Stress Test: Reflections on Financial Crises
Timothy F. Geithner, signed by author
Timothy Franz Geithner (born August 18, 1961) is a former American central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama, from 2009 to 2013. He was the President of the Federal Reserve Bank of New York from 2003 to 2009. As President of the New York Fed and Secretary of the Treasury, Geithner had a key role in government efforts to recover from the financial crisis of 2007-08 and the Great Recession. At the New York Fed, Geithner helped manage crises involving Bear Stearns, Lehman Brothers, and the American International Group; as Treasury Secretary, he oversaw allocation of $350 billion under the Troubled Asset Relief Program, enacted during the previous administration in response to the subprime mortgage crisis. 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.