Wednesday, October 22, 2008

The University of North Carolina Wilmington is presenting two upcoming events that offer history and context for the current national economic crisis. Both are free and open to the public, and media are invited to attend and cover the presentations.

Understanding the U.S. Financial Crisis, 5 p.m., Oct. 23, Warwick Center Ballroom

The crisis gripping global financial markets is the most severe since the 1930s. While the crisis developed in subprime mortgages and mortgage securities, it has spread to the throughout the financial system. Moreover, the resulting credit crunch is curbing business and household spending, which could push the economy into a serious recession and compound the financial crisis. The Fed and Treasury have initiated a variety of unprecedented initiatives to stem this downward spiral.

Tom Simpson, Cameron School of Business Executive in Residence, will examine the sources of the problem and the complex interactions that have frozen many parts of the financial system, as well as the aims of the various policy initiatives. Simpson joined the Department of Economics & Finance after his retirement from the Board of Governors of the Federal Reserve System in Washington, D.C.

The Great Depression Then and Now, 7 p.m., Oct. 28, Kenan Hall 1111

The UNCW Department of History presents The Great Depression Then and Now: Today's Financial Troubles in Historical Perspective. How is the current financial crisis similar to that of the Great Depression? What circumstances are different? Will the steps being taken by the U.S. and other world governments to "bail out" the banking industry help avoid another depression of the magnitude of the 1930s? This panel discussion, featuring history professors Mark Spaulding, Will Moore, Yixin Chen and Tom Simpson, Cameron School of Business Executive in Residence, will address these questions and many others from the combined perspective of the history and economics disciplines.

Media contact:
Dana Fischetti, media relations manager, 910.962.7259 or fischettid@uncw.edu