Behind the scenes, he tells of staffers working late nights on speech drafts, but he seems oddly detached and uninvolved in this process. Geithner felt a “crushing guilt” for making the President look bad and embarrassing his family. His wife is apparently a counselor and loathed Geithner’s political role and the long hours he spent away from home. She opposed him accepting the nomination as Treasury Secretary, and President Obama had to personally assuage her doubts when he decided to keep him on after re-election. I found Geithner’s childhood interesting as he grew up as child of USAID worker in SE Asia.
It means that this book is not written by a politician, trying to skirt around difficult subjects and personalities, worried about either offending someone or possibly having negative political repercussions come in the future. That is because Geithner, Barack Obama’s first Secretary of the Treasury, is not a politician nor a Washington insider. The result is a refreshingly candid autobiography, full of personal anecdotes, self-criticisms, and criticisms of those that he had to work with in some capacity or another.
I gave it two stars, which I consider a generous rating, only because of the effort expended. The book seemed to be nothing more than a disingenuous “apology tour” to his wife and a reaffirmation of his belief that he made all the right decisions, if only those who were ignorant could have understood his purpose. He attacked the Bush administration and the GOP while he worshiped at the feet of President Obama and his cronies without admitting their responsibility in the debacle that the White House faced. It was a biased presentation of the facts that will be much loved and appreciated by Liberals who agree with President Obama’s extremely “Progressive” policies. It was not a fair representation of the truth, but it was a representation of Geithner’s interpretation of the truth.
- There will never be a world without fires, so good firefighters are essential.
- And once the war was started, it was necessary to use “overwhelming force.”
- He explains what was wrong, and how they attempted to fix or relief some stress on the markets.
- Secretary Geithner is not a politician, but he has things to say about politics–the silliness, the nastiness, the toll it took on his family.
- He was involved in finding an eleventh hour buyer for Bear Sterns and in the failed effort to rescue Lehman Brothers.
- Geithner was a critical player in all the events of the collapse.
The financial crisis starting in 2007 is the signature event of the financial world and economy for arguably the last eighty years — since the Great Depression. What is astounding to https://www.jic.sg/axes-forex-broker-axes-review-axes-information/ contemplate is how this could have happened; how could sophisticated a system led by brilliant minds have not foreseen that this bubble was so extreme its burst was sure to come?
For the sake of this review, I’m going to focus more on the style and overall content of the book, since I’d hate to dwell on all of the nuances. Ultimately this book left me feeling better about the Obama administration and their response to the crisis. I agree that we passed forex our “stress test” but its important to remember the lessons learned because the next crisis is always around the corner. There will never be a world without fires, so good firefighters are essential. Politics also made reforming the financial system very difficult.
Must Read For Everyone ..
If any one country can effectively veto the response, its only a matter of time till the whole thing blows up. regardless of what the government did and the best way to ensure people could stay in their house was to restart the economy and make jobs available.
I highly recommend this book to anyone interested in the true story behind the financial crisis and the Great Recession of . 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.
But we don’t live in a Wall Street theocracy and we need to have a public discourse about what kind of banking system works for all of us. Geithner is invested in writing the history of the crisis from his perspective and he is honest and thorough as he does it, but maybe what he views as noisy naysayers and “fundamentalists” weren’t just obstructionists who didn’t appreciate the gravity of the situation.
Second, I heard Ky Rysdall interview Mr. Geithner on Marketplace before I read the book and I was very impressed with Mr. Geithner’s recollections of his roles in , and his concerns about the current state of the financial ecosystem. After I heard the interview, I immediately checked the book out of the library and started reading. First, I am a former Federal Banking regulator who helped clean up the S&L crisis and a couple other issues in the 1980s and 1990s. So, I was delighted to have a chance to listen to Mr. Geithner’s take on the financial crisis of .
Responses To Review Of stress Test: Reflections On Financial Crises By Timothy F Geithner
I now understand that fixing the problem outweighs the natural instinct for punishment (which he frequently refers to as ‘Old Testament justice.’) I also understand that as opposed to ‘letting Lehman fail’ nobody was able ‘to save Lehman. ‘ If you are not an investment practitioner , you will have to accept some language at face value. You’ll have to think about “injecting capital” , like “fixing a refrigerator” – this is just how you do it. Geithner’s generous use of firefighting analogies to simplify some points helps with understanding. He also includes simple graphs and charts that even the most financially unschooled reader can grasp. I do think Geithner underestimates Main Street’s continuing pain despite Wall Street’s improved condition. Unfortunately he seems to have learned the lesson of perception over substance a little late.
He was right; I was wrong; and the triumph of the stress test gave him the title for his book. 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. I read this book to better understand “what really happened” during the economic meltdown of 2008. Like a police procedural Geithner leads us methodically from the buildup, to the crash, through the repair effort, and finally the aftermath.
Stress Test: Reflections On Financial Crises(book)
Tim’s journey perfectly exemplifies how as a leader one must be willing to be unpopular and do unconventional things even if others may not agree with you. While hopefully not as stressful, we will all find ourselves faced with difficult situations and circumstances at some point in our lives, and such a situation may require us to make hard decisions that might make others question us or disagree with us. Tim’s story and experience exemplifies how hard dealing with those kinds of circumstances can be but more importantly shows the importance around the need to dig deep, believe in yourself and develop the resolve required to do what must need to be done. There’s a curious change in tone about two thirds of the way through Stress Test. Up to that point—basically, up to the stress test itself and its immediate aftermath—Geithner tells a tale of heroic activism, of good men and women pulling out all the stops to save the world.
I found Tim’s book to be both technically informative in terms of how the global financial system actually works, but also extremely enlightening in terms of what leading through high pressure and high stakes situations looks like on the global political scale. Summary 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. We listened to an audio recording of the book, read by the author.
He largely ignores the responsibility of his own party in bringing about this debacle for Americans to face. 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.
There he met Rubin and Summers, and was named Under Secretary What to Expect From This Review of the Treasury for International Affairs in 1998.
Stress Test: Reflections On Financial Crises
It seems there’s some earnest to our President too, judging by this book. Earnest here is in service to making you, the reader, truly believe that there is nothing really special about Geithner’s qualifications or preparation. He presents himself as the beneficiary of luck, who remains strangely without the extravagant ambitions of those he was called on to bring in-line.