Stress Test : Reflections on Financial Crises
by Timothy Geithner
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From the former Treasury Secretary, the final 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, to the height of the financial crisis and after five years as President of the Federal Reserve Bank of New York, Timothy FGeithner, sworn in by President Barack Obama to the sixty-fifth Secretary of the Treasury of the United StatesNow, in a surprisingly candid, riveting, and historically, illuminating memory, Geithner takes the reader behind the scenes during the darkest moments of the crisisSwift, decisive, and creative action was needed to avoid a second Great Depression, but policymakers are faced with a fog of uncertainty, no good options and the risk of catastrophic resultsStress Test: Reflections on the Financial Crises takes us inside the room, explaining in an accessible and direct way difficult and politically unpleasant choices that Geithner and others in the Obama administration had made during the crisis and recoveryHe discusses the most controversial moments of his tenure at the Federal Reserve Bank of New York and the Treasury, including the terrible weekend of Lehman Brothers went bankrupt; the furnace, crucible of the AIG’s controversial bonus; the development of its widely criticized, but ultimately this plan in early 2009 to end the crisis; the struggle for the widest financial reforms in seventy years; and the persistence of aftershocks of the crisis, including high unemployment, the exercise of the battlesGeithner also has actions of his staff and professional recollections of key actors such as President Obama, Ben Bernanke, Hank Paulson, and Larry Summers, among others, and examines the tensions between politics and politics that have come to dominate the U.S. discussions this year.
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