reserve Bank of New York and at the Treasury, including the harrowing weekend Lehman Brothers went bankrupt the searing crucible of the AIG bonuses controversy the development of his widely criticized but ultimately successful plan in early 2009 to end the crisis the bracing fight for the most sweeping financial reforms in seventy years and the lingering aftershocks of the crisis, including high unemployment, the fiscal battles, and Europe s repeated flirtations with the economic abyss Geithner also shares his personal and professional recollections of key players such as President Obama, Ben Bernanke, Hank Paulson, and Larry Summers, among others, and examines the tensions between politics and policy that have come to dominate discussions of the U.S economy An insider s account of how the Obama administration saved the economy but lost the American people, Stress Test reveals a side of Timothy Geithner that only few have seen.

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      381 Timothy F. Geithner
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      Published :2018-08-04T03:38:24+00:00

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    1. Every financial crisis is a crisis of confidence.-Tim GeithnerYou could take [the CEO of Goldman Sachs] Lloyd Blankfein into a dark alley and slit his throat, and it would satisfy them for about two days. Then the blood lust would rise again.-Former President Bill Clinton, to the authorTimothy Geithner has the unusual habit of showing up in the middle of international crises. His time as head of the New York Federal Reserve and as the Secretary of the Treasury had placed him at the center of the [...]

    2. Unelected Secretary of the Treasury Timothy Geithner had more influence on the thoughts and motivations, successes and failures of ordinary Americans than Congress ever did in the years he was in office. While Congress played politics (and not very well at that), Geithner did a lot (some might say too much) with his global role as fire extinguisher. And who was he? Those of us just watching his pronouncements and public speeches, or feeling the impact of his decisions really did not have a good [...]

    3. High Marks for Firefighting. Low Marks for Fire PreventionThus far, I've managed to read about ninety percent of Secretary Geithner's new book, "Stress Test". At nearly six hundred pages, this tome is a first-hand account of the 2007 financial crisis that nearly upended the US financial system, forced millions of American homeowners into foreclosure and resulted in millions of lost jobs.I think Secretary Geithner's book reflects humility and balance in that he acknowledges the mistakes that he a [...]

    4. Tim Geithner is one of few (very few) Beltway insiders I have ever followed on Youtube. He's an awkward but strangely captivating public speaker, a humble but competent bureaucrat who rises above the political theater of Washington to deliver pragmatic solutions to our economic woes, most often in an exasperated monotone. He's very down to earth, an easy guy to like.His book does not disappoint: throughout the text, Geithner candidly admits what his weaknesses are, fairly assesses the successes [...]

    5. I have read several books recently on the financial crisis we are just coming out of. I read “On the Brink” by Hank Paulson the former Secretary of Treasury, “House of Debt by Alif Mian and Amin Safi, economist, describes the large amount of empirical research done since 2008. Now I have read “Stress Test” by Timothy F. Geithner whose book unlike the prior books provides an insider’s view point of the crisis. I am sure that this will be a controversial book and people will take sides [...]

    6. This is an important memoir by one of the most consequential cabinet officers of the first four years of Obama presidency. Geithner's main theme is the necessity of protecting the financial system in a full-blown financial crisis forces policy makers to take counter-intuitive measures, such as government borrowing to shore up institutions whose reckless lending contributed to the crisis. This is a thought-provoking, meaty memoir, certain to have a major impact on early historical accounts of the [...]

    7. Highly recommend this to realize that getting things done in Washington is not as easy as you think, even when the financial world was on the verge of crumbling and the Great Depression seemed eminent. Checks and balances, political pressures and public ignorance all contribute to the difficulty. The book sometimes sound like a boosting of the Obama side but overall informative.

    8. This was the heavy one of the trip – it took three days. Geithner has always been a cipher to me so I figured his autobiography and memoir on the financial crisis would help me understand him better. He did an amazing job with this book, both explaining what happened while explaining himself. The depth of his own introspection and understanding of his own being came through in the midst of incredible pressure and crisis. Once you realize he’s a deep introvert in a context that begs for extro [...]

    9. If you’ve read the books and academic articles or even watched the movies about the financial crisis, you’ve mostly heard a unified and compelling narrative. On the cynical end, Geithner, Paulson, and Bernanke were Wall Street cronies in bed with the largest banks, the vampire squids like Goldman Sachs, and they used taxpayer money to bail them out. The more generous and nuanced view is that they made unprecedented moves to bail out TBTF banks because the big banks had too much power and swa [...]

    10. Stress Test, by Tim Geithner, was read by Mr. Geithner. He reads in an uneven tone of voice, often in a monotone, and truthfully, I fell asleep no less than three times during the time I listened to this book.I gave it two stars, which I consider a generous rating, only because of the effort expended. The book seemed to be nothing more than a disingenuous “apology tour” to his wife and a reaffirmation of his belief that he made all the right decisions, if only those who were ignorant could h [...]

    11. I wish I had looked at the notes at the end before I read this book. It would have made it easier to follow. I read the Kindle edition and did not realize that the notes explained some of the terms that I actually took the time to check. The notes explained the terms better than several sources I consulted. The book started slowly for me and picked up steam as it unfolded. About halfway through it became a ‘page turner.’ Having now read the notes AND acknowledgements, I realize that the book [...]

    12. Stress Test: Reflections on Financial CrisesHere's what you'll not find in this book: The personal philosophies, principles, and policies Geithner used to run a major cabinet agency and the New York Federal Reserve prior to that. There is very little about the advice he gleaned from others, although Robert Rubin and Larry Summers were strong influences and possibly mentors. His economics is pretty rudimentary, mainly just referring to simple Keynesian policies in the book.The strength of the boo [...]

    13. This book can be summed up in one word: whiny.I gave up about 15% of the way in. I skimmed the last few chapters, but there was nothing there of note. Geithner does not have the cojones to even give some sort of speculative analysis. That is a pity. I would have hoped he would have some insights to show, but he does not. I learned almost nothing about the financial crisis that I had not already understood from various other books (Even Andrew Ross Sorkin's celebrity-rag style tell-all is chock f [...]

    14. Regardless of whether or not you agree with Geithner's decisions, this was an interesting telling of the events before, during and after the "meltdown". He defends some of his choices, while with others he admits fault. For a book about finance - a relatively LONG book about finance - it was quite engaging.

    15. Geithner has what seems like an unusual background, neither academia nor high finance, he's mostly been a public servant with a strong exposure to public & international monetary & fiscal policy. He claims no political party affiliation, he's a registered independent but says he grew up with definite Republican leanings & has since developed a sympathy for the Democratic worldview. What he does claim to be tho, without hedging his bet, it a pragmatist whose core motto is "any plan be [...]

    16. 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 m [...]

    17. Well,I'm on a binge to catch myself up with economics, mostly because as an educationist I think we're very confused about usage for "human capital," so-called. After Pierre Bourdieu, I veered off into Piketty, went through Rothbard, fun excursions into Flashboys and Tyler Cohen because I just had to, with lots of Pierre Bourdieu again because, well, I'm an educationist. Which by my read is no great thing to be.This guy is way wordier than even I am, but in an opposite direction. There is nothin [...]

    18. FINALLY! This book took forever and a day to read. At first, it started lightly with Geithner's experience in the Treasury literally working his way up from being a "noisy scribe" to dealing with the economic panics in Asia in the 90s to eventually being dragged to Secretary of the Treasury. For the sake of this review, I'm going to focus more on the style and overall content of the book, since I'd hate to dwell on all of the nuances.GOOD: This book is all you need to understand and navigate the [...]

    19. 用了一个月时间读完stress test,与前面的Hard Choice相比,Stress Test则感觉令人受益匪浅。 这本书主要介绍作者的背景,在FED工作,面对金融危机,当选treasury secetary, 如何与政治家博弈以获取增加对华尔街的资金支持。这些中间的故事,我打算省略掉,所以这里我主要分享几点自己觉得不错的观点。(语言水平依旧不好,所以敬请原谅。)1. EVERY Financial crisis is a crisis of confidence. [...]

    20. Well every once in a while you read a book that makes you question things you knew as fact! Secretary Geithner's generally fair and honest explanation (albeit with a few too many gratuitous insults aimed at mostly Republicans) has me reevaluating my former objections to both President Bush's and President Obama's handling of the economic crisis. The last chapters dealing with the aftermath, did, in my opinion, become a bit more partisan and unbalanced. But what went before more than made up for [...]

    21. This was a great book to learn more about the 2008 financial crisis, as well as, learning about Tim Geithner. It's very interesting to get the inside look at the largest financial crisis in our history (larger than even the Great Depression in many metrics), but it's also amazing to see how little we've actually learned from that crisis. Geithner is very direct in his opinions and does not hold back. He seems to be able to also review himself, but as with most autobiographies, I find that you ne [...]

    22. Geithner invites us into his head in a book that will be greatly enjoyed by lovers of financial markets but too heady for most. In my years reading biographies I have generally learned to avoid reading autobiographies because they are laden with self justification. However, Geithner does better than most on this score and it seems to reflect an earnestness in wanting others to learn from his successes and failures. I came away respecting and appreciating him more as one who sought to make what h [...]

    23. I really enjoyed reading of Mr. Geithner's experiences during the financial crisis. Pundits on both the right and the left have their versions of the causes of the collapse, and why the rescue was/wasn't a good idea. It was great to read about the crisis from the perspective a person whose job was to stop it. The pragmatic Geithner doesn't try to hide his loathing of partisan politics in the book; his aims were purely to get the job done, fast. Reading this book really challenged my perceptions [...]

    24. Thank you, Secretary Geithner, for saving the world from a global depression. Household wealth in the US decreased by 16% at the beginning of the Global Financial Crisis compared to a 3% decline prior to the Great Depression. The TARP bailout and the economic stimulus packages of tax cuts and investment in American infrastructure that created jobs during the early Obama administration, in addition to the already existing social support structures such as Social Security, Unemployment and Disabil [...]

    25. DNF @ 15%I honestly didn't expect to finish this book, but I figured I'd make it further than 15%. While it is supposed to be about the 2008 financial crisis in the USA, the author decided to preface that with a biography of himself and his past economic dealings. It is understandable, as it puts in perspective why he was the man to tackle the crisis, since he had dealt with other foreign crises prior to the 2008 one. But I don't particularly care about the details of the Mexican, Thailand, and [...]

    26. If you want to learn more about the crisis and the response, Geithner is well-situated to tell you about it. And this book is a pretty good place to learn about it. Unsurprisingly, Geithner is also trying to secure his legacy, so the "reflections on financial crises" are straightforward: you should do what Geithner did, or in a couple cases, what Geithner wanted to do but couldn't because of Congress. I'm not saying that those aren't the right things to do; I am a firm believer that many of the [...]

    27. Excellent book with some great insight into why some of the decisions were made during the financial crisis from the man who was in the middle of the whole thing - Tim Geithner. Being independent, he takes digs at the fiscal profligacy during the George Bush era and the Republican stonewalling in the GOP controlled house when trying to get the stimulus passed. He takes aimed shots at the lawmakers on the left as well for the ill timed Bush tax cut expirations and threats surrounding the same. Ov [...]

    28. This was a much better book than I'd expected it to be. Though obviously the author cannot help a bias toward his own actions during the financial crisis, he attempts to present a balanced narrative pointing out missteps and failures in addition to his successes. I listened to the audiobook narrated by the author which was also a pleasant surprise. Mr. Geithner is not renowned for his presentation or his public speaking, he came across as frank and intelligent. This is a must read for those inte [...]

    29. I probably have less than minimum understanding of global economics. Tim Geither does a great job portraying the events during the financial crisis in a jargon-free language that could be understood by the average person. I did appreciate that taking into account how difficult it is to describe complex events to a non-expert. His writing is fluid and entertaining. His emotions seem genuine in the writing. I have more respect and appreciation for the Obama administration after reading this.

    30. After slogging through a few Michael Lewis books on US financial meltdowns, I expected to enjoy Stress Test. But, while Lewis takes us on lucid financial adventures with interesting protagonists in Flash Boys and Boomerang, Geithner speaks in vague terms "we were trying to do this," "it seemed like president wanted that." Not very engaging. Meh.

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