Book Review: On the Brink

On the Brink: Inside the Race to Stop the Collapse of the Global Financial System

Just finished Henry Paulson's On the Brink. It is a great primary source for what the US government was facing from the 2006-2009. The interaction between the Fed, Treasury, President, FDIC, Congress was fascinating. Paulson grapples with what he wants vs has to do in this book. He wanted to deregulate and downsize government's role in banking. Instead, he bails out and has the government take over banks.

Paulson does a great job describing the interconnectedness of today's banking industry. The reader understands the sense of urgency. I am still not in favor of the Fannie Mae and Freddy Mac bailouts... but he does a good job explaining the choices that were made. 

Paulson falls short in his description of the auto bailouts of GM and Chrysler. Similarly, he never criticizes Bush, Geitner, and Bernanke. He makes it seem as if they were constantly in agreement. I doubt this was the case. 

Overall a great insight into the inner workings of the US Treasury Secretary. Possibly a bit simplistic but worth a read.