By Timothy F. Geithner
New York occasions Bestseller
Washington publish Bestseller
Los Angeles Times Bestseller
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 USA navigate the worst monetary main issue because the nice melancholy, from increase to bust to rescue to restoration. In a candid, riveting, and traditionally illuminating memoir, he is taking readers behind the curtain of the quandary, explaining the difficult offerings and politically unpalatable judgements he made to fix a damaged economy and forestall the cave in of the most highway economic system. this can be the interior tale of ways a small crew of coverage makers—in a thick fog of uncertainty, with unimaginably excessive stakes—helped stay away from a moment melancholy yet misplaced the yank humans doing it. Stress try is additionally a important advisor to how governments can higher deal with monetary crises, simply because this one won’t be the last.
Stress Test unearths a facet of Secretary Geithner the general public hasn't ever noticeable, beginning together with his formative years as an American in another country. He recounts his early days as a tender Treasury authentic aiding to struggle the overseas monetary crises of the Nineties, then describes what he observed, what he did, and what he neglected on the ny Fed earlier than the Wall highway increase went bust. he's taking readers contained in the room because the problem begun, intensified, and burned uncontrolled, discussing the main arguable episodes of his tenures on the ny Fed and the Treasury, together with the rescue of undergo Stearns; the harrowing weekend while 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 broadly criticized yet eventually profitable plan to finish the difficulty; and the bracing struggle for the main sweeping monetary reforms in additional than seventy years. Secretary Geithner additionally describes the aftershocks of the predicament, 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 industrial abyss.
Secretary Geithner isn't really a political candidate, yet he has issues to assert approximately politics—the silliness, the nastiness, the toll it took on his relatives. yet in spite of everything, Stress Test is a hopeful tale approximately public provider. during this revealing memoir, Tim Geithner explains how the United States withstood the last word tension try out of its political and fiscal systems.
From the Hardcover edition.