When Hank Paulson, the former CEO of Goldman Sachs, was appointed in 2006 to become the nation's next Secretary of the Treasury, he knew that his move from Wall Street to Washington would be daunting and challenging.
But Paulson had no idea that a year later, he would find himself at the very epicenter of the world's most cataclysmic financial crisis since the Great Depression. Major institutions including Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, AIG, Merrill Lynch, and Citigroup, among others - all steeped in rich, longstanding tradition - literally teetered at the edge of collapse. Panic ensnared international markets. Worst of all, the credit crisis spread to all parts of the U.S. economy and grew more ominous with each passing day, destroying jobs across America and undermining the financial security millions of families had spent their lifetimes building.
This was truly a once-in-a-lifetime economic nightmare. Events no one had thought possible were happening in quick succession, and people all over the globe were terrified that the continuing downward spiral would bring unprecedented chaos. All eyes turned to the United States Treasury Secretary to avert the disaster.
This, then, is Hank Paulson's first-person account. From the man who was in the very middle of this perfect economic storm, On the Brink is Paulson's fast-paced retelling of the key decisions that had to be made with lightning speed.
More than an account about numbers and credit risks gone bad, On the Brink is an extraordinary story about people and politics - all brought together during the world's impending financial Armageddon.
Customer ReviewsSee All
I've Seen That Movie Too.
Allowing Hank Paulson to be the nations Secretary to the Treasury is akin to appointing The Fox as Secretary of the Hen House. Runaway taxation is not our problem. Hyper-inflation of the costs of goods and services in healthcare and energy our continuing dependence on financial instruments like credit cards and loan shark institutions to pay for these goods and services plays a big part. Common sense rules by common sense people need to apply! Looking for more Farmers to watch the Hen House . Foxes need not apply.
Outsiders view in.
A fascinating book about the mess of the early part of the decade. I found this book very interesting and well done. It's worth the purchase price for sure - especially if you enjoy learning about how the housing bubble burst and how the economy crashed.
Great Insight on the Financial Meltdown of 2008!
I found myself wanting to listen to this during every free moment that I had until I finished it. People who only read headlines need to read this book to find out what was really going on during the financial crisis, and why the Congress had to pass TARP. Even though the TARP was something that many Americans would not come to appreciate, it is apparent that the country would have gone through a severe, severe economic downturn without it. WIthout Paulson's heroic orchestration of the TARP, the downturn would have have destroyed much more American wealth. This book gives a candid picture of what was going on behind the scenes while the financial world was teetering, and what Paulson's role was in it all. Highly recommended to all discerning Americans!