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Stress Test is secretary of the Treasury Timothy F. Geithner’s candid and historic memoir about the financial crisis. In it, he explains the hard choices and politically unpalatable decisions he and a small group of policy makers made to repair a broken financial system and prevent the collapse of the Main Street economy. A valuable guide to how governments can better manage financial crises, Stress Test is also a hopeful story about public service.
Timothy F. Geithner was the seventy-fifth secretary of the U.S. Department of the Treasury and previously served as president and chief executive officer of the Federal Reserve Bank of New York. He wrote this book as a distinguished fellow at the Council on Foreign Relations.
“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