Sunday, May 4, 2014

Geithner Book Coming May 12

Stress Test: Reflections on Financial Crises by Timothy Geithner is scheduled for publication on May 12. From the propaganda blurb:

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.
I wonder if Geithner will discuss in the book his father's work at the CIA and how that put him on the fast track (SEE: NYT Comes Pretty Damn Close to Reporting that Obama and Geithner May Have Known Each Other When They Were Children in Asia)

1 comment:

  1. Bob, I don't know how you do it reading all these narcissistic books. Personally, I liked Tom Woods' book. It's more about truth than Tom Woods.

    "...describes what he saw..." Don't know what he saw. I know that we saw lies given to us, stating it's going to effect main street and local businesses, and then tax money given to AIG in order to "save the American economy." Then, buying up useless car companies that should have died.

    "...what he missed at the New York Fed before the Wall Street boom went bust." Let me guess; could be wrong. He missed the whole housing bubble.