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Stress Test: Reflections on Financial Crises…
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Stress Test: Reflections on Financial Crises (edició 2014)

de Timothy F. Geithner (Autor)

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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.
Membre:nasmithsonian
Títol:Stress Test: Reflections on Financial Crises
Autors:Timothy F. Geithner (Autor)
Informació:Crown (2014), Edition: 1st, 592 pages
Col·leccions:La teva biblioteca
Valoració:
Etiquetes:No n'hi ha cap

Detalls de l'obra

Stress Test: Reflections on Financial Crises de Timothy F. Geithner

  1. 01
    Economics for Everyone: A Short Guide to the Economics of Capitalism de Jim Stanford (PlaidStallion)
    PlaidStallion: Geithner earned a master’s degree in International Economics, so he must know something. From the recommendation:

      The 2008-09 crisis was unprecedented in its global scale. Most countries were dragged down by the spillover effects of financial chaos and collapse – but not all. A few countries managed to tiptoe through the economic destruction, and avoid recession altogether. It is insightful to study how they did it.
      • China (GDP growth in 2009: 9 percent): State management and planning still plays a leading role in China…, despite the growing importance of private business. Strict regulation over international capital flows, interest rates, and exchange rates prevented contagion from the GFC from fully infecting China's economy. Realizing that Chinese exports to the US and other countries would be hammered by recession (exports did fall 25 percent in 2009), in late 2008 state planners quickly launched an enormous program to build infrastructure, financed mostly through loans from publicly-owned banks. This program was worth 12.5 percent of GDP, injected over two years; it was the biggest fiscal stimulus in the world. Huge investments were made in roads, railways, power grids, sewage, earthquake reconstruction, public facilities, and social housing. The fact that most banks in China are still publicly-owned helped greatly. First, they were in no danger of collapse from private speculation. Second, they continued to expand credit through the downturn (since their lending decisions are guided by ambitious state-determined lending targets, not by their own profit). Third, by keeping the flow of lending and repayment within the broad public sector the impact of this massive spending on the deficit was muted (China’s central budget deficit in 2009 was only 3 percent of GDP). However, after the GFC, China began to experience its own real estate bubble (concentrated largely in expensive properties purchased by China's wealthy new elite) that now poses a different danger to that country’s future stability.
      • Australia (GDP growth in 2009: 1.5 percent); Australia was the only major developed capitalist country to escape recession in 2009. Part of it was luck: China’s continuing growth helped prop up Australia's economy (since Australia exports many minerals and agricultural products to China). But part of it was design. Australia’s Labor Party held government when the recession hit, and it immediately organized major injections of spending to reinforce consumer confidence and employment. Measures included school construction, expanded social housing, energy efficiency, and accelerated infrastructure. The government also made special one-time cash payments of up to $950 per person to support consumer spending at the worst moment of the crisis. Australia’s fiscal injection was more aggressive than those of many other industrial countries that faced much worse economic conditions; without it, Australia would have experienced a recession like other industrial countries.
      • Uruguay (GDP growth in 2009: 2 percent): Uruguay is a small country, but its economic and social achievements are attracting world attention. In 2005 a broad left coalition (called the Frente Amplio) took office, and began an ambitious program of massive investments in education, health care, and low-cost housing – including innovative measures like government-provided laptops for all school children. This stimulated strong job-creation which, combined with modest new taxes on the wealthy, kept the deficit in check. Strong social spending boosted employment and the economy right through the GFC, and the left-wing government was re-elected in 2010 and again in 2014. The poverty rate in Uruguay declined from over 30 percent in 2004 to 12 percent by 2012. Even the generally conservative Economist magazine named Uruguay its first-ever “country of the year” in 2013.
      These three countries are very different, with very different economic and political features. But each of them, in their own way, made sure that real resources continued to be allocated to meeting social needs – even as the global financial system melted down around them. And in so doing, they avoided recession altogether. If they can do it, so can the rest of the world.
    … (més)
  2. 01
    The Untold History of the United States de Oliver Stone (PlaidStallion)
    PlaidStallion: Can you fault him if he enjoys surfing and snowboarding in his spare time? In Stone’s book:

      Former Democratic strategist David Sirota aptly identified the ways Rubin’s people would mold Obama's economic strategy: “Bob Rubin, these guys, they’re classic limousine liberals. These are basically people who have made shitloads of money in the speculative economy, but they want to call themselves good Democrats because they’re willing to give a little more to the poor. That’s the model for this Democratic Party: Let the rich do their thing, but give a fraction more to everyone else.”

      On November 23, 2008, the Bush administration announced a potential $306 billion bailout of Citigroup, which was facing collapse. Citigroup had recently received $25 billion under the Troubled Asset Relief Plan, which provided a massive bailout to the financial sector. The Times made clear that Geithner played a “crucial role” in the negotiations and that Bush’s Treasury Secretary, Henry Paulson, had worked very closely with Obama’s transition team. Wall Street was so exuberant over the deal that the Dow posted its biggest two-day jump in over twenty years and Citigroup’s stock, which had tumbled in price from $30 to $3.77 in the past year, shot up 66 percent in one day. “If you had any doubts at all about the primacy of Wall Street over Main Street,” former Labor Secretary Robert Reich exclaimed, “your doubts should be laid to rest.” Abundant proof would be forthcoming. The Washington Post reported in early April 2009 that the Treasury Department was bending the law and defying the will of Congress to avoid limiting executive pay: “The Obama administration is engineering its new bailout initiatives in a way that it believes will allow firms benefiting from the programs to avoid restrictions imposed by Congress, including limits on lavish executive pay, according to government officials.”
    … (més)
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I think I've read most of the books available about the financial crisis of 2008, and still only have a superficial understanding of the cause and long term effects. Many were written in the immediate collapse of the Wall Street firms, and I thought Geithner's book, "Stress Test" might add additional perspective by looking back over time to judge the effectiveness of steps taken by the Government and the Fed to prevent a full depression.

Proponents of the Wall Street Bailout and the Troubled Asset Relief Program (TARP) claim​ that saving those banks was absolutely required to prevent a full depression, with even worse consequences. Most of the money has since been re-payed, so the taxpayer burden was minor, especially when thinking that tens of millions of jobs may have been lost without that action being taken, not to mention the millions of additional homes which would have been foreclosed upon. Also, at this point in time, the economy has basically recovered, and unemployment rates have returned to pre-2008 levels.

On the other hand, critics point out that we've fixed nothing, and those big banks are bigger than ever, still make risky decisions, and remain "to big to fail", meaning without reform, we'll face this same crisis again in the future, with probable harder choices to make. It remains uncertain if the similar threats to the economy in the future have been prevented. Many people bristle at the thought of more regulations, but I didn't get the sense from Geithner's book that that Dodd-Frank reforms were adequate to prevent another similar crisis, especially as bank lobbies strive to chip away at its requirements.

But these two perspectives, and unprovable arguments, are what make thos Thanksgiving dinner discussion with your crazy uncle so interesting. Both sides can be argued well after desert and coffee have been served. Geithner, for his part, being part of the "fix", obviously has his opinion, which he shares in his book. What I liked about the book is his openness and clarity about the choices ​the ​financial advisors in ​both ​the Bush and Obama Administrations had to make. Choices were hard, outcome uncertain, and previous comparable experiences mostly irrelevant. Geithner tells his side of the story as to how and why those tough choices were made. ( )
  rsutto22 | Jul 15, 2021 |
Great read. Whatever your political affiliation, or stance on the financial crisis, this is worth a read! ( )
  allkindsofbooks | Feb 17, 2021 |
Pretty good listen. I thought Geithner came off very well in it - smart, caring, reasonable, and modest. While I've probably read enough on the financial crisis, there wasn't as much new there, I don't think I appreciated his role in (or had seen his perspective on the value of) the stress test. Everything else seemed to largely mesh with where my less educated views have landed, so that was gratifying. Maybe would have been only a four star to read, but as an audiobook it moved along at a decent pace and I liked that he read it himself so I got to hear him tell about the events in his own voice. ( )
  TravbudJ | Sep 15, 2018 |
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
  Documentatie | Oct 6, 2016 |
interesting but biased accounting of the financial crisis in the late 2000's. The book would have been better if it was half as long. ( )
  Darwa | Mar 18, 2016 |
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For the intrepid public servants at the Treasury and the Federal Reserve who worked with great skill and devotion to help guide their country through the crisis
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(Introduction) On the morning of January 27, 2009, my first full day as secretary of the Treasury, I met with President Barack Obama in the Oval Office.
I had an extraordinary childhood, but I was an ordinary kid.
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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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