Stress Test: Reflections on Financial Crises

( 19 )

Overview

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. Geithner was sworn in by President Barack Obama as the seventy-fifth Secretary of the Treasury of the United States....

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Overview

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. 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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Editorial Reviews

The New York Times - Michiko Kakutani
Stress Test provides an intimate take on the financial crisis, and in this respect stands as a gripping, if subjective bookend to already published accounts…Stress Test conveys in visceral terms just how precarious things were during the crisis, just how frightened many first responders were, and just what an achievement it was to avert a major depression…Mr. Geithner, with an assist from Michael Grunwald…demonstrates that he can discuss economics in an accessible fashion, making the situation the country faced in 2008 and 2009 tactile, comprehensible—and harrowing—to the lay reader.
The New York Times Book Review - Michael Lewis
[Geithner's] written a really good book—we might as well get that out of the way…[he] is clearly more at ease, and more himself, on the page than on the stage or the screen—which is, for an American public figure, both odd and charming…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.
From the Publisher
“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

“An intimate take on the financial crisis… gripping… conveys in visceral terms just how precarious things were during the crisis, just how frightened many first responders were, and just what an achievement it was to avert a major depression… [Geithner] demonstrates that he can discuss economics in an accessible fashion, making the situation the country faced in 2008 and 2009 tactile, comprehensible—and harrowing—to the lay reader. Along the way, he also gives us a telling portrait of himself.” New York Times
 
“A how-to manual for anyone faced with a financial crisis… Mr Geithner was known for his brutal candor, and as an author, he does not disappoint.” The Economist

 “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

“Sharply worded and candid memoir.” Financial Times

“Geithner does an admirable job of explaining the origins and complexities of the crisis for the average person. But there’s enough detail and retrospective lessons-learned to make it valuable for students of financial history….fast-paced and colorful….Stress Test goes beyond other crisis books.” –Los Angeles Times

 
“An unsparing insider’s account of the financial crisis from the former Secretary of the Treasury, unpacking the hard decisions and terrible trade-offs that devastated the economy but staved off a deep, lasting depression.” –TIME.com

“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
 
“Very few important subjects in American history have been the subject of as much disinformation and deliberate distortion as the events surrounding the financial crisis that broke in 2008. Tim Geithner’s candid, clear-headed, and refreshingly self-effacing account of his role in formulating the federal government’s response is a very welcome antidote. Geithner’s book is a triple threat: it is first-rate economic history, insightful political science, and, most important, a cogent exposition of the importance of adhering to the policies adopted in the aftermath of the crisis if we are to succeed in diminishing the likelihood of any recurrence.” —Barney Frank
 
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. Timothy Geithner brings a complex story to life with telling anecdotes and personal reflections.” —Doris Kearns Goodwin
 
“This is a lucid, fascinating, and extremely important book. Every American should read it. 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
 
“The country owes Tim Geithner great appreciation for his role in overcoming the financial crisis of 2008.  He has now indebted it further with writing a thoughtful, very readable and informative account of the conduct of policy at the edge of disaster.” —Henry A. Kissinger
 
 
 
 

Library Journal
12/01/2013
If you want to understand how America faced down the global financial crisis of the last few years, you could ask Geithner, U.S. treasury secretary from 2009 to 2013 and before that chief executive officer of the Federal Reserve Bank of New York. Here he is with an insider's account of what strategies were adopted and why they worked—or didn't.
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Product Details

  • ISBN-13: 9780804138598
  • Publisher: Crown Publishing Group
  • Publication date: 5/12/2014
  • Pages: 592
  • Sales rank: 926
  • Product dimensions: 6.00 (w) x 9.40 (h) x 1.90 (d)

Meet the Author

Timothy Geithner

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, from 2003 to 2009. He wrote this book as a distinguished fellow at the Council on Foreign Relations and is now president of Warburg Pincus.

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Customer Reviews

Average Rating 3.5
( 19 )
Rating Distribution

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(9)

4 Star

(3)

3 Star

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2 Star

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1 Star

(6)

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Sort by: Showing all of 19 Customer Reviews
  • Anonymous

    Posted May 15, 2014

    Other reviews for this title are typical Republican propaganda.

    Other reviews for this title are typical Republican propaganda. Judge for yourself and don't listen to Boehner/Limbaugh fanatics.

    16 out of 26 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted May 14, 2014

    Don't waste your time on Geithner's ongoing justification for ba

    Don't waste your time on Geithner's ongoing justification for bailing out Wall Street at expense of average Americans. Read Picketty's Capital, Elizabeth Warren's A Fighting Chance instead.

    11 out of 35 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted May 13, 2014

    I Also Recommend:

    This is just more smoke blowing from a political tool. Only peo

    This is just more smoke blowing from a political tool. Only people who like being taken for suckers will find this drivel interesting. If you want real insight into the financial world I would recommend something like Capital As Power or the Automatic Earth blog.

    8 out of 44 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted May 14, 2014

    Would not wasre my time

    Known deceitful arrogant little lying tax cheat who worked for Obama, who is no better, actually much worse, due to the number of lives he has destroyed by his destruction of the country, is incapable of writing a truthful book. Opening this book would be like watching Osama Obama walk to the microphone; prepare for a load of crap.

    6 out of 51 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted May 22, 2014

    Don't believe everything you hear about this book. Most of these

    Don't believe everything you hear about this book. Most of these B&N 'political pundit' commenters haven't even opened to the first page. Geithner's book is a surprisingly well written book and calling it propaganda is simply ignorant. This book is not only a detailed account of the 2008 crisis but also a personal narrative of Geithner's feelings and opinions. I would highly recommend this book to anyone who enjoys reading about financial matters and crises. Again, don't dismiss this book because of what others have said. Open it up and judge for yourself.

    5 out of 6 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted May 22, 2014

    Read this book and was very engaged.. Good writing and very in

    Read this book and was very engaged.. Good writing and very informative. It gives you an understanding of the stress that was happening at the time. My only question is "how about the housing market". Why is it still such a problem and should the government have done more for the housing market? The book is good and I would recommend.

    3 out of 3 people found this review helpful.

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  • Anonymous

    Posted June 13, 2014

    Having just finished the former Treasury Secretary's book, I hav

    Having just finished the former Treasury Secretary's book, I have to say that it was a very entertaining read and very informative. Unlike many of the journalists and talking heads on TV, Geithner's book discusses the financial crisis from the inside. Anecdotes in the book are backed up through conversations with co-workers, family, and others working closely with him. Not only does the book paint a very different picture of Geithner than what much of the media did during his tenure, it also helps give the reader a sense of his background and why he made the choices he made. In fact it also left me with quite the reading list of books to move on to after this one (Lombard Street by W. Bagehot, Manics Panics and Crashes by C.P. Kindleberger, Complicatiions: Notes from the Life of Young Surgeon by Atul Gawande... and the list goes on).

    While I realize a pessimist may view my review as patronizing, I find hard to believe that most of the 1-Star reviewers have even read the book. It would appear that most of there opinions are a product of what someone else has told them about Geithner rather than reading it for themselves.

    2 out of 2 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted May 19, 2014

    Don't waste your time on Geithner's ongoing justification for ba

    Don't waste your time on Geithner's ongoing justification for bailing out Wall Street at expense of average Americans. Read Picketty's Capital, Elizabeth Warren's A Fighting Chance instead

    2 out of 11 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 20, 2014

    Highly Recommended and a Great Read!

    Stress Test is a very thought provoking, detailed description of the story behind the Global Financial Crisis of 2008 and the REAL reasons which led to it.

    It is a before, during and after story - a long book but a very worthwhile read!

    Was this review helpful? Yes  No   Report this review
  • Posted July 19, 2014

    The truth is in the details.

    Special interest groups with their talking points can be so dishonest. Timothy Geithner is now my hero. Great book about a great American Patriot. So glad I read Stress Test.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted July 16, 2014

    Very interesting and enlightening read. This is a great follow-u

    Very interesting and enlightening read. This is a great follow-up to Hank Paulson's book "On the Brink" .  Thank you Tim Geithner for your service. 

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted July 5, 2014

    Recommend, he has the experience to know

    Gave this as a gift. The reader finds it dry but enjoyable. Author is knowledgable about the subject. It gives the information he wanted and expected.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted June 16, 2014

    Fantastic Read

    What a marvelous history of the Great Recession. God bless you, Mr. Geithner, for your courage and wisdom.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted June 3, 2014

    GET FREE IPAD

    Chcikcn

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  • Anonymous

    Posted May 29, 2014

    Geithner is rewriting history.  A better account by Bill Isaac,

    Geithner is rewriting history.  A better account by Bill Isaac, Senseless Panic.  Geithner spent more time on the phone with Goldman Sachs than the FDIC.  Not an honest official and certainly not a public servant.  We will all suffer in the future from his corrupt contributions.  Also see Sheila Bair's book.  Isaac's book is endorsed by Paul Volcker, the last great central banker

    0 out of 2 people found this review helpful.

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  • Anonymous

    Posted May 27, 2014

    A NOT MUST READ

    Anyone can write a book and that is what Timothy did. Should have discussed WHY we bailed out the banks that caused our economy and the housing market to fail.

    0 out of 3 people found this review helpful.

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  • Anonymous

    Posted June 13, 2014

    No text was provided for this review.

  • Anonymous

    Posted May 22, 2014

    No text was provided for this review.

  • Anonymous

    Posted June 17, 2014

    No text was provided for this review.

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