In this book, Geithner offers superficial insights of the causes and implications of the financial crisis born in 2007. Without financial lingo, he exposes the rational behind many of the decisions he and his team made during those days. Rather than a complete study and profound research, the former US Secretary of Treasury offers the reader a day-to-day description of what is and how does it feel to command one of the biggest economies in the world during a period of economic weakness.
This book is a required lecture to understand the role of US government and public institutions during that time and to realize that these institutions have (or had) limited or no legal authority at all to restrict risk on financial firms.
I found this book a good explanation of what happened in the 2008 - 2009 global financial crisis. It is surprising to find out that the cure for a financial crisis is not what is popularly expected, and I thought Tim provided a good explanation about why 'overwhelming force' is required. I will likely now remember the quote attributed to St. Augustine: "Lord give me chastity, but not quite yet"!
An excellent expose of Geithner and how he/the US government attacked the global credit crisis. IMO - If one were going to read just one book on the subject, this would be it due to his explanation of what they did but, more importantly, why.
Okay I admit I didn't read word by word I skimmed but I did find it very interesting and educational. Honestly Timothy Geithner strikes me as an honest unpretentious man.
He is quite at home in the rough-tough political world. He chooses his wording carefully and is cautious when elaborating on those who he didn't like mostly agreeing to disagree. I think most people will enjoy viewing the pictures and getting a greater sense of what is involved in a high responsibility position such as he had.
Having read several advanced drafts of this drivel, allow me to correct the author's background: as president of the Federal Reserve Bank of NY when $8.7 billion in Iraqi oil funds went missing [supposed to be kept on account at the FRBNY; was managed by a managing director at JPMorgan Chase and best buddy, former college roomie of Timothy Geithner, one Daniel Zelikow], as a former member of the Group of 30, established by the Rockefeller Foundation to speak on behalf of the central bankers and speculators, as someone who would go on for his big payday at Warburg Pincus, the oldest private equity firm in America, and as deputy chair of the Millennium Challenge Corporation which appears to have helped the financing of the overthrow of the democratically elected president of Honduras [Zelaya] just because he wanted to raise their national minimum wage by a few pennies, we should view Geithner as one of the major players in the global economic meltdown, not one of the problem solvers!
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