UGA Terry College professors to discuss ‘The Great Recession Three Years In’ Oct. 12

October 10, 2011

David Dodson

David Dodson

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Athens, Ga. - Three years into the worst economic downturn since the Great Depression, a faculty panel from the University of Georgia Terry College of Business will offer their perspectives on the current economic crisis and what lies ahead at a public forum Wednesday, Oct. 12. The panel discussion, titled "The Great Recession Three Years In," will be held at 6:30 p.m. in room 213 of Sanford Hall on the UGA campus. The forum is sponsored by the UGA Economics Society. The event is free and open to the public.

Panelists will include macroeconomics experts William D. Lastrapes and George Selgin from the economics department in the Terry College. Lastrapes and Selgin will share their views on why the economy has been slow to recover and describe what effect changes to public policy may have. They also will discuss recent Federal Reserve Board actions and the implications of the European debt crisis. The panel discussion will close with a question and answer session with the audience.

High unemployment levels will be examined as well. "The problem with unemployment isn't due to a lack of spending," Selgin said. "It's a lack of bank-financed investments. That lack is largely due to three factors: the Federal Reserve's policy of rewarding banks for not lending, banks' inclination to stockpile cash anyway in anticipation of a European bond-market collapse and a regulatory environment that has considerably lowered the anticipated profit of prospective small- to medium-size business startups. So, as long as it profits banks to hold cash rather than to lend it, the economy will continue to stagnate."

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