Stress Test

Reflections on Financial Crises

By: Timothy F. Geithner

Narrated by: Timothy F. Geithner

Length: 18 hrs and 23 mins

Publisher's summary

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.

©2014 Timothy F. Geithner (P)2014 Random House Audio

Critic reviews

A Financial Times Best Book of 2014

“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 remains unsettled… There’s hardly a moment in Geithner’s story when the reader feels he is being anything but straightforward — a near-superhuman feat for someone who spent so much time in public life defending himself from careless and dishonest personal attacks. The decisions he made are easier to criticize than they are to improve upon. I doubt many readers will put his book down and think the man did anything but his best. On his feet he might have stammered and wavered. That in itself was always a sign he was unusually brave.” –Michael Lewis, New York Times Book Review

“An intimate take on the financial crisis… gripping… conveys in visceral terms just how precarious things were during the crisis, just how frightened many first responders were, and just what an achievement it was to avert a major depression… [Geithner] demonstrates that he can discuss economics in an accessible fashion, making the situation the country faced in 2008 and 2009 tactile, comprehensible—and harrowing—to the lay reader. Along the way, he also gives us a telling portrait of himself.” –New York Times

“A how-to manual for anyone faced with a financial crisis… Mr Geithner was known for his brutal candor, and as an author, he does not disappoint.” —The Economist

WORTH A LISTEN - ONE THING MISSING

Worth listening to. I appreciated the honesty and sharing weaknesses and failures.

The problem I have with this book is that Gietner asserts that GFC was basically overcome and fixed. He asserts that the tax payers got their money back from the bailouts. This is contradicted by the fact that the federal debt basically doubled between Obama getting into office and him leaving.

It seem to me that instead of fixing the GFC they simply printed trillions out of thin air to cover the problem and leave it for the next generation to pay for.

The US federal debt is now $20 trillion - this is a mind-blowingly big number and is basically unfixable without a major crash. So instead of fixing the GFC; Gietner and friends simply kicked the can down the road to our kids and grandkids.

Entertaining, Informative, Bias

What disappointed you about Stress Test?

I found it entertaining, but it was very bias and Tim's political views and opinion's are on full display, and HIS WAY always seemed to be the answer and the only way. He spent 18 hours and 20 minutes telling why his way of thinking was correct and 3 minutes at the end on what he did wrong.

What do you think your next listen will be?

Capitalism and Freedom

Which character – as performed by Timothy F. Geithner – was your favorite?

none

What reaction did this book spark in you? Anger, sadness, disappointment?

C'mon man

Any additional comments?

I liked the book quite a bit and found it very informative but It should be understood that this is simply an insider's interpretation. I just wasn't sure of Tim's intentions. If they were for the population or for the administration and the agenda.

Geithner tells it like it was

As the financial crisis becomes a distant memory, it is easy for many armchair quarterbacks to judge policy makers for the perceived shortfalls of their strategies. Geithner reminds us in this book that the "fog of war" was very real, and that saving the economy was more important than punishing the malefactors.

Anyone that blames the Crisis on Wall St greed without acknowledging the very real part that the government played in creating the crisis in the first place isn't being intellectually honest.

Thus book is well written and can be understood by people with little economics or finance background. Would absolutely recommend.

The 2008 Financial Crises By The Man Who Solved It

If you could sum up Stress Test in three words, what would they be?

Man saved economy

What other book might you compare Stress Test to and why?

Too Big to Fail
In Fed We Trust
The End of Wall Street

Have you listened to any of Timothy F. Geithner’s other performances before? How does this one compare?

No, the guy speaks greatly with good vocal performance

Was this a book you wanted to listen to all in one sitting?

Yes

Any additional comments?

I believe it's the best book describing the 2008 crises.

Awesome

A great balance of both technical and lay explanations. The Secretary does a great job of building up toward the financial crisis, then solidly illustrates the Administration's plans, along with painting the geopolitical situation.

Worth the time to listen.

Great inside story from the Great Recession, and perspective on how to prevent the next one.

A good book, mostly self defense

Not a bad book by any stretch, but most of it is spent defending his actions. Would’ve like to see more self critique and reflection.

Thank you

I was a teenager during the 07-08 GFC. This book brought so much light to the decisions made and rationale behind them. On behalf of the American people, I want to say thank you.

Interesting and useful

Geitner's very honest, factual and even tone were helpful in making me understand his approach to the crisis and gave me a new view on what happened. His self deprecation and personal stories made the book less than dry than it otherwise could have been. It was also great hearing him narrate the book himself. However, it sometimes got repetitive, depressing and long. But overall insightful.

Understanding Americas Financial Crises

Would you recommend this audiobook to a friend? If so, why?

Yes I would recommend this book to anyone who wants to understand from the inside out what happened to our economy. Geithner is concise and humble about his good and not so good decisions. He also lets the reader in to his personal life and how it effected him. He wants to be understood. Clearly a brilliant mind that explains it better than all the news and propaganda we were told. Not the easiest read but worth it if you really want to understand. It changed how I look at the financial global world.

Who was your favorite character and why?

Timothy Geithner

Have you listened to any of Timothy F. Geithner’s other performances before? How does this one compare?

No

Did you have an extreme reaction to this book? Did it make you laugh or cry?

Yes I felt helpless to effect the most important financial crisis of our time. Glad to know some good minds were at the wheel.

Any additional comments?

Read this book if you care about America's economy and our financial institutions and understanding the power they have to make or break us.