Click here to watch video! Sheila Bair Visits UMass from Christina Fong & Carol Lawless on Vimeo.
Sheila Bair, the second most powerful woman in the world, according to Forbes Magazine, visited UMass Amherst on March 27, 2009 to speak about various aspects of the economic crisis in America. She spoke at 3:30pm at the Flavin Auditorium in the School of Management. Bair is currently on leave from UMass, having taught in the School of Management from 2003- 2006. She then accepted a position as chairman of the the FDIC. Her most recent accomplishment is being a winner of the JFK Profiles in Courage Award, for warning of the problems with the sub-prime lending crisis in America. When she warned of this now present and problematic issue, it was not given the attention it deserved.
Bair was greeted by a warm applause and introduced by a fellow SOM faculty member. The Flavin Auditorium was packed, and many people lined the wall. Bair brought her own introduction for herself- a 5 minute DVD special about her recent TV appearences, including a commericial with Suze Orman.
Bair addressed many issues that are prominent in the worried minds of Americans today. She realizes that people are “scared…and [they] need something to believe in.” She menioned that Obama has really reached out to the FDIC, and even stating that she flew in Air Force 1 that week. She addressed that it has been “a hard time for everyone”, and that this is like “nothing we’ve seen.” She remains “cautiously optimistic” for the future.
Bair made a point that it is very important to have a functioning banking system, and that the FDIC has made a lot of progress with the Obama administration. She addressed the problem with IndyMac failing, and spoke about the new programs that were made recently, inclding the Equity Guarantee Program and the Legacy Loan program, which was announced by Treasury Secretary Timothy Geitner earlier in the week.
Students and former & present faculty were in attendance at Friday’s speech. Erica Miller, an accounting major at UMass, was happy to hear Bair address issues that will pertain to her in the near future–when she buys a house. Both Miller and Matt Orlando, a operations managment major, were pleased with her speech.
Kelly Lepane, a junior Finance major, was interviewed prior to Bair’s talk. She was looking forward to hearing Bair speak about the new TARP program and what the FDIC is doing to create change in the banking problems.
Dror Shmerling, who is a professor at UMass Amherst’s School of Management in Information Systems, believes Bair “is one of the key people for moving the economy to [have] better trust in banking systems. ” Shmerling also mentioned of the economic crisis that “Obama did not create the situation…I give him credit for trying.”
