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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 Depression

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Format: Taschenbuch Verifizierter Kauf
The financial crisis 2007/2008 has raised the interest in books written by three different groups of authors:
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 ...
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Abgesehen von dem technischen, spannungslosen Schreibstil des Authors (was auch verstaendlich ist), das Buch ist allein wegen die brisante Inhalte lesenswert; allein die Aussage Geithners (ich zitiere): 'a few European officials approached us with a scheme to try to force Italian Prime Minister Silvio Berlusconi out of power; they wanted us to refuse to support IMF loans to Italy until he was gone.' sorgt grad in Italien fuer Aufregung. Noch brisanter, wie diese Information in den Medien ausserhalb I regelmaessig, sorgfaeltig verschwiegen wird, aber das ist eine andere Geschichte...
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Timothy Geithner schreibt sehr ausführlich und akribisch über Finanzmarktkrisen im Allgemeinen, und später dann über die große Finanzmarktkrise von 2008. Er tut dies nüchtern, ohne viel Pathos und ohne den Leser zu langweilen. Ich kann dieses Buch nur Allen empfehlen die sich selbst ein Bild von der Größten Krise seit der Großen Depression der 30 er des vergangenen Jahrhunderts machen wollen. Gute Englischkenntnisse sind allerdings Voraussetzung, um den Inhalt gut zu verstehen. Andernfalls sollte man auf die Übersetzung dieses Großartigen Buches ins Deutsche warten.
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Ganz andere Perspektive auf diese spannende Zeit, gute systematik der Ereignisse und der Hintergründe für die getroffene Entscheidungen, ergänzt perfekt "europäische" Perspektive auf die Finanzkrise
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Die hilfreichsten Kundenrezensionen auf Amazon.com (beta)

Amazon.com: 4.3 von 5 Sternen 481 Rezensionen
5.0 von 5 Sternen A Captivating Retelling of the GFC from the Man at the Helm 25. Juni 2016
Von Wilson Morcom - Veröffentlicht auf Amazon.com
Format: Kindle Edition Verifizierter Kauf
Timothy Geithner opens the book with an anecdote on how his poor communication skills resulted in a bungled press conference in the early days of the Obama administration which led to additional market instability. Geithner is unusually honest in his own self-assessment and in recognizing how important the soft skills such as communication were to his job. As a famous politician (well, small town mayor) once said - "a good man knows his limitations". Geithner is quite self aware, in terms of his predilection for policy substance over press release form as well as his suitability for regulatory work over investment banking riches. This self-awareness informs his telling of the Global Financial Crisis from an insider’s perspective.

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.
4.0 von 5 Sternen Critical reading to better know today's world 4. Dezember 2015
Von Patrizio - Veröffentlicht auf Amazon.com
Format: Kindle Edition Verifizierter Kauf
Whether you share or not the author's ideas, you need to read this book in order to have a more clear overview of the decision-making revolving around financial crises. The book is structured in three parts: an autobiography, a description of the decision-making in order to contain the Great Recession begun at the end of 2007, and an overview of the first attempts made in order to reform the banking and financial system once the crisis started to offset.

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.
5.0 von 5 Sternen A Plan Beats No Plan 21. August 2014
Von C.P.M. - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe Verifizierter Kauf
The Great Recession and financial panic of 2007-2009 has a lot of myths and stories surrounding it concerning what the government did or didn't do, what it should've done and shouldn't have done, and the motives of those working behind the scenes. Former Secretary of the Treasury Timothy Geithner is one of those lighting rod figures from the crisis who, because of his relative anonymity prior to the crisis, is often misunderstood or caricatured. In this book, Sec. Geithner not only dispels the myths about his own background, but also provides a unique insight and perspective on the panic from one of the only two people in high government who was there from beginning to end (Fed chairman Ben Bernanke being the other one). But his story, and his experiences with financial panics, doesn't start in 2007, but rather starts with his upbringing in a family that was involved in international development and finances from when he was very young, always moving from one country to another and spending very little time in America. From there, it moves on to his time as a civil servant in the Treasury department's international wing, dealing with the crises brought on the by the Asian financial panics of the 1990s and eventual rising to be Assistant Secretary of the Treasury in charge of the international branch. From those times Mr. Geithner picks up a lot of invaluable experience in financial panics, what makes them better, and what makes them worse. From there he makes the surprising leap to head of the Federal Reserve Bank of New York, the most powerful of the regional Federal Reserve Boards in the country. And that is where the main story begins as Mr. Geithner describes the events that led to the panic, the actions he took as FRBNY chair and then Treasury Secretary, why they took them, and why they were necessary even if they were both unpopular and counterintuitive. The book reaches its climax with the stress tests backed by promises of capital injections for those banks the tests deemed were in need of them. Once the results of the test are released in the spring of 2009 a certain measure of calm enters the markets and the last chapters feel like a denouement as he deals with the Eurozone crisis and the toxic politics of Washington following the ascendancy of the Tea Party in 2010. What is surprising is how in the first half of the book Mr. Geithner seems to undersell himself, not out of a sense of humility, but because he genuinely seemed to believe that there were other people better or more knowledgeable than him. From my perspective, it seems like a no-brainer that Pres. Obama tapped him to be Treasury Secretary, even if he was a terrible salesman (a flaw that he readily, even jokingly, admits to being). What is also great about this book is how much value it has beyond being another account of the financial crisis. He does a great job of explaining why the unpopular decisions the Fed, the FDIC, and the Treasury took were necessary to save the economy, even if he falls into the trap of using too much of the jargon of Wall St. to explain it. I believe this book has value not only as an account of this financial crisis, but as a guide to how to handle future financial, indeed any, crisis in the future. As Mr. Geithner is fond of saying, a plan beats no plan. I highly recommend this book to anyone interested in the true story behind the financial crisis and the Great Recession of 2007-2009.
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5.0 von 5 Sternen This book is the single best insider look at the events leading up to the ... 5. Januar 2015
Von John V - Veröffentlicht auf Amazon.com
Format: Kindle Edition Verifizierter Kauf
This book is the single best insider look at the events leading up to the financial crisis that was unleashed in September 2008. Mr. Geithner's text is well written, often humorous, and clearly describes the policy dilemmas faced by the Federal Reserve (Bernanke), the U.S. Treasury (Paulson), and the FDIC (Baird). The book is not technical and can be read by anyone interested in one key person's insights and role in events leading up to the global financial crisis and actions taken through 2012. Mr. Paulson has published his views from Treasury and we are waiting for Dr. Bernanke to do the same for his role as Fed chairman. For now, it is not possible to understand how actions taken by both the Federal Reserve and Treasury prevented the housing collapse from creating far more economic damage than it did without reading this book.
3.0 von 5 Sternen Geithner Writes An Invaluable Commentary about managing the Great Recession 11. Juni 2015
Von K. M. Nelson - Veröffentlicht auf Amazon.com
Format: Kindle Edition Verifizierter Kauf
Few people saw the Great Recession from a more "inside" perspective and few heard the contrary voices on how to recover from and fix that calamity from a more "inside" seat than Obama's first term Treasury secretary emeritus Tim Geithner . This memoir of the period will be of genuine interest especially to political news junkies who will be surprised by the secretary's recounting of now famous events and disputes that will be at odds with popular
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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