On November 28, the Fieldston Middle math department had a speaker who works at the Federal Reserve (the central banking system of the United States) come in to lecture eighth graders on topics such as the Federal Reserve itself, loans and mortgages, and interest rates, as well as the economy. Prior to his discussion, many of the eighth-grade math classes had been studying the topics of mortgages and interest rates. This mini-unit included finding your own real-estate property and using the taught formula to calculate the prices of the property at different interest rates.
The speaker, Anand Marri, is the vice-president and head of outreach and education at the Federal Reserve Bank of New York. He also holds the position of professor at Columbia University's Teachers College. He loves speaking about his job and educating others on the Federal Reserve, and economics in general. He received a Ph.D. from the University of Wisconsin, an M.A. from Stanford University, and a B.A. from Bowdoin College. He has three children at Fieldston Lower, so he is also a member of our ECFS community.
He was more than willing to come in and further our education on the banking system that exists within our country. Students asked great questions, and he gave detailed responses that made his explanations very understandable. Students asked a broad variety of questions, and Mr. Marri was happy to answer all of the eager students. He handed out bags of (expired) "money" that was shredded into countless pieces. Mr. Marri explained the process of the expiration of money and how currency has changed over time. He also shared with us how the bank reacts when our economy is at a high or a low. It was very interesting to hear how the most recent recession (2008) affected the banking system, and how the government would buy or sell bonds, and raise or lower interest rates.
Mr. Marri is a very distinguished banker and professor, and we are very lucky that he took time out of his day to illustrate the system of the Federal Reserve for us, giving us a better understanding of banking in general. We are very grateful to be so fortunate as to have this opportunity. It truly was educational, and the knowledge we were taught can help us in our future years, as opportunities to apply it to the real world present themselves. The whole Fieldston Middle community thanks you, Anand Marri!