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Stress Test: Reflections on Financial Crises
Ebook Free Stress Test: Reflections on Financial Crises
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Audible Audiobook
Listening Length: 18 hours and 23 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Random House Audio
Audible.com Release Date: May 12, 2014
Whispersync for Voice: Ready
Language: English, English
ASIN: B00J4X5MDE
Amazon Best Sellers Rank:
I don't know why I decided to buy this book. I never particularly liked Geithner or his policies, and I've already read several good books about the financial meltdown of 2007-2008. However, I did end up picking it up and reading it, and I'm glad I did.To my surprise, Geithner comes across as very likable. Of course, likability is not a critical characteristic for a great Treasury Secretary. However, it's a necessary and maybe even a critical characteristic if you're going to read a 500-page book by a Treasury Secretary; had I found him obnoxious, I doubt I would have finished this (and you can see my review of "Duty" by Robert Gates for proof of that). Geithner comes across as extremely intelligent but not at all a "peacock," to use one of his words. He readily admits that he screwed up in many ways, and he makes no bones about his failings. At the same time, he takes us through the panics (his own and that of the economy) and his approach to his responsibilities, and he seems to be, well, human.The book is also not even remotely snarky. He is candid in expressing his views of a number of other key players in dealing with the meltdown, and he's not always complimentary. However, his views are policy-based rather than personal, and he doesn't shy away from giving credit where credit is due to people he's not fond of from a policy point of view.I also learned a lot about the financial crisis that I didn't learn from the other books I've read. Much of that new knowledge is the "inside story" that Geithner tells, of course, but it's an interesting and important story, and I found him more or less persuasive.My comment about the sausage-making is the only negative. In order to tell the inside story he feels he must tell (and I can't really blame him for wanting to tell it), he gives lots and lots of detail about various financial institutions' failures and rescues and many details of how the policies (i.e., the sausage) was made. IMHO, these lengthy discussions could have been edited a bit more judiciously, and doing so would have made the book more readable (not that it's unreadable - it's just long and rather too detailed). However, while I've deducted one star to reflect this view, I believe this is a worthy book and, in fact, a worthy man.
This book is user friendly, well written and well thought out. It shows that Obama chose his Secretary of the Treasury very wisely. The detail is amazing, but not in the least boring. It reads like a novel. Geithner was the exact right man for the job, already skilled and savvy in the knowledge of how to go about rescuing nations from economic crisis. This is well worth the read and impressive. Geithner emerges as a very likable and admirable human being, who just happened to be in the right time and place to save us from Depression 2.0.
The Great Recession and financial panic of 2007-2009 has a lot of myths and stories surrounding it concerning what the government did or didn't do, what it should've done and shouldn't have done, and the motives of those working behind the scenes. Former Secretary of the Treasury Timothy Geithner is one of those lighting rod figures from the crisis who, because of his relative anonymity prior to the crisis, is often misunderstood or caricatured. In this book, Sec. Geithner not only dispels the myths about his own background, but also provides a unique insight and perspective on the panic from one of the only two people in high government who was there from beginning to end (Fed chairman Ben Bernanke being the other one). But his story, and his experiences with financial panics, doesn't start in 2007, but rather starts with his upbringing in a family that was involved in international development and finances from when he was very young, always moving from one country to another and spending very little time in America. From there, it moves on to his time as a civil servant in the Treasury department's international wing, dealing with the crises brought on the by the Asian financial panics of the 1990s and eventual rising to be Assistant Secretary of the Treasury in charge of the international branch. From those times Mr. Geithner picks up a lot of invaluable experience in financial panics, what makes them better, and what makes them worse. From there he makes the surprising leap to head of the Federal Reserve Bank of New York, the most powerful of the regional Federal Reserve Boards in the country. And that is where the main story begins as Mr. Geithner describes the events that led to the panic, the actions he took as FRBNY chair and then Treasury Secretary, why they took them, and why they were necessary even if they were both unpopular and counterintuitive. The book reaches its climax with the stress tests backed by promises of capital injections for those banks the tests deemed were in need of them. Once the results of the test are released in the spring of 2009 a certain measure of calm enters the markets and the last chapters feel like a denouement as he deals with the Eurozone crisis and the toxic politics of Washington following the ascendancy of the Tea Party in 2010. What is surprising is how in the first half of the book Mr. Geithner seems to undersell himself, not out of a sense of humility, but because he genuinely seemed to believe that there were other people better or more knowledgeable than him. From my perspective, it seems like a no-brainer that Pres. Obama tapped him to be Treasury Secretary, even if he was a terrible salesman (a flaw that he readily, even jokingly, admits to being). What is also great about this book is how much value it has beyond being another account of the financial crisis. He does a great job of explaining why the unpopular decisions the Fed, the FDIC, and the Treasury took were necessary to save the economy, even if he falls into the trap of using too much of the jargon of Wall St. to explain it. I believe this book has value not only as an account of this financial crisis, but as a guide to how to handle future financial, indeed any, crisis in the future. As Mr. Geithner is fond of saying, a plan beats no plan. I highly recommend this book to anyone interested in the true story behind the financial crisis and the Great Recession of 2007-2009.
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 to the overall understanding of the financial crisis of 2008.This book should not be taken as "stand-alone" but read in the context of all the other ones out there about the crisis itself. It helps one to form their opinions in a clear and more fair way in my opinion.Finally, this book also help show that the work of the Treasury, Federal Reserve, and other institutions that prevented the crisis relied on countless individuals who never get recognized for their hard work and countless hours helping make this country better. My admiration and gratitude only got bigger after reading this account.
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