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Stress Test: Reflections on Financial Crises Kindle Edition

4.4 out of 5 stars 20 customer reviews

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Review

"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





"New York Times" Bestseller
"Washington Post" Bestseller
"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

"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"
"Throughout "Stress Test," one gains a deep appreciation for the heart-pumping decisions made by Geithner and his colleagues from 2007 through 2012. And he makes a compelling case that overhwelming force is necessary in crisis, and that the measures taken by the Fed and two successive administrations prevented even more pain for ordinary Americans." -WashingtonPost.com
"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"
"The central irony of "Stress Test," the new memoir by former U.S. Treasury Secretary Tim Geithner, is that a guy who was accused of being a lousy communicator while in office has penned a book that is such a good read...I've now read four or five of these first drafts of the history of the Great Recession, and I believe "Stress Test" represents the biggest contribution of the bunch." --Bill Gates
"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



A "Financial Times" Best Book of 2014
"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"
"Throughout "Stress Test," one gains a deep appreciation for the heart-pumping decisions made by Geithner and his colleagues from 2007 through 2012. And he makes a compelling case that overhwelming force is necessary in crisis, and that the measures taken by the Fed and two successive administrations prevented even more pain for ordinary Americans." -WashingtonPost.com
"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"
"The central irony of "Stress Test," the new memoir by former U.S. Treasury Secretary Tim Geithner, is that a guy who was accused of being a lousy communicator while in office has penned a book that is such a good read...I've now read four or five of these first drafts of the history of the Great Recession, and I believe "Stress Test" represents the biggest contribution of the bunch." --Bill Gates
"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



A "Financial Times" Best Book of 2014
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"
Throughout "Stress Test," one gains a deep appreciation for the heart-pumping decisions made by Geithner and his colleagues from 2007 through 2012. And he makes a compelling case that overhwelming force is necessary in crisis, and that the measures taken by the Fed and two successive administrations prevented even more pain for ordinary Americans. WashingtonPost.com
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"
The central irony of"Stress Test," the new memoir by former U.S. Treasury Secretary Tim Geithner, is that a guy who was accused of being a lousy communicator while in office has penned a book that is such a good read I ve now read four or five of these first drafts of the history of the Great Recession, and I believe"Stress Test"represents the biggest contribution of the bunch. Bill Gates
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

"

Book Description

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

Product details

  • Format: Kindle Edition
  • File Size: 6223 KB
  • Print Length: 592 pages
  • Publisher: Cornerstone Digital (15 May 2014)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • ASIN: B00IN87XWE
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Enhanced Typesetting: Enabled
  • Average Customer Review: 4.4 out of 5 stars 20 customer reviews
  • Amazon Bestsellers Rank: #29,144 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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4.4 out of 5 stars
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Format: Kindle Edition Verified Purchase
When initially diving into this book, I was expecting it to be exclusively a defence of Geithner, by Geithner. Whilst still of the opinion that he might possibly be giving undue emphasis to certain actions and decisions, whilst glossing over others, I was pleasantly surprised how readily he was willing to put his hands up and admit to his mistakes.

This book should definitely be required reading for anyone who thinks he knows what caused the 2008 crisis and who thinks he knows how to prevent future crises. Geithner makes it very clear how a combination of a vast number of factors, many unrelated, worked together to cause the events of 2007 onwards. He doesn't try to pin the blame on any one subset of all the actors, but tries to explain clearly and concisely how actions taken (or not taken) led to the events discussed.

He does throw in some interesting anecdotes and asides, but I feel he could have gone a little further to give a more human touch to all the events that unfolded. I found it particularly amusing how many administration officials were under the impression that he was an ex-Goldmans banker, whereas he had never worked for any bank in any capacity.

I do share his despondency about how difficult it will be to enact the desired changes to make our global financial system safer going forward. My conclusion would definitely be that it would be better to attempt to fix the US political system first. Then and only then could any meaningful supervision and regulatory authority for the financial system be put in place. Almost unbelievable that US politicians would push hard for greater supervision of all consumer finance firms, just not those offering car loans, or greater supervision of all banks, just not the two biggest in the particular State that the politician represents.

All in all, a great read, but just be aware that the author, on balance, will want you to be sympathetic to the subject!
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Format: Hardcover Verified Purchase
It is a mistake to suppose that you have to agree with an author’s opinions to find the book worth reading! Rather, a work like this should make one question both one’s own and the author’s opinions. This one should be required reading for all bankers, all investors, and all politicians - as should be Margaret Reid’s The Secondary Banking Crisis 1973-5 - and indeed all ought to be able to recite the first three pages of Chapter 10, whatever they may think of the way Tim Geithner tackled his extraordinary tasks. The book is also a very good read for anyone interested in the ways the world works and politicians are prone to behave.
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Format: Hardcover Verified Purchase
Worth reading for following reasons:
1. Geithner was the only person who worked both at Fed and in the treasury
2. gives a new insight into the life of Obama administration,
3. replies to the Sheila Bair's criticism,
4. tells about the European developments from the American perspective,
5. tells more about Geithner as a person
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Format: Kindle Edition Verified Purchase
I thought this was a great book ... cogently described by someone in the middle of the financial crisis since 2006. Geithner was first a central banker and regulator at the Federal Reserve Bank of New York and then Obama's first Treasury Secretary. Amazing achievement to turn an autobiography from someone with this background into a page turner! He accepts mistakes were made, but he's very clear that extreme austerity cost the tax payer more in the long run than letting temporarily illiquid banks, businesses and countries fail ... and why it sometimes hard to tell the difference between them and the generally insolvent ones! A timely read as Greece votes against austerity.

Of course his critics might have a different view ... I'm not close enough to it to judge.
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Format: Paperback Verified Purchase
Book is new, perfect outside and it was delivered insanely fast. Really satisfied
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Format: Hardcover Verified Purchase
This may be the truest account of the global financial crisis. Geithner is no scintillating story-teller, but his tale is gripping. In 2008 we were on the brink of a depression. Geithner was at the eye of the storm. Together with Ben Bernanke and Hank Paulson he was one of a trio of policy-makers who are responsible for pulling off an historic escape act.

Critics forget that politics is the art of the possible. Geithner, Paulson and Bernanke would be the first to admit that almost every policy action was a second or third best solution. Any meaningful criticism must take account of political and practical constraints. The treatment of Lehman Brothers is an extreme case in point. With hindsight, the failure of Lehman looks necessary in order to scare the body politic into underwriting the far greater liabilities of AIG and supporting Paulson's demand for $700bn in TARP money, no strings attached.

I recommend reading the Epilogue - which describes the eventual outcomes - before starting this book. One of the ironies in policy-making is that the best public servants rarely get credit. Not only did Geithner, Paulson and Bernanke save us from catastrophe, they were right on all the major calls. It was right to aggressively ease monetary policy and counteract the widespread financial panic with the Fed's balance sheet. Their opponents who pontificated about moral hazard and inflation will be damned by history - persistently low inflation and profound risk aversion are the legacies of 2008.

On fiscal policy, Geithner also wins hands down. American output recovered faster than Europe's and the UK's, it's budget deficit improved more rapidly, and US GDP growth has been far better than the average post-banking crisis recovery.
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