Wednesday, October 1, 2008 --- 8 a.m.

View webcast of the discussion here!

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Monday, September 29, 2008 --- 9:25 p.m.

Recently they met to try and explain the current state of our economy and more importantly where we go from here.

It was a busy day on Wall Street.

The House rejected a $700 billion bailout plan, stocks fell about 770 points and everyone is left wondering what's next?

A panel of UW experts came together to try and explain what all this talk of financial crisis means to you.

One expert says, " There were serious discussions starting back in 2002 about whether or not this was a bubble."

Some of the nations leading financial experts were at the UW's School of Business to talk about the latest developments in the country's on going economic crisis.

According to them the explanation behind our current financial pit falls is simple.

If the price of housing didn't fall we wouldn't be in our current situation.

Morris Davis says, "They bought mortgages that paid off handsomely if house prices rise but that would not pay off at all if house prices fell."

Morris Davis worked for the federal reserve and is an Assistant Professor at the UW's School of Business.

He says even with the House's rejection of a $700 billion bailout plan there is no need to panic.

Davis says, " Professionals with 30 years of experience have said they've never seen a situation like this before. So that is a cause for concern. But at the same time the US economy has been remarkably resilient to all forms of shocks."

People who sat in on the discussion, like newlywed and first year MBA student Jeff Strong agree.

Strong says, " Long term we'll be fine. The worst thing you can do right now is panic"

Davis says he believes right now that we are in a recession and he thinks it could last anywhere from 6-to-12 more months. After that he thinks things will clear up.

Davis says, " These are short term temporary things and that's why, at least speaking personally I'm confident leaving my money in the system."

A system that Davis believes will correct itself.

Davis also says he doesn't believe the next President will have that much of an impact on the housing market.

He thinks the current trend has to run it's course.