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    Stress Test: Reflections on Financial Crises (Random House Business Books) (Paperback) By (author) Timothy Geithner

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    DescriptionFrom 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. 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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  • Full bibliographic data for Stress Test

    Title
    Stress Test
    Subtitle
    Reflections on Financial Crises
    Authors and contributors
    By (author) Timothy Geithner
    Physical properties
    Format: Paperback
    Number of pages: 592
    Width: 153 mm
    Height: 234 mm
    Thickness: 42 mm
    Weight: 792 g
    Language
    English
    ISBN
    ISBN 13: 9781847941237
    ISBN 10: 1847941230
    Classifications

    Warengruppen-Systematik des deutschen Buchhandels: 17820
    BIC geographical qualifier V2: 1KBB
    BIC time period qualifier V2: 3JM
    BIC E4L: ECO
    Nielsen BookScan Product Class 3: S4.5
    BIC subject category V2: BM, KFFK
    Libri: ENGM1075
    BIC subject category V2: KCP
    Libri: ENGM8000
    BIC subject category V2: KCX
    BISAC V2.8: POL024000, BUS023000
    Libri: ERIN2006
    BISAC V2.8: BIO026000
    DC23: 330.9730932
    Thema V1.0: DNC, KCP, KCX
    Publisher
    Cornerstone
    Imprint name
    RANDOM HOUSE BUSINESS BOOKS
    Publication date
    22 May 2014
    Publication City/Country
    London
    Author Information
    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 quote
    "Sensational ... Tim's book will forever be the definitive work on what causes financial panics and what must be done to stem them when they occur." -- Warren Buffett "Stress Test is an absolutely compelling account of the financial crisis, written in a clear, graceful style with striking honesty at every step along the way." -- Doris Kearns Goodwin "This is a lucid, fascinating, and extremely important book . Geithner does something unusual: he engages in substance. With both insight and humility, plus a good dose of wry humor, he explains what really happened during the financial crisis. No matter your political persuasion, you will find this book educational, enlightening, and interesting." -- Walter Isaacson "A fascinating memoir about life in the maelstrom of the financial crisis. Earlier books have described much of what happened that September, but Geithner was present for all the frantic meetings, the thousands of phone calls - and in the case of Lehman, the failure to find a buyer that could keep it alive. New problems cropped up almost weekly, if not daily. He explains each in easy-to-understand language and what the issues were that shaped the responses. There could be another crisis someday, of course, but what Geithner and his colleagues did has made one far less likely." USA Today "He's written a really good book - we might as well get that out of the way, as so much else about Timothy F. Geithner remains unsettled. There's hardly a moment in Geithner's story when the reader feels he is being anything but straightforward - a near-superhuman feat for someone who spent so much time in public life defending himself from careless and dishonest personal attacks. The decisions he made are easier to criticize than they are to improve upon. I doubt many readers will put his book down and think the man did anything but his best. On his feet he might have stammered and wavered. That in itself was always a sign he was unusually brave." -- Michael Lewis New York Times Book Review