Stress Test (book)

Stress Test: Reflections on Financial Crises is a 2014 memoir by former United States Secretary of the Treasury Timothy Geithner, written as an account of the effort to save the United States economy from collapsing in the wake of the 2008 financial crisis.[1][2][3] Journalist Michael Grunwald is credited as Geithner's collaborator for the writing.[4] It was listed for five consecutive weeks on The New York Times Non-Fiction Bestseller list upon its release in May 2014.[5]

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.”[6]

References

  1. Lewis, Michael (15 May 2014). "Hot Seat". The New York Times. Retrieved 18 March 2019.
  2. "Man in charge". The Economist. 17 May 2014. Retrieved 29 May 2018.
  3. Farhi, Paul (2014-06-09). The Washington Post [Who wrote that political memoir? No, who actually wrote it? Who wrote that political memoir? No, who actually wrote it?] Check |url= value (help). Retrieved 2019-05-19. Missing or empty |title= (help)
  4. NYT "BOOKS - BEST SELLERS - Hardcover Nonfiction", The New York Times; June 1, 2014. Retrieved 18 March 2019.
  5. Whoriskey, Peter (1 July 2018). "A way of monetizing poor people: How private equity firms make money offering loans to cash-strapped Americans". The Washington Post. Retrieved 18 March 2019. The financial crisis exposed our system of consumer protection as a dysfunctional mess, leaving ordinary Americans way too vulnerable to fraud and other malfeasance, Geithner wrote in his memoir, "Stress Test."[sic] 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.
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