Students gathered Wednesday in the lecture hall of the New Science building to discuss their worries and fears about the current economic crisis with Prairie View faculty experts. Presented by the National Society of Collegiate Scholars (NSCS) as a part of their national “integrity week,” the event was described by NSCS officers as a talk about the failing economy and what people can do to cope with it.
The event was sparsely attended, though this worked out as something of an advantage, lending the discussion an intimacy which allowed students to express their ideas freely. Dr. Michael Williams, assistant dean and professor of the College of Business, gave a brief presentation about the housing and credit markets which are so pivotal to understanding the state of the current economy.
NSCS officers considered the talk a success. Tony Young, current president of the Prairie View chapter of the organization, said, “The reason why we had this event was so students would have an opportunity to come together and learn about the current situation…we wanted people to know what was going on and what they should be doing about it.”
Williams identified the chief cause of the current recession as too much debt in the United States. “And now, to make matters worse, the whole world is in a recession. Since nobody’s buying our products because they have less money, we cannot rely on our exports,” he continued. He explained why being in college is not necessarily a bad thing during a recession.
“With the job market the way it is, it may be better to be in school now,” added Williams, further suggesting that getting post secondary degrees is also a good investment during turbulent times. Above all, Williams said that students be open to jobs in different markets, citing the medical fields and the federal government as areas which are relatively safe in today’s economy.
Williams discussed the current problems with American auto makers, suggesting that some companies may not survive the recession.
After Williams gave a synopsis of what led the country into its current economic straits, he fielded questions from students on topics ranging from Keynesian economic theory to practical solutions for people struggling in the chaotic financial climate.