Dennis Foster ’67 moderates the Economic Summit.

More than 250 business professionals attended The University of Findlay’s Economic Summit today, Feb. 6, as well as several hundred UF students and some area high school students.

A complete list of panelists and session topics can be viewed at www.findlay.edu, KEYWORD: Economic Summit. All sessions soon will be available online for viewing.

The Economic Summit featured national experts who discussed factors leading to the current economic conditions.  Panelists pointed to the deregulation of mortgage financial markets in 1999 that allowed banks to loan money to people and companies that weren’t good credit risks.

Easy credit terms resulted in runaway spending by both companies and individuals and, eventually, to the collapse of all asset categories. Panelists predicted that the economy is expected to bottom out by the fourth quarter of 2009, and it may be as late as 2014 before things are “back to normal.”

Guest participants concurred that the lack of consumer confidence and the predominance of negative news in the media has served to deepen the recession. They also agreed that the government should proceed as quickly as possible with a stimulus package that emphasizes job creation, yet cautioned that the nation shouldn’t go so deeply into debt to remedy this crisis that it burdens generations to come.

They also concluded there is reason to hope that out of crisis will come new inventions and ingenuity of lasting importance to the economy.

In addition, a session addressed the impact of the economic crisis on today’s students in terms of financing education and finding jobs after graduation. Concluding the day was a discussion of the economic impact on the local business sector.

Area business experts said credit is available, and the spirit of entrepreneurship and community partnerships are helping the Findlay community to remain strong.