Within the first committee session, the NY Fed is quickly scrambling to devise solutions.
The great stock market crash of 2008 is upon us, and it is clear that the ramifications of this event will not be small. Delegates are quickly trying to figure out the best course of action to combat the plummeting fate of the economy.
Possible solutions include a buyout of the Lehman Brothers, although some argue that it would not be fair to allow another corporation to “take on these losses.”
Above all, the consensus is to put the American people first. The public is concerned about the state of the economy, with good reason. To face these concerns, some are arguing that a media campaign should be top priority.
Tim Geitner, for example, stated that “exaggerating the gravity of this situation is not in our best interest.” Instead, we must turn our efforts to a dedicated media campaign that will keep people informed, update them on solutions, and retain all traces of hope.
Regardless, delegates will need to act soon to placate the fears of the American people. One delegate explained, “everybody’s eyes are on Wall Street.”