Stress Test

Stress Test

Stress Test – Reflections on Financial Crises

Background

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 26 January, 2009, during the depths 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.

Theme

“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.

Genre

The book is classified as Memoir in my blog.

About Author

Timothy F. Geithner was the seventy-fifth secretary of the U.S. Department of the Treasury and previously served as president and chief executive officer of the Federal Reserve Bank of New York. He wrote this book as a distinguished fellow at the Council on Foreign Relations.

Review

Personally, I am interested in stock markets. I keep reading books to know more how it works and how to make money from it. But there are things that I can’t know. Stress Test tells you what happen in the Financial Crises at 2008 and how US Government trying hard to fix the finance system. It is from the point of view of the Former U.S. Secretary of the Treasury, Timothy F. Geithner.

This is how Warren Buffett rates Stress Test, “Sensational .. Tim’s book will forever be the definitive work on what causes financial panics.”

Yes, my feeling of reading the book is the same, sensational. It tells me a lot more than just dramatic pitch from those medias.

Thank you for reading this post and I hope you enjoy it. 😀
If you have any question, feel free to email me at admin@stanleyip.com. I will try my best to answer your.

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