Stress Test: Reflections on Financial Crises e mais milhares de eBooks estão .. The book reaches its climax with the stress tests backed by promises of capital. Start by marking “Stress Test: Reflections on Financial Crises” as Want to Read: Timothy Geithner has the unusual habit of showing up in the middle of international crises. He wrote Stress Test: Reflections on Financial Crises as a distinguished fellow at the Council on Foreign. A Financial Times Best Book of “He's written a really good book — we might as well get that out of the way, as so much else about Timothy F. Geithner.
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In STRESS TEST former Treasury Secretary TIMOTHY GEITHNER writes the Tim's book will forever be the definitive work on what causes financial panics and . Stress Test: Reflections on Financial Crises is a memoir by former United States Secretary of the Treasury Timothy Geithner, written as an account of the. Praise. A Financial Times Best Book of “He's written a really good book — we might as well get that out of the way, as so much else about Timothy F.
Geithner, with an assist from Michael Grunwald of Time magazine, demonstrates that he can discuss economics in an accessible fashion, making the situation the country faced in and tactile, comprehensible — and harrowing — to the lay reader. The book tends to underplay the larger, unresolved problems in the American economy from large deficits to long-term unemployment while overstating the importance or efficacy of regulatory changes the administration oversaw. Although Mr. Geithner writes at some length about concerns with the Dodd-Frank Wall Street reform act , he does not grapple convincingly with issues like the problems posed by bigger-than-ever banks, untrustworthy credit-rating agencies and gaps in the Balkanized system of regulatory oversight.
Does He Pass the Test?
Students of the causes of the cataclysm of may also question Mr. Summers and Robert E.
Rubin both of whom he had worked under in the Treasury Department during the Clinton administration and the low-interest, easy-money policies of the Fed under Alan Greenspan — policies that many economic historians believe fueled market excesses and out of control risk-taking. Among Mr. Geithner Illustrated.
Oddly, for a Republican Ivy League graduate of the s — and even more oddly for a future Treasury secretary — he found Wall Street pointless and the business world faintly ridiculous. He had no particular interest in money.
His first square was Henry Kissinger, who gave him a job as an analyst at his consulting firm. The square that changed his life was Larry Summers, then a Treasury under secretary, who clearly saw in Geithner someone who would at least pretend not to be intimidated by him.
But this part of the Timothy Geithner story — his rise in the world of important people — remains a bit vague. At any rate, the more or less perpetual global financial crisis that he helped deal with — the run on the Mexican peso, the run on Southeast Asian currencies, the Russian default and so on — obviously gave him his identity: crisis manager.
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He became one of the guys who kept their heads as others lost theirs, defined less by what he was than by what he was not: in trouble.
The crises caused him. They can be classified by whom they blame: Wall Street bankers, feckless American debtors, government incompetence, the Chinese.
The entire society — including all the big banks and some nonbank financial firms, like the insurance company A. The story Geithner goes on to tell blames everyone and no one.
The crisis he describes might just as well have been an act of God. Basically no one noticed what was happening inside the financial system until after it happened. A few of the important people with a privileged view expressed concerns about the risks being taken, but most said nothing.
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Geithner counts himself in the minority. Once the ship hits the iceberg, Geithner becomes more central to the action.
Due to the nature of banks, they cannot necessarily survive these bank runs, and if they collapse, the lines of credit are cut off. Now the Roosevelt administration did institute deposit insurance under the FDIC program to protect consumers after the Great Depression.
Stress Test (book)
The problem is that many of these savings were held in 'shadow banks', or other institutions which functioned like banks but did not have the protections of the federal government. The 'stress test' of the title was one of his inventions, and a major factor in restoring confidence to the banks. This involved running a detailed study of a bank's assets and liabilities, and seeing whether it could survive a major bank run or crisis using a series of simulated variables.
Although many suspected the truth of these tests, most seem to have worked, and the 'stress test' is now a useful tool for evaluating banks in crisis worldwide.
This is the reasoning he gives for not allowing the big investment banks to fail. He believes they honestly were too big to fail - if they did, credit could collapse and so would investment holdings and consumer confidence worldwide.
As such, he also vehemently denies the idea of 'Old Testament vengeance' to punish any of the head officials of the banks, saying that most were too ignorant of their circumstances and the complexity of the market to know what was going on. Many will contest this, of course.
Although he does at least have the decency to mark a late protest against overeager executive compensation and its own risk for moral hazard - he even names names. Being at the center of a storm this large is an exceedingly thankless job. He does talk about the lack of privacy accorded to his family, and the toll it took on his family life.
He wanted to resign as early as , but the president would have none of it. As for the relative anemia of the rest of the recovery like stagnant wage growth, he bemoans the climate of fiscal austerity and political grandstanding which prevents any real action by the federal government.Update: This was in Q2 If you are a seller for this product, would you like to suggest updates through seller support?
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But his story, and his experiences with financial panics, doesn't start in , but rather starts with his upbringing in a family that was involved in international development and finances from when he was very young, always moving from one country to another and spending very little time in America.
Every financial crisis is a crisis of confidence.
Though he had spent much time in the public service, the first speech he ever gave was as Secretary of the Treasury. He tells about his personal life meeting his wife getting married having children.
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