Stress Test Reflections On Financial Crises Pdf Book

He has done an excellent job with this book so I wished he would have written his explanations and had someone read them maybe that would have gave us the confidence that comes with understanding. It is obvious from the book the man did his best in an extremely difficult situation. Geithner then recounts the ways in which he, along with his BFFs Ben , Larry , and Hank , basically saved the world in 2008 from Armageddon.

Stress Test: Reflections on Financial Crises

He allows you into his daily routine of giving bad news to the President while doing his very best to do what he knew had to be done to avoid the impending depression on the horizon. I don’t feel that there was an attempt on Mr. Geithner’s part to whitewash his legacy at treasury, forex analytics as he highlights his successes and failures as well as credits others for their actions to save the economy when times were at their worst. I came away with a great respect for Mr. Geithner’s honesty in where mistakes were made and the overall non-partisan nature of the memoir.

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He explains what was wrong, and how they attempted to fix or relief some stress on the markets. He goes into depth about the stress test they designed for the banks to avoid future problems. Geithner explains what attempts were made at legislation to prevent future problems along with what is good, adequate or poor and what is missing and needs to be corrected. The description of our dysfunctional government comes through crystal clear. He mentions Elizabeth Warren as she worked under him as temporary head of the new consumer bureau. I noted Warren was more interested in how the crisis was affecting the individual and Geithner was more interested in the institutions and countries. One of the biggest problems during the crisis was Geithner’s inability to communicate adequately.

He complains about his work load, an intransigent Congress, the morass of the political process, and his lack of family contact. He completely disregarded the culpability of the Democrats when they repealed Glass-Steagall which helped to bring about the banking debacle that created a situation which almost destroyed the world’s economy as well as our own. If you are a liberal and really want to read this book, make sure you select the print copy. Must Read for everyone in the United States that blames government for disfunction without understanding how hard the jobs of the public servants within the federal government are and how the near constant criticism truly causes those best for the jobs at hand to burn out. I listened to this book which is one of the better audio books available as it is read by Mr. Geithner himself. I appreciated the way the book encompassed the Treasury Secretary’s life growing up to parents who were also public servants through his trials and tribulations as the Treasury Secretary handling one of the most perilous times in our nation’s financial history.

Stress Test: Reflections on Financial Crises

Geithner is adamant that the financial crisis was not the time to worry about “Old Testament style” punitive measures for those who caused and/or benefitted from the situation leading to the financial meltdown. Treasury’s book about the financial crisis is a must-read for any manager. Stress Test is surprisingly readable considering the complexity of the subject matter. At times I found myself exhausted from the excitement and suspense surrounding their stabs at correcting an economy in crisis.

Товар 1 Stress Test: Reflections On Financial Crises By Geithner, Timothy F (paperback) 1

Geithner expresses distrust and dislike for the Tea Party because they oppose his policies and he hates the inability of Congress to act effectively. The Tea Party is becoming the replacement for Tina Fey’s Sarah Palin as an object of scorn. He blames the GOP and pretty much gives the “Donkeys” a pass, even though Senator Reid has not even allowed many of the recommendations of those on TeleTrade Analysis the right to be brought up and considered for a vote in the Senate. Although Geithner did achieve some positive results, he blames his failures on others, even as he admits them. He too often tried to prop himself up, even as he complained that he was unqualified for the jobs thrust upon him. His humility did not seem genuine since he often threw mud at others to explain his failures.

Now I have read “Stress Test” by Timothy F. Geithner whose book unlike the prior books provides an insider’s view point of the crisis. I am sure that this will be a controversial book and people will take sides according to their personal belief and only a few people will read it for the facts without pre-judgment. Geithner served as President of the New York Federal Reserve from 2003 to 2008 and Secretary of Treasury from 2009 to 2013. Geithner starts the book with his childhood growing up in various countries as his father worked for the Ford Foundation. Geithner describes his education at Dartmouth University and his graduate studies at the Graduate School of International Studies at John Hopkins. He tells about his personal life meeting his wife getting married having children. But he spends most of the book on his employment at the Treasury.

  • Somewhere in his diatribe of complaints and protestations, there are some facts worthy of consideration and thought.
  • It was not a fair representation of the truth, but it was a representation of Geithner’s interpretation of the truth.
  • Geithner uses hackneyed phrases and trite references to illustrate his points.
  • Those who disagree with his presentation will be hard pressed to finish the book; I know it was an extraordinary effort for me to complete it.
  • He knew the playing field when he accepted the position as Obama knew what awaited him when he ran for office.
  • He presided as Secretary of the Treasury during a troubled time, but it was not a surprise for him.

He spent most of his time bashing Republicans and praising Obama and the Democrats. It was the most partisan presentation of any book I have read by a government servant. He was a cheerleader for himself and the sacrifices of his wife and family, and for what he perceived as a President who was trying to do right by the country. Today, it would seem that the situation in the world may fly in the face of that premise. In summary, the book is basically a defense of his behavior during the banking crisis which required an enormous stimulus to prevent a depression, which it did successfully. He largely ignores the responsibility of his own party in bringing about this debacle for Americans to face.

The first thing they had to do was get statutory authority to infuse money into the troubled firms. They lobbied hard for, and ultimately received such authority with the Troubled Assed Relief Program (“TARP”), which authorized the Treasury either to purchase so-called “toxic” assets or to invest directly in the capital of troubled firms.

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If you disagreed with him, you were wrong, evil, disruptive, a saboteur. Both Geithner and Obama ridicule those that do not agree with them. Compromise and negotiation do not seem to be their strong skills.

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. Obama tapped him to be Treasury Secretary, even if he was a terrible salesman .

Geithner has always been a cipher to me so I figured his autobiography and memoir on the financial crisis would help me understand him better. He did an amazing job with this book, both explaining what happened while explaining himself. The depth of his own introspection and understanding of his own being came through in the midst of incredible pressure and crisis. Once you realize he’s a deep introvert in a context that begs for extrovert energy, a lot of the puzzle pieces about him slide into place. After reading this book, I’m glad he was at the head of the NY Fed and the Treasury for the past decade.

Regardless of your position on what went down during this time, this is a book worth reading for a clear perspective from Geithner’s point of view. I have read several books recently on the financial crisis we are just coming out of. I read “On the Brink” by Hank Paulson the former Secretary of Treasury, “House of Debt by Alif Mian and Amin Safi, economist, describes the large amount of empirical research done since 2008.

I felt that retribution was the objective, rather than the accomplishment of goals through conciliation. He seemed to ignore the amoral behavior of those who brought down our financial system, like the over leveraged and under “down-paymented” home owners, and the politicians who passed laws that practically forced the banks to make loans to unqualified buyers. He supported those who gamed and raped the system, bailing them out while standing by as those who followed the rules were got hurt and were forced to take up the burden for those who brought about the debacle. He was completely unrealistic about what was right and wrong and just wanted to deal with the problems of “left and right”. He makes a statement that President Obama believed policy would trump politics which is contrary to a White House that dwells on optics and party politics, first and foremost. For sure, I did not understand all of the information presented, but I did get the main idea and was very disappointed by the presentation. A government which is supposed to represent everyone was being advised by someone who seemed to believe his most important job was to protect the President, rather than the country.

Stress Test: Reflections on Financial Crises

The Great Recession and financial panic of 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. 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 . 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.

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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. I highly recommend this book to anyone interested in the true story behind the financial crisis and the Great Recession of . Stress Testreveals a side of Secretary Geithner the public has never seen, starting with his childhood as an American abroad. Secretary Geithner also describes the aftershocks of the crisis, including the administration’s efforts to address high unemployment, a series of brutal political battles over deficits and debt, and the drama over Europe’s repeated flirtations with the economic abyss.

Stress Test: Reflections on Financial Crises

An interesting perspective from one of the people who was right in the middle of the financial crisis. Geithner came up through public service into his treasury position, unlike many who came into the position through private ties which can create conflict of interests. He comes across as sincere in his desire to make a difference for his country. I really enjoyed reading of Mr. Geithner’s experiences during the financial crisis. Pundits on both the right and the left have their versions of the causes of the collapse, and why the rescue was/wasn’t a good idea.

Stress Test : Reflections On Financial Crises (paperback)

He tells about his work in the International department working on helping countries with their financial crisis such as Mexico, Japan, Indonesia and South Korea. He says the lessons he learned helped him deal with the current worldwide financial crisis. Geithner goes into great detail about how the crisis development and people were caught off guard as people were complacent because of our long time of stability in the markets. He implies that greed and lack of proper inspections lead to some of the problems.

It was great to read about the crisis from the perspective a person whose job was to stop it. The pragmatic Geithner doesn’t try to hide his loathing of partisan politics in the book; his aims were purely to get the job done, fast.

The strength of the book is the timeline of the financial crisis from the view of the NY Fed and Treasury. The Fed’s stress test implemented, with the backing of Treasury, ended up being enormously important in shoring up confidence in U.S. banks among investors but received little press at the time due to other events. If you’ve read the books and academic articles or even watched the movies about the financial crisis, you’ve mostly heard a unified and compelling narrative. On the cynical end, Geithner, Paulson, and Bernanke were Wall Street cronies in bed with the largest banks, the vampire squids like Goldman Sachs, and they used taxpayer money to bail them out. The more generous and nuanced view is that they made unprecedented moves to bail out TBTF banks because the big banks had too much power and sway over them.

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