SKU: 55859146602

Stress Test: Reflections on Financial Crises

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Stress Test: Reflections on Financial CrisesNew York Times Bestseller Washington Post Bestseller Los Angeles Times Bestseller Stress Test is the story of Tim Geithner's education in financial crises. As president of the Federal Reserve Bank of New York and then as President Barack Obama's secretary of the Treasury, Timothy F. Geithner helped the United States navigate the worst financial crisis since the Great Depression, from boom to bust to rescue to recovery. In a candid, riveting, and

New York Times Bestseller

Washington Post Bestseller

Los Angeles Times Bestseller

Stress Test is the story of Tim Geithner's education in financial crises.

As president of the Federal Reserve Bank of New York and then as President Barack Obama's secretary of the Treasury, Timothy F. Geithner helped the United States navigate the worst financial crisis since the Great Depression, from boom to bust to rescue to recovery. In a candid, riveting, and historically illuminating memoir, he takes readers behind the scenes of the crisis, explaining the hard choices and politically unpalatable decisions he made to repair a broken financial system and prevent the collapse of the Main Street economy. This is the inside story of how a small group of policy makers--in a thick fog of uncertainty, with unimaginably high stakes--helped avoid a second depression but lost the American people doing it. Stress Test is also a valuable guide to how governments can better manage financial crises, because this one won't be the last.

Stress Test reveals a side of Secretary Geithner the public has never seen, starting with his childhood as an American abroad. He recounts his early days as a young Treasury official helping to fight the international financial crises of the 1990s, then describes what he saw, what he did, and what he missed at the New York Fed before the Wall Street boom went bust. He takes readers inside the room as the crisis began, intensified, and burned out of control, discussing the most controversial episodes of his tenures at the New York Fed and the Treasury, including the rescue of Bear Stearns; the harrowing weekend when Lehman Brothers failed; the searing crucible of the AIG rescue as well as the furor over the firm's lavish bonuses; the battles inside the Obama administration over his widely criticized but ultimately successful plan to end the crisis; and the bracing fight for the most sweeping financial reforms in more than seventy years. 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.

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. But in the end, Stress Test is a hopeful story about public service. In this revealing memoir, Tim Geithner explains how America withstood the ultimate stress test of its political and financial systems.

Binding Type: Paperback
Publisher: Broadway Books
Published: 05/05/2015
ISBN: 9780804138611
Pages: 592
Weight: 0.90lbs
Size: 8.00h x 5.00w x 1.30d

Review Citations: New York Times Book Review 05/10/2015 pg. 36
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SKU: 55859146602

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4.7 ★★★★★
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Nemo
Battle Creek, US
★★★★★ 5
Essential reading for a fuller and more accurate comprehension of American history
Format: Hardcover
I'm not in the habit of writing reviews, but I strongly recommend Hitler's American Model as critical reading for our political moment, especially given the conversations about racism, antisemitism, and white supremacy that the Trump administration and Charlottesville have bought to the fore. It's imperative that we understand the depth of racism integral to American policy making and execution. Numerous European countries recognized America as the world's leader in racist legislation, and American immigration, naturalization, and antimiscegenation law influenced the Nazi legislators who crafted the Nuremberg Laws. They did not import American legal policy and praxis wholecloth, but studied it deeply as a precedent for not just a race-based, but a racist, system of laws that privileged the "master race" over the inferior dilutors of that race--in the Nazi case, the Jews. American exclusion and criminalization of non-white people proffered a blueprint of inspiration to Nazi radicals, who engaged intimately with it in the hopes of carrying it out to its logical extent: an openly racist legal system that drove out the racially decrepit to foster a pure Aryan state.
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Reviewed in the United States on August 29, 2017
J
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Jim Emison
San Leandro, US
★★★★★ 5
America's Fascist Governments
Format: Hardcover
"Love it" is not the correct phrase for how I related to the book. An important book for which I am thankful sobered and shamed by the book, better express my feelings. America to our lasting shame was the Mid-Tewentith Century global leader in the law of racial disenfranchisement & suppression despite our constitution to the contrary. That we were one model for Nazi race law is an abomination, a stain we can never remove. Professor Whitman though is generous to America, and this old, white, Tennessean, believes incorrect, when he states (p. 145) that the Nazi's went beyond American racism by creating, "...something different: the "organization of a fascist state"." The author is correct that the United Staes of America was itself not a "fascist state". However, within the United States, at least at the county level, governments existed and were tolerated by the federal government, that were indeed fascist in all but name. One-party county governments based on white supremacy and dedicated to maintaining white rule, black poverty & political powerlessness, racial purity & separation, at any cost including murder, existed in the South, in Tennessee, long before Hitler. These Southern county governments were very effective police states that employed government led white terror to control African Americans. White terrorists county governments they were. Fascist they were. Americans organized fascist local governments long before Germans organized on a national scale and streamlined their murder machine. Americans fascists killed fewer, but kill they did.
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Reviewed in the United States on October 27, 2017
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Teacher of Teachers
Massapequa, US
★★★★★ 3
Impressive sources, sophomoric writing.
Format: Kindle
Should everyone read this book? Certainly. But the writing is too poor for me to offer an enthusiastic four or five star recommendation. I'm surprised an editor did not clean this up so that the book could live up to its eye-opening content. This already short book has quite a lot of distracting, repetitive padding. Symbolic of this is the use of the phrase "of course" - it appears thirty times. More repetition appears in the author's needless (and, I would say, presumptuous) dwelling on the reader's emotional reactions to the content of the book: the idea that America might have influenced the Nazis is "too awful to contemplate," and "is sure to seem distressing," and "hard to digest," and "no one wants to imagine" it, and "none of this is entirely easy to talk about," and "it is hard to look coolly on the question," and "it is hard to admit," and "no one wants to be perceived as relativizing," and "no non-Germans want their country to be accused," and "it is hard to overcome our sense that..." and "painful though it may be for us to admit..." and "awful it may be to contemplate," and "the story of American influence...is certainly depressing," and so on and so forth. Nevertheless, "To be sure, we must keep our composure..." This repetition gets exhausting in a single 56-word sentence invoking the phrases "true nefandum...abyss of unexampled modern horror...sui generis radical evil...a sort of dark star." More padding appears in the author's concern with arguing against weak positions: "We can, and should, reject the sort of simple-minded anti-Americanism..." "It would be a mistake to draw overblown conclusions..." Well, yes, simple-minded anything is to be rejected, as are overblown conclusions about anything. But that doesn't stop the author from presenting repetitive arguments. Additional filler that an editor should have excised is in the form of these phrases, which read like a student trying to hit a required word count in a term paper: "It is important to note that..." "In particular it is essential to emphasize..." "We must bear that fact in mind..." "It is an unpleasant truth that..." "Worthy of attention above all is..." "It is particularly noteworthy that..." "Sahm is a particularly noteworthy author..." Finally, the author descends into a kind of bullying that indicates a lack of confidence in his own presentation: "Our literature has taken a crass interpretative track." "It is a major interpretative fallacy on the part of all these scholars..."It would be foolish and craven to minimize Nazi interest in what American law represented." "It is essential to reject once and for all the proposition that American law could not have been of interest to the Nazis." "It is simply nonsense to claim..." "Once we dispose of that dubious claim..." "There can be no justification for ignoring the evidence..." "Only a naive and pedestrian understanding of law - only a dogged refusal to face facts..." An editor should have deleted these kinds of phrases and just let the content - the documenting of Nazi interest in America law - speak for itself. With all this rhetorical padding, the book is overpriced. Nevertheless it has value as a kind of annotated bibliography.
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Reviewed in the United States on October 14, 2017
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Ginger Witch
Charlottesville, US
★★★★★ 5
Thoughtful, well researched, not a "fun" read
Format: Hardcover
This was a very thoughtful look at a topic I didn't know much about. It talks about prewar anti race mixing laws and immigration laws in the USA and other laws used to strip rights from nonwhites in the USA and how those laws were studied by Nazis who wrote laws for the third reich and what they thought of each other. The author obviously put a lot of research and thought into this work but is careful not to jump to any conclusions. This book is very dense and as someone who is not a lawyer or anything, I could follow it but I had to read it more slowly than most other nonfiction books. Still very worth picking up if you are interested in the topic, though!
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Reviewed in the United States on July 16, 2018
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Ayisha
Louisville, US
★★★★★ 5
I really love the fact that he criticized President Obama for his ...
Format: Kindle
I must say, I am EXTREMELY biased towards Tim Wise. I adore him. He is a well-educated, genuine wordsmith. He shuts down the mess that we hear perpetrated on a daily basis regarding colorblind politics. In this book, he shuts down "colorblindness". I really love the fact that he criticized President Obama for his lack of legislation specifically for African-Americans. That was an issue I had with him and I believe that several African-Americans feel the same way. I understand, like Tim Wise, the position of President Obama and how easy it would have been for him to fall into a stereotype. I also believe that, no matter what he did, he will always be stereotyped, so why not help out the people who got you elected? Great book by a "Wise" man.
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Reviewed in the United States on April 10, 2017

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