Previously led the operations of the Federal Reserve Bank of New York and later on leading the Treasury Department during Obama’s presidency, Timothy F. Geithner is a focal person that salvaged the United States from sinking and helped restore American economy during the worst financial crisis since the 1930s’ great financial depression. His laudable contribution made a great impact on the economy to which he published a personal account dedicated to his feat.
Stress Test chronologically presents the financial crisis through the lens of Secretary Geithner. Vividly highlighted were memories of his childhood and how he ended up serving for Treasury Department of the United States. Measures and decisions he made to pull back the US economy from suffering were completely narrated from cover to cover. Clear plot and settings take readers from the moment the crisis ignited up to how it was extinguished, all while putting emphasis on the most controversial happenings during his employment at the Fed and US treasury.
Stress Test is a reflective memoir of Geithner. Structured as a diary, this book takes readers to times of crisis and what goes further than what reached mainstream media. Throughout the book, he elucidated hard choices and politically unacceptable decisions he ever so courageously made for the sake of the economy and to recover what was left of the dysfunctional financial system. This is a personal narrative of policymakers caught in ambiguity and uncertainty and how they negated the possibility of second financial depression. Moreover, this book is an attestation, a reminder, and a guide for governments on how to appropriately deal with financial crises as the possibility of such is inevitable.
ABOUT THE AUTHOR
Timothy F. Geithner previously served and worked for the United States Department of Treasury as a secretary. Prior to this, he has employment experience as president and Chief Executive Officer at the Federal Reserve Bank of New York. This book was written while he was a fellow and associate at the Council of Foreign Relations.
TABLE OF CONTENTS
Introduction- the Bombs
- Chapter 1- An American Abroad
- Chapter 2- An Education in Crisis
- Chapter 3- Leaning Against the Wind
- Chapter 4- Letting It Burn
- Chapter 5- The Fall
- Chapter 6- “We’re Going to Fix This”
- Chapter 7- Into the Fire
- Chapter 8- Plan Beats No Plan
- Chapter 9- Getting Better. Feeling Worse
- Chapter 10- The Fight for Reform
- Chapter 11- Aftershocks
- Epilogue- Reflections on Financial Crises
- Tribute to the Crisis Team