By Timothy F. Geithner
Stress Test is the tale of Tim Geithner's schooling in monetary crises.
As president of the Federal Reserve financial institution of latest York after which as President Barack Obama's secretary of the Treasury, Timothy F. Geithner helped the U.S. navigate the worst monetary hindrance because the nice melancholy, from growth to bust to rescue to restoration. In a candid, riveting, and traditionally illuminating memoir, he's taking readers backstage of the challenge, explaining the demanding offerings and politically unpalatable judgements he made to fix a damaged economy and stop the cave in of the most highway financial system. this is often the interior tale of the way a small team of coverage makers--in a thick fog of uncertainty, with unimaginably excessive stakes--helped keep away from a moment melancholy yet misplaced the yank humans doing it. tension try can also be a necessary consultant to how governments can higher deal with monetary crises, simply because this one won't be the last.
Stress try finds an aspect of Secretary Geithner the general public hasn't ever obvious, beginning together with his early life as an American overseas. He recounts his early days as a tender Treasury legit assisting to struggle the foreign monetary crises of the Nineteen Nineties, then describes what he observed, what he did, and what he overlooked on the manhattan Fed prior to the Wall road increase went bust. he is taking readers contained in the room because the hindrance begun, intensified, and burned uncontrolled, discussing the main debatable episodes of his tenures on the ny Fed and the Treasury, together with the rescue of undergo Stearns; the harrowing weekend whilst Lehman Brothers failed; the searing crucible of the AIG rescue in addition to the furor over the firm's lavish bonuses; the battles contained in the Obama management over his extensively criticized yet finally profitable plan to finish the problem; and the bracing struggle for the main sweeping monetary reforms in additional than seventy years. Secretary Geithner additionally describes the aftershocks of the problem, together with the administration's efforts to handle excessive unemployment, a sequence of brutal political battles over deficits and debt, and the drama over Europe's repeated flirtations with the commercial abyss.
Secretary Geithner isn't a political candidate, yet he has issues to assert approximately politics--the silliness, the nastiness, the toll it took on his relations. yet finally, rigidity try out is a hopeful tale approximately public provider. during this revealing memoir, Tim Geithner explains how the United States withstood the final word tension attempt of its political and monetary systems.
From the Hardcover edition.