No one is more qualified than Hank Paulson, former US Treasury Secretary, to write about the credit crunch and financial tsunami in 2008 as he was one of the key decision makers to tackle the crisis and steer his country out of it then. The timeline of "On The Brink" is the same as Andrew Ross Sorkin's "Too Big To Fail" - from the failure of Bear Stearns, "nationalization" of Fannie and Freddie Mae, collapse of Lehman Brothers to the passage of the TARP Bill. Paulson gave a first-hand account of the dilemma that the Bush Administration was facing in each of the challenges, the choices he had and why he made the decision. This is a candid, forthright and direct testimony of the key player in the worst financial crisis we had witnessed since the Great Depression. A must read for eveyone.
Paulson is a great man. No matter how history will judge the measures he took to deal with the crisis and their legacy, no one would have done better than Paulson in the circumstances that were unprecedented and caught everyone by surprise. He dealt with it head-on with astute, flair and dignity.
(However, I wonder whether this book was ghostwritten. Paulson said that he doesn't like emails and conducts most of his business over the phone. That doesn't sound like much of a writer to me.)...Continua