- Taschenbuch: 592 Seiten
- Verlag: Random House Business (12. März 2015)
- Sprache: Englisch
- ISBN-10: 1847941249
- ISBN-13: 978-1847941244
- Größe und/oder Gewicht: 12,9 x 3,7 x 19,8 cm
- Durchschnittliche Kundenbewertung: 4 Kundenrezensionen
- Amazon Bestseller-Rang: Nr. 49.527 in Fremdsprachige Bücher (Siehe Top 100 in Fremdsprachige Bücher)
Stress Test: Reflections on Financial Crises (Englisch) Taschenbuch – 12. März 2015
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"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)
"Deals with issues far bigger than anything on the Man Booker long list." (Anne Ashworth The Times)
"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." (Doris Kearns Goodwin)
"This is a lucid, fascinating, and extremely important book … 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)
"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)
From the former Treasury Secretary, the definitive account of the unprecedented effort to save the U.S. economy from collapse in the wake of the worst global financial crisis since the Great DepressionAlle Produktbeschreibungen
Welche anderen Artikel kaufen Kunden, nachdem sie diesen Artikel angesehen haben?
journalists like Walter Bagehot - "Lombard Street, 1873, edition 2006" - and Andrew Ross Sorkin - "Too Big to Fail" -,
academics like Charles P. Kindleberger and Robert Aliber - "Manias, Panics and Crashes, 6th edition" - and Carmen Reinhart & Kenneth Rogoff - "This Time is Different, edition 2009" -, insiders like Thilo Sarrazin - Europa braucht den Euro nicht, 1. Auflage 2010 -, Henry M. Paulson, Jr. - "On the Brink, edition 2013" - and Timothy Geithner - "Stress Test, edition 2014" - and
experts with a mixed background like Nassim Nicholas Taleb - "The Black Swan, edition 2010" - and Wilfried Stadler - "Der Markt hat nicht immer Recht, edition 2011" - both insiders and academics.
All these books are recommendable, among them Timothy Geithner's book is of utmost importance; it is written by one of the three insiders in the eye of the hurricane who wrote a book about what has been done to get out of the crisis.
To understand the 2007/2008 crisis in relation to the Great Depression 1929 the following books are recommendable: "The Great Crash 1929, edition 1997" by John Kenneth Galbraith (academic) and "Lords of Finance - 1929, The Great Depression, and the bankers who broke the world, edition 2010" by Liaquat Ahamed, former professional investment banker for twenty-five years.
Below you find some parts of "Stress Test" which could motivate you to read the author's excellent book and keep in mind what he describes and explains:
"On the morning of January 27, 2009, my first full day as secretary of Treasury, I met with President Barack Obama ... The worst financial crisis since the Great Depression was still raging ...Lesen Sie weiter... ›
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It is refreshing, therefore, to read a book on a complex subject that is clear and easy to read and understand. At the end of the day, all financial crises are borne of the panic that ensues from borrowing short and lending long and not having a sufficient capital buffer to weather the storm. However, the fog of the daily battle makes it challenging to develop a cohesive and consistent response to the many “crises of the day”. This book sets out a philosophy that guided the regulators through the maze and should be a guidepost for those managing our way through the next financial crisis.
One of the key statistics mentioned is that the government spent about $2 trillion in rescuing the financial system but generated a positive return of $150 billion. The lesson of this financial crisis (as well as military crises as Colin Powell famously noted) is that a response of overwhelming force is the most effective way to win and the cheapest long term solution.
Also interesting (but not surprising) is his description of the political wrangling that ensued when the regulators were developing the post-crisis response. The Dodd-Frank Act and the Consumer Finance Protection Bureau were essentially political outcomes - a result of the art of the possible. Geithner also makes a point of praising Obama for not being swayed by side issues - giving fee rein to the bureaucrats to develop policy unencumbered by polls, perception and politics . I suspect that it will take a generation for Obama’s legacy to be clearly understood - but I agree with the author that his success in averting a great depression will be recognized as his great achievement.
The book is both entertaining as a memoir from one of the key protagonists and as a text for future regulators on how best to respond to a financial crisis.
The book illustrates in a really clear manner the mechanisms at work when a financial crisis outbursts. It describes in an even more interesting way the political underpinnings on which decisions about how to offset the disruptive effects of financial crises are taken. While on one hand the author manages to simplify and deconstruct, for as much as it can be possibly done, the technical vocabulary and language of international finance, on the other he keeps presenting the same arguments in many parts of the book, hindering its overall flow.
News reports. Geithner and his colleagues come across as relentless deep drillers trying first to understand what disaster was really under way and what steps could the Treasury and the government take to avoid a bona fide Great Depression. Geithner emerges as a serious, enormously thoughtful, and largely open minded officer ,but whose lack of political acumen made his work especially difficult. He is inclined even today to dismiss as window dressing a senior government officials' effective communication capacity as theater, not understanding that political support is the currency that comes from communication knowhow.
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