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Stress Test: Reflections on Financial Crises (Random House Large Print) Paperback – Large Print, May 12, 2014
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“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
From the Hardcover edition.
About the Author
From the Hardcover edition.
Top Customer Reviews
I imagine most ratings will reflect their predisposition to the actions taken by the Fed and Treasury during the crisis. I did not come here to debate those.
I merely came to state that the book is an honest account of how Tim and the rest of us thought during the events described. This is what he believed, and what we believed. I cannot comment on the accounts from Treasury, though they correspond with what I annecdotally heard at the time.
Geithner was one of the top banking regulators in the U.S. in the run up to the financial crisis. As such, he bears much of the blame for the global carnage unleashed by Wall Street. However, his book sure doesn't come off as a mea culpa. It is strangely non-reflective (or at least the first half isn't). Though Geithner plainly disliked politicians and fellow regulators, he never gets really angry about the waste and insanity of the U.S. financial system, which allowed a handful of under-regulated banks to pile up leverage in a quest for super-profits. Instead, Geithner tells the comic book story of how he, Ben, and Hank saved the world by restoring "confidence" in the banking system, just as the IMF and the U.S. Treasury restored "confidence" in Asian banking during the crisis of the 1990s. Geithner has nothing but scorn for the "moral hazard fundamentalists" who tried to get in the way of bailouts for reckless institutions. Maybe he had the better arguments on the immediate policy debate, but his anger seems misdirected, or at least very selective. He's written a book of history yet he always misses the big picture.Read more ›
It is refreshing, therefore, to read a book on a complex subject that is clear and easy to read and understand. At the end of the day, all financial crises are borne of the panic that ensues from borrowing short and lending long and not having a sufficient capital buffer to weather the storm. However, the fog of the daily battle makes it challenging to develop a cohesive and consistent response to the many “crises of the day”. This book sets out a philosophy that guided the regulators through the maze and should be a guidepost for those managing our way through the next financial crisis.
One of the key statistics mentioned is that the government spent about $2 trillion in rescuing the financial system but generated a positive return of $150 billion. The lesson of this financial crisis (as well as military crises as Colin Powell famously noted) is that a response of overwhelming force is the most effective way to win and the cheapest long term solution.Read more ›
Most Recent Customer Reviews
Timothy F. Geithner’s well-written book chronicles his time dealing with the collapse of the markets in 2008 and the aftermath. Read morePublished 1 month ago by Douglas Goldstein
Great book written by the well admired Secretary of Treasury Timothy Geithner.Published 1 month ago by Brian Tran
Poorly written, partisan, and clearly inferior to the other first hand crises era books written by Bernanke and Paulson. Read morePublished 1 month ago by RWI
I just finished this book and I would highly recommend it for anyone who is interested in learning more about the Global Financial Crisis. Read morePublished 2 months ago by Lorenzo de' Medici, Il Magnifico
Overall I really liked this book. While Tim Geithner is not an writer and his style is definitely not of a thriller, the portrait of the crisis from his view definitely contributes... Read morePublished 2 months ago by LSBerg