Committee Name: Meeting of the Federal Reserve and Wall Street Executives, 2008
Organ: Councils, Boards, and Courts (CBCs)
Undersecretary-General: Jaebok Lee
Deputy Undersecretary-General: Claudia Leonor
Chair and Crisis Manager: Kathy Wang and Meggie Underwood
Topic A: Burst of the Housing Bubble and Onset of the Great Recession
Topic B: Liquidity Crisis
Access the Topic Abstract for this committee here.
**Please note that as this committee is dealing with technical economic topics of the 2008 Financial Crisis, delegates with a background in any sort of economics in school would be better suited for this committee, but certainly not required. Feel free to email either Kathy Wang ([email protected]) or Meggie Underwood ([email protected]) if you have any questions about this committee’s economic or finance concepts.**
A Letter from the Chair and Crisis Manager
Dear Fed Chairmen and Wall Street Executives,
Welcome to the Meeting of the Federal Reserve and Wall Street Executives, 2008. We are currently facing one of the worst financial crises of our modern era. The United States economy has not faced such a major economic downturn since the Great Depression – and worse, the rest of the world is involved as global collapse seems inevitable. Unemployment is skyrocketing, stocks are plummeting, and foreclosure is rampant. The American economy is desperately in need of saving and you must step up to the plate. As if fixing the domestic economy is not a large enough task, the American public also holds you responsible for the crisis. How can we prevent such a disaster from happening in the future? This committee will primarily focus on dealing with the immediate effects of the 2008 Financial Crisis, with a special focus on the burst of the housing bubble followed by the fatal liquidity crisis and corruption of large financial institutions.
As the American economy worsens by the second, you must take action immediately. While the starting point of this committee will be the economic aspects of the financial crisis, its scope will not be limited to only economics. We will be covering a diverse range of issues from economics to domestic politics, and even social issues. Come ready to craft ingenious monetary, political, and social solutions and work towards creating a better (or if you choose, worse) America. We are looking forward to hearing your innovative ideas and see how you respond to the tumultuous climate of 2008 America. In anticipation for the scintillating debate that you will be having this weekend, we suggest—in addition to reading this background guide—that you watch the movie the “Big Short” or read the book (or both if you are feeling very ambitious). Looking forward to meeting you all and for the great weekend ahead!
Kathy Wang and Meggie Underwood
Chair and Crisis Manager, Meeting of the Federal Reserve and Wall Street Executives, 2008