Committee Information

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!

Sincerely,

Ben Bernanke

Fed Chair

Kathy Wang and Meggie Underwood

Chair and Crisis Manager, Meeting of the Federal Reserve and Wall Street Executives, 2008

[email protected] and [email protected]

About the Chair

Kathy Wang is a senior in the McDonough School of Business at Georgetown University, double majoring in Accounting and Finance and minoring in Economics. She worked on Wall Street last summer and has (more or less) first-hand experience on how not to spiral the economy into crisis. Born in China and a Canadian citizen, Kathy has lived in Saudi Arabia for the last 10 years and went to high school in sunny Claremont, California – with a stop in Texas somewhere in-between. This NAIMUN will be her 6th time staffing and 2nd time chairing, and she is incredibly excited to not only have robust discussions about CDOs, but also “fix” the economy.

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About the Crisis Manager

Meggie is a junior in the School of Foreign Service studying International Economics with a focus on Public. While she is originally from the great state of Illinois, she has lived most recently in Scotland and Germany. This is her second time being a Crisis Manager for NAIMUN, and she is excited to have another great year at NAIMUN. She travels extensively with Georgetown’s Model United Nations team. When she’s not talking about MUN (which is almost never) then she is convincing people that the Midwest is great, trying to convince people that German is a beautiful language, or expressing her love for Angela Merkel. She is really excited for NAIMUN LV and cannot wait for the chaos that is the Financial Crisis of 2008!

Learning Goals

NAIMUN strives to provide the most well-rounded educational and enjoyable experience to delegates. The learning goals for the Meeting of the Federal Reserve and Wall Street Executives are as follows. Delegates will gain:

  • An understanding of the circumstances that precipitated one of the worst — if not the worst — economic crises in recent years.
  • Detailed information about the economic intricacies involved in the crash and about the decision-making process involved in mitigating the economic crisis.
  • Knowledge of how different corporate interests influence decision-making on a domestic and international level.