On the Brink

July 5, 2010
Paulson (U.S. Treasury Secretary from July ‘07 to January '09) has come under sharp criticism from both sides of the political spectrum for his role in bailing out the banks. In this fast-moving, insider's account of "the worst financial crisis since the Great Depression," he tells his side of the story. Working closely with Treasury Secretary Timothy Geithner (then president of the New York Federal Reserve Bank) and Ben Bernanke (chairman of the Federal Reserve Board), he cobbled together a series of rescue operations to prevent the collapse of major U.S. financial institutions. Paulson, and the rest of the team who worked tirelessly to avert an economic catastrophe, command respect, but his contention that their actions were the only possible approach to the crisis leaves many open questions. He has little of substance to say about the precipitating events, and his equally Reaganesque and Kafkaesque calls to get "the government out of the private sector as quickly as possible" result in a somewhat unconvincing page turner.