In academics as in life, timing is everything, folks. Twenty-four hours after the Bush Administration announced the bailout of financial giants Fannie Mae and Freddie Mac, UVA’s Miller Center of Public Affairs hosted what it called a global summit on “The New Financial Architecture.”
In the rain, yellow-slickered parking attendants greeted reporters and financial consultants at the stately entrance on Old Ivy Road. Once inside, dark-suited men chatted with other dark-suited men with a vast assortment of accents and brightly colored ties over an elegantly prepared buffet. (Chances are good, the doings weren’t nearly as pretty when the government was negotiating with Fannie and Freddie.)
 Preach it, John, we staidly stand behind you. A bunch of pretty important dudes from around the world gathered at the Miller Center last week to make pronouncements about the U.S. economy. |
During the two-day conference, former U.S. Treasury Secretary John W. Snow assembled former finance ministers from Europe, Asia, South America and the Middle East to discuss the current credit crisis, new financial regulations and the global economy. Among the problems that were addressed: the current financial crisis in the U.S.
What happens in America, said sharply dressed German finance minister Hans Eichel, “has repercussions in other countries as well.”
Questioned by reporters from National Public Radio and the Washington Times, present among other marquee news types, about the future of the U.S. economy, Snow made assurances that it will improve in nine to 18 months. “The American economy remains very resilient,” he said. “We’re going to have slow growth for some period of time.”
To put the current domestic financial crisis in perspective, for those with a more local interest in the economy, we note that in July, Virginia counted 5,745 foreclosure properties. That’s one for every 562 housing units. Fairfax County led with 1,731 foreclosures, one in every 225 units. Albemarle, as of July, had only one property in foreclosure, according to RealtyTrack.
But, getting back to the international scene, Snow said that, in contrast to what many of the former ministers are used to, the Miller Center discussion was reflective and promising. The underlying purpose, he said, was to aid current and future policy makers in the “critical work that they do.” Recommendations included inviting emerging nations such as China, India and Brazil to join the discourse and shoring up energy and food supplies by making more efficient use of current scarce resources.
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