Stress Test
by Timothy F. Geithner · first published 2014
75% recommend25% neutral
Why HN recommends it
First-hand account of the 2008 financial crisis response by the official who ran the New York Fed and Treasury during it; recommended for readers who want to understand how crisis decisions were made.
Summarised by Claude from recommending comments
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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…policies on Greece. He was (briefly) the finance minister in one of the Greek governments that had to manage this transfer of debt. Respectfully suggest reading the above alongside Timothy Geithner's Stress Test for an alternative approach. The basic issue now is how do they get the Greek economy (and by extension the Spanish and Portuguese economies) back into something like stability?
on “IMF admits euro problems and apologises for the immolation of Greece” ↗For anyone looking to learn more about the financial crisis, my two recommendations are: [1] Stress Test https://www.amazon.com/Stress-Test-Reflections-Financial-Cri... [2] Too Big To Fail http://amzn.to/2hvIZ1w Too Big To Fail spends much of its time in the lead up to the crisis, and documentation of the…
on “Wells Fargo’s ‘Living Will’ Plan Is Rejected Again by Regulators” ↗I think two books on this subject are extremely informative. One is _Stress Test_ by Timothy Geithner, the other is _The end of Alchemy_ by Mervyn King. Both have to do with the policies discussed in this article and the Lender of Last Resort (LOLR) policies implicit in the role…
on “Regulators Move to Ease Post-Crisis Oversight of Wall Street” ↗An interesting read to answer this question would be "Stress Test" by Timothy Geithner. I think the general consensus was that in the moment, all appearances of financial contagion were very real.
on “Evergrande has defaulted on its debt, Fitch Ratings says” ↗…3. Masters of Doom - John Carmack and Id Software. 4. Einstein by Walter Isaacson - Einstein's discoveries. 5. Houdini!!! - The escape artist and magician. 6. The Double Helix - DNA discovery. 7. Stress Test by Tim Geithner - Financial crisis. 8. Man's Search for Meaning by Viktor Frankl - Concentration camp survival. 9. The Chariots of Apollo - NASA's space program. 10. Across the Airless Wilds by Earl…
on “Ask HN: Books about people who did hard things” ↗Timothy Geithner's book "Stress Test" does a great job of explaining this, IMO. The trouble with derivatives is that they are contractually bound to reflect some price that is locked to the price of a primary asset. If the derivatives are…
on “$1.2T in risky corporate debt showing similar warning signs to subprime crisis” ↗Vaguely competent financial management is by no means assured. I suggest reading Tim Geithner's "Stress Test" to to see how hard he had to fight to get some basic things done.
on “The mother of all crashes is coming and it won’t be fun” ↗…Einstein’s 4 papers are one of the most unexpected, ground breaking discoveries in history * Houdini!!! Tells the story of the escape artist and magician, and exposer of psychics. * The Double Helix * Stress Test. By Tim Geithner who pulled the world out of the financial crisis * Man’s Search for Meaning. Surviving and finding meaning in a concentration camp
on “Ask HN: Books about people who did hard things” ↗Thanks for posting the text. Compare Varoufakis' experience with the observations of Timothy Geithner in his book Stress Test as I mentioned somewhere up the tree. His book is mainly about US but his observations of the process in Europe (middle chapters) reach a similar conclusion regarding the wisdom of the policy, albeit…
on “IMF admits euro problems and apologises for the immolation of Greece” ↗I recently picked up Tim Geithner's book 'Stress Test' (http://www.amazon.com/gp/product/B00IN73B9E) ...but in the first few pages he referenced that HE was recently reading a different book, which sounded more interesting, so now I'm reading that: Liaquat…
on “Ask HN: What is HN reading?” ↗Reading Stress Test by Timothy Geithner taught me quite a bit, although it’s not a primer on the financial system but play by play of the financial crisis.
on “Ask HN: Book recommendations for understanding financial systems?” ↗