ECONOMIC PANEL SESSION BRINGS FINANCIAL CRISIS INFORMATION HOME
On October 14, 2008, Price College of Business hosted a Panel discussion entitled, “From Wall Street to Main Street: The Financial Crisis and its Impact on Our Local Economy.” The event took place in the Dodson Lounge of Price Hall with close to two hundred guests in attendance, made up of students, faculty, alumni, and friends of the college. The panel was comprised of three Price College faculty members, Robert C. Dauffenbach, associate dean and director, Center for Economic and Management Research; Robert Lipe, KPMG Centennial Professor of Accounting; and Pradeep Yadav, Finance division director. Acting as moderators were Adrian Beverage, vice president for government relations with the Oklahoma Bankers Association and chairman of the association with Arvest Bank, Bradley Krieger.
The forum addressed the origins, extent, and possible future directions of the financial crisis and how it relates to Oklahoma and the local region. Dauffenbach spoke on the financial status of Oklahoma as an economist and local expert. He believes area residents to be affected by the financial crisis, especially those that are retired or close to retirement, but that Oklahoma is doing better than the majority of the nation. To address the global financial concerns, Yadav discussed how the problem originated with default mortgages in the debt markets. He came to the panel with more of a global perspective to explain how we got to where we are currently in the economy. Lipe addressed the accounting implications, in particular mark-to-market accounting, in which assets and liabilities are recorded at market value each period.
The panelists insured the audience that they are optimistic about the future, especially in Oklahoma with the oil and gas industry and the banking industry doing well. Beverage and Krieger both spoke highly of how Oklahoma handled past crises and how we will get through this one just fine as well.