''Stress Test: Reflections on Financial Crises'' is a 2014
memoir
A memoir (; , ) is any nonfiction narrative writing based in the author's personal memories. The assertions made in the work are thus understood to be factual. While memoir has historically been defined as a subcategory of biography or autobio ...
by former
United States Secretary of the Treasury
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal ...
Timothy Geithner
Timothy Franz Geithner (; born August 18, 1961) is a former American central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama from 2009 to 2013. He was the President of the Federal Reserve Bank ...
, written as an account of the effort to save the United States economy from collapsing in the wake of the
2008 financial crisis
8 (eight) is the natural number following 7 and preceding 9.
In mathematics
8 is:
* a composite number, its proper divisors being , , and . It is twice 4 or four times 2.
* a power of two, being 2 (two cubed), and is the first number of t ...
. Journalist
Michael Grunwald is credited as Geithner's
collaborator for the writing. It was listed for five consecutive weeks on ''The New York Times'' Non-Fiction Bestseller list upon its release in May 2014.
''Stress Test'' details how "The financial crisis exposed our system of consumer protection as a dysfunctional mess, leaving ordinary Americans way too vulnerable to fraud and other malfeasance", and notes that "Many borrowers, especially in subprime markets, bit off more than they could chew because they didn’t understand the absurdly complex and opaque terms of their financial arrangements, or were actively channeled into the riskiest deals."
Awards and honors
Bill Gates
William Henry Gates III (born October 28, 1955) is an American business magnate and philanthropist. He is a co-founder of Microsoft, along with his late childhood friend Paul Allen. During his career at Microsoft, Gates held the positions ...
named the book to his 2014 Summer Reading List.
External links
''Stress Test: Reflections on Financial Crises'', by Timothy F. Geithner; Crown / Archetype, 12 May 2014..
References
{{reflist
2014 non-fiction books
Books about economic history
Crown Publishing Group books