Stress Test Reflections on Financial Crises

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

A fascinating memoir about life in the maelstrom of the financial crisis Earlier books have described much of what happened that September, but Geithner was present for all the frantic meetings, the thousands of phone calls and in the case of Lehman, the failure to find a buyer that could keep it alive. New problems cropped up almost weekly, if not daily. He explains each in easy-to-understand language and what the issues were that shaped the responses There could be another crisis someday, of course, but what Geithner and his colleagues did has made one far less likely. USA Today

Sharply worded and candid memoir. Financial Times

Geithner does an admirable job of explaining the origins and complexities of the crisis for the average person. But there s enough detail and retrospective lessons-learned to make it valuable for students of financial history .fast-paced and colorful .Stress Test goes beyond other crisis books. Los Angeles Times

Throughout Stress Test, one gains a deep appreciation for the heart-pumping decisions made by Geithner and his colleagues from 2007 through 2012. And he makes a compelling case that overhwelming force is necessary in crisis, and that the measures taken by the Fed and two successive administrations prevented even more pain for ordinary Americans. Washington Post

An unsparing insider s account of the financial crisis from the former Secretary of the Treasury, unpacking the hard decisions and terrible trade-offs that devastated the economy but staved off a deep, lasting depression. Time

Sensational . . . Tim s book will forever be the definitive work on what causes financial panics and what must be done to stem them when they occur. Warren Buffett

Very few important subjects in American history have been the subject of as much disinformation and deliberate distortion as the events surrounding the financial crisis that broke in 2008. Tim Geithner s candid, clear-headed, and refreshingly self-effacing account of his role in formulating the federal government s response is a very welcome antidote. Geithner s book is a triple threat: it is first-rate economic history, insightful political science, and, most important, a cogent exposition of the importance of adhering to the policies adopted in the aftermath of the crisis if we are to succeed in diminishing the likelihood of any recurrence. Barney Frank

Stress Test is an absolutely compelling account of the financial crisis, written in a clear, graceful style with striking honesty at every step along the way. Timothy Geithner brings a complex story to life with telling anecdotes and personal reflections. Doris Kearns Goodwin

This is a lucid, fascinating, and extremely important book. Every American should read it. Geithner does something unusual: he engages in substance. With both insight and humility, plus a good dose of wry humor, he explains what really happened during the financial crisis. No matter your political persuasion, you will find this book educational, enlightening, and interesting. Walter Isaacson

The country owes Tim Geithner great appreciation for his role in overcoming the financial crisis of 2008. He has now indebted it further with writing a thoughtful, very readable and informative account of the conduct of policy at the edge of disaster. Henry A. Kissinger