Last night at Sixth & I Synagogue, Politics & Prose hosted former US Secretary of the Treasury Timothy Geithner in conversation of his new book Stress Test. The evening was moderated by Ben Bernanke, former chairman of the Federal Reserve.
“In 07, when the crisis started to burn here, it wasn’t a crisis that was limited to the United States,” said Geithner during his talk. “You had this initial, slow-burning run on the periphery of the system – gathering momentum, reinforcing itself – and ultimately leading to the New York collapse in the fall of 08. It was very different because what was happening in the largest, most important economy of the world, at a time when other parts of the world were very exposed too – Europe’s a good example – and therefore much more dangerous to the world, much greater shocks on the world as a whole…it’s something the world hasn’t seen in a major economy, really. And haven’t seen on a global scale in more than 70 years.”